(Family Features) Although retirement is a milestone for all working adults, decades of hard work may not pay off if you haven’t planned for your financial needs once a regular paycheck stops coming.
According to research by the Insured Retirement Institute (IRI), millions of Baby Boomers stepping into their retirement years have unrealistic expectations and lack a full understanding of the danger of running out of money during retirement. However, the challenges do not stop with Baby Boomers. A recent study indicated 47 percent of Gen-Xers and more than half of Millennials believe a secure retirement is beyond their reach.
“Most people recognize the need to grow their wealth before retirement, but getting there isn’t always a clear path,” said Cathy Weatherford, IRI president and CEO. “Starting early and taking a holistic approach to financial planning is truly essential for a safe and dignified retirement.”
Experts generally concur that it’s never too early to begin planning for retirement, but depending on your stage of life, your approach may vary. Consider this advice from the experts at IRI to get on a path toward financially secure retirement.
If you haven’t already done so, the time has come to better research your Social Security benefits (and when it’s best to start accessing them), Medicare coverage and long-term care options. This is the time to start making some choices, such as whether you will downsize your home and how to eliminate as much debt as possible. One of the more complex aspects surrounding retirement can be determining which of your accounts to tap and in what order, and a professional can help guide you.
Explore more resources and tools to aid your retirement planning at retireonyourterms.org.
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