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Friday, November 30, 2007

Tips for Retirement

With our recent talk about the current social security program and its need for change I began to think more about retirement in general. If the program is reformed into one that is more like actual "insurance" against outliving your savings there are going to be necessary steps we will need to take to avoid having to use that insurance. Retiring is going to be different for every individual person and there are going to be a lot of factors to take into account, but there are a few moves that should aid in your efforts not to rely on someone else to take care of you during your golden years. This article lists many useful tips and pitfalls to avoid. Some might seem like common sense but obviously they are overlooked by many people. A simple but important rule is that you should pay off as much debt as you can before retiring, your income will be on a stricter schedule. Also as time goes on inflation is going to be a factor that should not be ignored. Take this into account in your planning. And even if your company has promised you a pension plan never count on it. These plans can be altered or even terminated, always set aside your own funds and have a plan B. Another bad idea is to plan on just working forever, disabilities and health problems can sneak up on you and force you out of the workplace.

Planning out retirement is essential if you want it to be a good one. There is not one clear cut easy plan to the perfect retirement, but rather multiple plans and avenues in case another fails. You should never rely on social security to take care of you. Even if the program is made into what it should be, an insurance program, it is not intended for you to rely on. Planning for retirement might be stressful but we must relax, after all retirement is a good thing.

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