First, you need to set a date.
Setting a target date for retirement can be a motivating factor in
retirement planning. Without a date you have no goal, and will continue to
put the planning off until later. Women usually live longer than men. By
retirement age, many women may be widowed or divorced. Therefore, even if
you are now living on two incomes, or only your husbands income, you need
to make plans for the time that you may no longer have that income.
Married women should plan for retirement even if their husbands don't.
Second, you need to know what it will cost.
You need to calculate the amount of money you will need for retirement.
The latest figures show that you will need 60% to 80% of your working
income during retirement to maintain the same standard of living. Getting
your financial house in order and setting clear goals requires patience,
consistency, and courage. You will need to develop an investment plan that
takes into account your current money situation ......debt, income,
obligations and your dreams for the future. Most important, it needs to
take into account your personal values.
Finally, when the day arrives for the occasion,
you will know you have planned well and it will be a success.
Unlike planning a party, the need for retirement assets may not arrive
on the anticipated date. In fact, the timing may be down right
inconvenient.
While the basic concept of retirement income is simple, the logistics
of successful execution are not. This is just like having a party! Who is
invited, when, where, why, how long, hor'dourves, the weather, etc. The
potential problems are endless.
Many of the potential problems of having a party can be avoided ....
experience being the best teacher ..... unfortunately with retirement, you
get only one shot at getting it right.
