Why Retirement Planning Is Something You Should Not Neglect

Retirement planning is being sadly neglected by far too many Americans, with the inevitable result that their quality of life diminishes at state pension age. This is especially true of self-employed people, who do not have the same automatic option to pay into a pension plan with tax incentives that employees have. Even those who are employed and paying into a company pension should be looking at their retirement plans to see if they could do more. There are many index linked plans which can help you cope with future inflation, as well as plans which are linked to real estate.

The best retirement plans are ones which cover every possible need that you may have. That is, they are tax efficient investments which maximize your return, they are linked to real estate guaranteeing you somewhere to live, and they are also designed to pay out spendable cash when you need it. There should also be a health cover element as well, because it is important that the money you gain from your investments is not swallowed up in increased medical charges.

For the majority of people, the only retirement plan they have is the one organized through the company they work for. This could well be enough to guarantee you a safe and prosperous retirement, if you spend enough years with the same company, and reach a high enough position on the employment ladder. The 'job for life' is becoming virtually extinct, though, and more people than ever are realizing that they either have an inadequate pension, or one which is made up from more than one source.

Many people with an uncertain future are now seeking the services of a professional retirement planner, and this can certainly make a lot of sense. As with any other individual offering advice, though, a retirement planner is only as good as their intentions and their capability. There are financial planners who simply promote products to their clients which make the most commission for them, so be very careful to check any advice you are given. If you have a genuine and dedicated planner helping you, you can certainly maximize any gains you will make from your pension structure.

There is another vital aspect of retirement planning which is all too sadly neglected, and that is provision for the future of your children. If an estate is not planned properly, large sums of money which could have been saved will end up defaulting to the government. If you have an estate of any size, you will need to have your estate planning carried out by a professional who truly understands the inheritance laws. Even if your estate is only modest, you still need to structure your will in the right way. Get this vital area seen to at the very start of your retirement planning.

 

Retirement Plans News:

 

Maximizing workplace retirement plans
People are not entirely rational. If they were, everyone would have fully funded retirement accounts and no debt. To get around the inherently irrational human brain, employers offering workplace retirement plans engage in a little benign social engineering to make sure workers save for the future...


How to Talk About Money With Your Spouse - New York Times (blog)

New York Times (blog)
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By CARL RICHARDS Carl Richards is a certified financial planner in Park City, Utah, and is the director of investor education at BAM Advisor Services. His book, EURThe Behavior Gap,EUR was published earlier this year. His sketches are archived here on the .

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Five money tips from savvy financial moms - Reno Gazette Journal

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Rita Cheng, 45, right, a certified financial planner, right, stands with her children Christian Haryanto, 13, left, Sarina Haryanto, 16, and Karolina Haryanto, 7, at their home May 2 in Potomac, Md. / Jacquelyn Martin/AP Associated Press CHICAGO .
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Chartered Financial Planner - FT Adviser

Chartered Financial Planner
FT Adviser
Our client is an extremely highly qualified firm of Wealth Managers and Independent Financial Advisers, and as a result of a key individual relocating abroad a position has arisen for a Chartered Financial Planner to take over a sizeable portfolio of .

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Rev. Bacik reveals plans to teach
The Rev. Jim Bacik, pastor of Toledo's Corpus Christi University Parish, announced his post-retirement plans at weekend Masses, including a teaching position at Catholic Theological Union in Chicago this fall...


Are you being tricked into saving for retirement?
Retirement Maximizing Workplace Retirement PlansPeople are not entirely rational. If they were, everyone would have fully funded retirement accounts and no debt.To get around the inherently irrational ...


 

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