You may not want to, but people of all ages need to start thinking and planning for retirement. What do you want to do with your time and freedom? Travel? Spend more time with family? Volunteer? Being financially prepared can make all the difference in what kind of retirement you will have.
Longer retirement, higher costs
The good news is that people are living longer, thanks to medical advances and increased awareness of health issues. Therefore, the length of retirement is lasting longer than ever. The bad news is that it is more expensive. In retirement, your costs will change?you'll probably spend less on work-related expenses, such as clothing and lunches, but your medical expenses will most likely rise. Inflation has to be considered as well.
Who will cover the cost?
Imagine what life will be like without your paycheck. You may receive other sources of income from some or all of the following:
?Social Security. This isn't intended to be the only source of income for retirees. It was created supplement your income.
?Pension. This is also meant to supplement other sources of income.
?Inheritance. If you expect an inheritance, plan carefully to ensure that it will still be around to provide income when you retire.
?Retirement Savings Plan. The money you save and the choice of investments will have a huge impact on the return.
?Personal Savings. Save as much as you can now. Look into an individual retirement account (IRA)
Where retirees get their income
Preparing for retirement will only be a benefit to you and your family. To make sure you're on track for a comfortable retirement, get your finances in order now. That means paying off debt, save, and invest.
About Christian Credit One, Inc.
, Inc. is a national, non-profit organization dedicated to helping consumers achieve financial wellness through . Established in 1994, Christian Credit One has helped over two million individuals achieve financial security. is one of the top members of the American Association of Organizations (AADMO), Christian Credit One manages clients across the country. Personalized and confidential consultations are available in person, by phone or online. Visit or call 888-767-9155.
Greg McTaggart, Certified with 22 years experience, licensed by AFCPE, Director of and is an expert in budget and Having the combined experience as a licensed Real-estate salesman, Mortgage Broker, Real-estate Broker, Notary, Ace Member of the Cincinnati Executives, Mortgage Assistance Counselor and Spokesperson of the radio talk show The Money Mentor, Greg McTaggart is a qualified to help you.
