Saturday, June 12, 2010

Are You Ready To Retire?

If you are not yet sure where you stand, there are at least4 steps to help you determine if you are on the mark of retiring.
First, you need to re-evaluate your retirement goals. For example, if you originally had planned to spend retirement quietly on the beach and suddenly, you just want to keep up with your daily expenses.
You might need to focus on choosing between focusing on short-term strategies before concentrating on a long-term plans. So, it's better to start evaluating your expenses and needs. Once you're ready to focus on the future, consider what's essential for you. It might be a continued part-time in retirement, caring for your grandchildren or start your own business if you have enough funds to cover it.
Second, try estimating your financial retirement needs, such as expenses for your food, clothing, housing, insurance, etc...and estimate how much these expenses would possibly increase, decrease or go away upon retirement.
Third, determine your income sources. You need to establish a steady stream of income in retirement as well. You can determine the size by gathering copies of your most recent social security pensions and tax statements, and estimates of your targeted income from part/full-time jobs.
Fourth, try putting a plan in place with your advisor. It's still the best option to consult with a financial planner rather than relying on your calculator. Your spouse should be participating with Justify Fullyou if you are married.