Retirement Planning Education
Can You Afford To Retire
"Can You Afford To Retire?"
Retirement is achieved through a solid foundation of financial education. To educate the importance of knowing retirement concepts, understanding your retirement options, and helping pre-retirees establish a plan and retirees maintain healthy financial habits.
Understanding Your Retirement Options
What Is Retirement Planning Education?
Retirement planning involves determining retirement income goals and the actions and decisions necessary to achieve those goals. It includes identifying sources of income, estimating expenses, implementing a savings program, and managing assets and risk.
What's Your Plan For Retirement
The transition into retirement is when you change from your full-time working years to your retirement years. If retirement is approaching, you may have to make numerous decisions.
Can You Afford To Retire? What about early retirement--is it a possibility? If you want to continue working, are there other considerations? Your first step is to review your sources of retirement income and estimate your retirement needs.
Retirement Planning: The Basics
You may have a very idealistic vision of retirement — doing everything you never seem to have time to do now. But how do you pursue that vision?
Social Security may be around when you retire, but the benefit that you get from Uncle Sam may not provide enough income for your retirement years. To make matters worse, few employers today offer a traditional company pension plan that guarantees you a specific income at retirement.
Social Security in Retirement
Security benefits are a significant source of retirement income for most people.
Your Social Security retirement benefit is based on the years you've been working and the amount you've earned. When you begin taking Social Security benefits, it also significantly affects the size of your benefit.
Health Insurance Planning in Retirement
At any age, health care is a priority. When you retire, however, you will probably focus more on health care than ever.
Staying healthy is your goal, which can mean more doctor visits for preventive tests and routine checkups. There's also a chance that your health will decline as you grow older, increasing your need for costly prescription drugs or medical treatments. That's why having health insurance is extremely important.
Defined-Benefit Plans A Source of Retirement Income
You may be counting on funds from a defined benefit plan to help you achieve a comfortable retirement.
Often referred to as traditional pension plans, defined benefit plans promise to pay you a specified amount at retirement. To help you understand the role a defined benefit plan might play in your retirement savings strategy, here's a look at some basic plan attributes.
What Are The Factors Affecting Your Retirement Income
When planning for your retirement income, it's easy to overlook some common factors that can affect how much you'll have available to spend.
Suppose you don't consider how investment risk, inflation risk, catastrophic illness, long-term care, and taxes can impact your retirement income. In that case, you may not be able to enjoy the retirement you envision.
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“There is a whole new kind of life ahead, full of experiences just waiting to happen. Some call it ‘retirement.’ I call it ‘bliss.’”
– Betty Sullivan