Retirement Planning

Practice Makes Perfect: Try on a Retirement Dress Rehearsal

Ready to reality-check your retirement plans? T. Rowe Price offers the strategy of “practicing retirement”, or retiring while working.   How does that work? Well, it gives you an opportunity to get your feet wet before leaping entirely into retirement. But be cautious – you should meet a few financial standards before trying this on for size.   First off, you’re going to want to be prepared. Make sure you have five times your salary set away, and don’t touch it while practicing retirement. Also, be confident that you are not only financially secure, but have your money matters well in hand.   Secondly, you want to understand your plan before practicing it. What do you want to do when you retire? Knowing what you’re expecting will help you to better evaluate it.   –Allison Landa  [taken from http://www.OhioIncomeAdvisor.com]

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Extra Years of Work Can Make a Difference When Planning Retirement

Just a few extra years of work can make a difference in retirement security. That’s according to a new report by the Center for Retirement Research at Boston College.   The report, known as The National Retirement Risk Index, shows that more and more households won’t be ready for retirement at age 65. That figure has jumped from 30 percent in 1989 to about 50 percent currently.   “While many Americans despair of ever being able to retire,” Prudential Retirement CEO James McInnes said in a statement, “the reality is that with a few extra years of work and a delay in taking Social Security, they can increase their chances.”   Prudential was the exclusive sponsor of the index.  –Allison Landa [taken from http://www.OhioIncomeAdvisor.com]

5 Tips for a Succesful Retirement

Retirement is not a simple subject to tackle. That’s why it’s helpful to have a few guidelines on which to rely as you plan your life after the working years.   First off, knowledge is power. Understand what you are going to do and how you are going to do it. If your plans are high-rent, make sure you have the cash to cover them.   It’s also crucial to know your benefits. You’re likely not going to get the same ones after retirement, so know what you’ll have and when you’ll have it. Diversification of stock options as you head toward retirement is also necessary.   The final two: Stabilize your investments while heading toward retirement and have a solid plan. Once again, knowledge is power.   –Allison Landa  [taken from http://www.OhioIncomeAdvisor.com]