Women Will Pay More for Long-Term Care Insurance
Long-term care insurance will soon be getting more expensive for women.
Read moreThe main goal before you retire is to make sure that you have enough money when you do retire so you can maintain your standard of living. How much is enough depends on when you wish to retire, what your anticipated living expenses will be, what rate of return you can expect on your savings, and whether you will continue to work at all after retirement.
The anticipated date of your retirement affects two important factors: how much time you will have to save up for retirement and the number of years you can expect to live after you retire. A qualified financial advisor can help you sketch out your retirement plans in terms of timing and lifestyle. Once you put these down on paper, the financial planner can help you calculate how much money you need to have set aside to meet your goals and how it should be invested. Unfortunately, the answer will likely be that "You'll need more money than you think." Americans are living longer than ever before and inflation inevitably eats away at the value of dollars saved.
Local Elder Law Attorneys in Your City
Many Web sites now offer free tools and information to assist with retirement planning, including "retirement calculators." By providing a few details about yourself and your finances, these calculators can predict how much you need to save to achieve your retirement objectives. Calculators are available from AARP, Fidelity, MFS, Kiplinger, and Vanguard among others, although bear in mind that a 2009 study found that while such calculators "can provide a rough idea of whether the user is on target for retirement," they inadequately assess the risk of running out of money.
Once you have an idea of how much you will need, here are other factors involved in determining how well you will manage your retirement savings:
A resource from NextGenWealth, "How Much Do You Really Need to Retire?", offers more points to consider when determining a retirement budget.
Long-term care insurance will soon be getting more expensive for women.
Read moreA number of considerations go into how much long-term care insurance any consumer should buy.
Read moreIf you are about to turn 65, then it is time to think about Medicare. You become eligible for Medicare as soon as you turn 65...
Read moreMedicaid Rules, etc