No matter what age you are there's no better time than right now to plan for your retirement. Saving for retirement often gets put off as we deal with life's more pressing demands but each month you delay cuts significantly into the total savings you have when that day comes. Save early. Save often.
Not all retirement plans are created equal. You will have to determine how best to break up your "Retirement Pie" to maximize returns and take advantage of employer contributions.
A recent survey revealed that more than one third of working age and retired Florida Residents lack the basic knowledge of investing and saving for retirement. Also, among pre-retirees saving for retirement and not becoming a burden to loved ones was among their most important financial goals. To get the most out of your retirement savings, you should figure out where you want to be and how you're going to get there. Since people are living longer than ever, retirement savings need to last longer and work harder. It's more important than ever to make smart financial decisions.
A recent survey of working age Floridian’s revealed:
Other survey respondents listed not being a burden on their family and having enough money to cover rising medical costs as key retirement goals. Also, the majority of current retirees surveyed revealed that their biggest regrets were not saving for retirement earlier in life and not saving enough.
Below are a few short audio podcasts designed to give you a general overview on topics to think about when planning for your retirement. You can listen to these podcasts at home, in your car, or on your lunch break to help you get a better understanding of all that retirement planning entails.
Note: Podcasts are audio only.