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Personal Finance
Retirement
How should one plan for retirement?
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[QUOTE="Learners Quest, post: 6982, member: 250"] Planning for retirement is a very serious decision that must be thought out carefully and repeatedly to avoid incurring costly mistakes. A person's retirement plan will depend on many factors including their income, current savings, age (the older you are when you retire the fewer years you have to enjoy your pension), medical concerns and financial commitments such as mortgages and loans etc. Luckily there are tools that can help one make their plan more effective. For example, a retirement calculator that helps you figure out the amount of retirement income you require on a monthly basis based on your savings and other factors such as health concerns and taxes. These calculators tend to be very helpful especially for those who are not very knowledgeable about the different aspects involved in planning for retirement. There are many financial tools that help one calculate retirement income such as the Income Annuity Calculator, Retirement Savings Calculator and others. These tools make planning for retirement much easier and they produce more reliable results than do most retirement calculators on the internet. Here is one specific steps that one can take to plan for a more secure retirement: 1) Financial Guidance – this refers to seeking financial advice from professionals regarding the suitability of your investment options. An investment advisor could help you manage your funds effectively and avoid investing in bad products such as high risk mutual funds and other risky products. [/QUOTE]
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How should one plan for retirement?
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