Majority of us hope to retire rich – that’s an obvious statement. But how to go about gaining that status is a big question. But let me put it in a very simple way for you, if you simply save $1 a day and assuming that you find a good investment that gives you rate of return at 10%, with compounding interest, that $1 a day in saving will grow to $1 million dollar in 56 years! Not bad right? And if you think that it takes too long, then why not save $2 a day?

Ever since we start off our working life, all of us will think of retirement sometimes in our career life and that’s when the IRA, 401K, 403(b), annuities and etc starts flowing in into our mind. There are many ways we can save for our retirement and this works differently for each individual of us. So this is the real beginning to our retirement planning and that is to start saving early.

As you start to think of the saving, we then begin doing our calculation such as how much money do we really need during our retirement years. As we are living longer, we need at least 20 years of income to cover our expenses, With working life gone out and having only free time to do whatever we want to do, we may then have to think of how should we live our retirement life when we stop having income coming in. We all want to have the financial freedom to pursue our retirement dream so really, should we stop working fully or may be you would enjoy having small side business so as you can have some income during the retirement year. Do you really want to play golf for 356 days for the next 20 years? Many retirees complained of the boredom after only 6 years into their retirement and many agree that they still want to work part-time.

The next point to consider is how we choose to spend our money now while still working may be different to how we spend our money during our retirement year. As we no longer need the appropriate business clothing, the travelling expenses and all the costs of business lunches with associates and etc., many of you may be surprised to hear that we may actually need a lot less compared to what we need today.

One of the most talk about topic when we mention retirement is the investment that we have made so that we can retire comfortably. It is essential and my advice is to give it a hard thought on this. What you choose and how you choose to invest right now will affects how your retirement life will turn out to be.

Life expectancy - It is a reality of life that we have to face this term sooner or later. Your life expectancy depends on many factors such as your living lifestyle, the kind of people you are surrounded with, your daily habit, your health factor as well as you family health history and etc…. However, there is so called Life Expectancy Calculator that helps you to predict such a thing.

Hence. there are many factors to consider before any of us should consider retiring. Many planning need to be done especially in terms of our financial. With retirement planning calculator, it gives you a clear overview what needs to be done and consider before we decide to retire.