At Knollmiller & Arenofsky, LLP our experienced attorneys have highly effective knowledge in retirement planning with James G. Knollmiller having specialization in the area of Tax. There are a vast number of retirement options as well as advantages and disadvantages that specifies differently with each client. However, there are many contributions that clients should be aware of before retiring can be planned effectively.
By FMF- Free Money Finance
To many of us, retirement seems like it is a long way off. The truth is that retirement is likely to sneak up on you quicker than you think. Your best bet is to start getting ready for retirement right now.
As you prepare for the future, there are some things you should be working on. Here are five things to do before you retire:
1. Contribute as much as you can. First of all, you should contribute as much as you can to your retirement saving efforts. The fact of the matter is that you probably aren’t adding enough money to your retirement account each month. It would be nice if $50 or $100 a month was enough, but the sad reality is that it probably isn’t.
Look at your finances, and figure out how you can contribute more. Start now to contribute as much as you can each month. As your finances improve, boost the amount that you contribute.
2. Get out of debt. Nothing drags on your wealth like debt. Not only do you have an obligation to someone else, but you are also paying interest. Interest is one of those things that don’t actually benefit you when you pay it. Its money going to someone else instead of helping you builds wealth.
Rather than be tied up with extra obligations during retirement, do what you can to eliminate your debt before you get to that point. More of your money will go toward supporting your retirement lifestyle, rather than making someone else wealthy.
3. Consider your lifestyle preferences. Don’t wait until you get to retirement to make decisions about what you want your lifestyle to look like. The way you invest your money and how much you set aside will be affected by what you want your life to look like after retirement. Do you want to downsize, live in an active adult community, or travel the world?
Figure out what lifestyle you want to have so that you can plan for it appropriately. Get your lifestyle preferences straight now, and you can put together the right approach to your retirement saving.
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