Why Plan for Retirement?
Despite the constant news coverage of impending doom in regards to Social Security many Americans are still counting on their social security payments to support them through their retirement. The sad fact is that it simply isn’t possible because the money isn’t there. (Renkins, J. (2016) Retirement Investing for Beginners). Sadder still is the fact that even if the money were there, it is doubtful that it would be enough to get the average American through their twilight years.
When Should You Retire?
Once you have all the wheels in motion for your financial retirement it is often difficult to wait for that great and liberating day but you must take the time to make sure that there is no detail that hasn’t been covered or has been overlooked in the planning process. Most of us worry over whether we’ll be able to maintain a certain level of income when we retire and little else. The problem is that maintaining the same level of income during retirement is often not enough to keep things going and take care of all your family’s needs during your retirement.