Retirement is exciting, but be sure to plan for it carefully.
- To retire, you must save your income for a long time. Plan for your normal living expenses, including health costs - it's not all vacation and walks in the park.
- Be sure to discuss employee benefits packages that include retirement plans with your future employers in job interviews.
- Visit the list of pages below for further research in the types of retirement plans that may be available to you.
Would you like to spend time with family, travel the world, explore new hobbies, and take time to enjoy life outside of the workplace? Then retirement is what you need! There's just a little catch, though: you have to work for years to save up enough money to do those things, and you have to make sure you're saving and investing in the right places for you.
Planting the Seeds of Success
Retirement can be a beautiful stage of your life where you take advantage of many opportunities which are not available to you while you are in the workforce. However, when saving for retirement, you cannot think solely in your vacation dreams; you must also take into account normal living expenses, including health costs (which tend to skyrocket once you hit retirement). There are many ways to save for retirement, and you should discuss retirement benefits with employers as you interview for jobs. You can also begin your own retirement funds through different investments and retirement accounts. No matter how you save, though, there is one thing you can be sure of: Social Security pensions will not be enough for you to live on when it comes time for you to retire. You must decide as soon as possible what is the best way for you and your family to save for retirement, whether you do so through an employer or a private account.
Here are some links we've found to be helpful in exploring your retirement planning options:
American Institute of CPAs Retirement Planning Basics: This is another great series of articles that covers the basics of retirement planning, provides various retirement planning calculators, and addresses several FAQ that you might find helpful.
Bankrate Retirement Basics: This is a thorough series of articles discussing the various basic options for retirement plans.
Consumer Financial Protection Bureau Planning for Retirement: This is government-sponsored calculator which can help you plan for when you should claim your Social Security pension and how that can affect your future finances.
U.S. Department of Labor Retirement Plans - Benefits & Savings: This article defines certain kinds of employee benefits and savings plans that may be available to you.
U.S. Department of Labor Types of Retirement Plans: This article explains the different kinds of retirement plans and provides other links to help you further your research.
While these articles do not represent a comprehensive list of every retirement plan and investment available to you, we hope they can assist you in your research as you explore different options and begin planning for retirement soon.