10 Ways To Prepare For Retirement

Planning for retirement can be a daunting task, especially  given the recent economic climate.  However, majority of the working force want to spend their last years content, secure and financially sound before thinking about retirement. With some simple steps and strategies, and by reviewing our tips to prepare for retirement, financial freedom can still be achieved.

Top 10 ways to prepare for Retirement

1. Select a target date for when your want to retire

2. Calculate how much money you need to accumulate by the time you want to retire

3. find out how to maximize your Social Security benefits

4. Take full advantage of tax-exemption plans such as term insurance, annuities

5. If your employer does not have a pension or retirement plan, ask that one be started.

6. Do not touch your savings for anything but retirement

7. Diversify your assets and be sure to include guaranteed income for life

8. Ask questions. Get help. Seek the assistance of a professional insurance/financial advisor

9. Start now, set goals

10. Do a retirement plan and monitor your progress.

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Is it Possible To Retire Young?

For some workers in the public sector, the answer might be "most definitely," you can retire young.

People who work in local and county government tend to retire at an earlier age than most other workers. Why? Well, they are our police officers, firefighters, and public administrators. And they usually have what's called a defined benefit plan, a pension set up by their employer to save money for when they retire.

So what does it mean to retire young? It means that many in public service can often afford to retire in their late 40s or 50s because they have a pension and supplemental retirement savings through their term insurance plan, and the combination, hopefully, has been fruitful. The rest of us, without the back-up of a pension, will most likely retire in our late 60s or 70s and hope Social Security is available.

If you were a public employee and you enrolled in your employer-sponsored provident/welfare plan when you first started working, and contributed regularly through payroll deductions, you would most likely have been disciplined in your savings habit and have a growing nest egg to show for it - at your "young" age.

Are you a public service employee who retired "young?" How are you spending your retirement? Is vacationing part of your retirement plans? If you're not retired yet, have you been saving in your term insurance plan to supplement your pension? If not, why not? If so, what tips can you share with us? Your first-hand experience is valuable. Tell us how you did it.

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