How to Plan for Your Retirement When It’s Too Late

Most people know that they need to plan for retirement but, are uncertain how to go about it. There are several important considerations that you need to take into account. This article by Laurent Carrier, a retirement planner in Colorado Springs, Colorado, will provide you with the beginning ideas that are necessary. You will be off to a great beginning.

An obvious tip in regards to retiring is to make sure you start saving for your retirement. A lot of people make the mistake of not saving for their retirement and then find themselves in a bit of a pickle because they don’t have adequate funds available to them when they’re older.

“Try to start a savings account as young as possible to plan for retirement,” says Laurent Carrier. “Something with minimal risk and a high interest rate is best. The younger you start planning, the greater your opportunity will be to save. If you can begin to regularly contribute to savings in your 20s, you’ll be well on your way to a nice nest egg.”

Be aware of what you will need during retirement. While many people spend a lifetime saving up for it, few really know what paying for it actually entails. You’ve got to consider healthcare and possible assistance you might need along the way. Expect the best, but be prepared for anything during your golden years.

If you don’t know where to start saving for retirement, check with your employer. “Many employers offer not only a 401k savings plan, but also contribute matching funds,” comments Laurent Carrier. “Regardless of how much of your income you should save, save at least the amount to get the full match. Never leave free money on the table.”

Does the company you work for have a retirement savings plan in place? Make sure you put money toward that. It’s a win-win situation, as you will have money for your future and you can lower your taxes at the same time. Get the details on whatever plan is offered and figure out how much you want to put in.

When trying to determine how much to save for retirement, first figure out what your ideal annual income in retirement will need to be. That should represent 2 percent of your total retirement portfolio. That will make your portfolio large enough to last a long life expectancy on your part.

“When you want to save money for retirement, make it a point to get a bank account set up that you cannot touch for any reason,” says Laurent Carrier. “This way, you’ll have something to use when you’re done working. Ask the bank you’re working with what kind of options they have in terms of savings accounts.”

If you have an IRA, set it up so that money is automatically taken out of your check each month and put into the IRA. If you consider your retirement savings to be another bill that you must pay each money, you are much more likely to build up a nice nest egg.

Now that you have read these suggestions, you should have a better understanding of how to plan for your retirement. Review them again and then start writing out your personal needs. You will feel much better knowing that you have a set plan already in place. You will be relieved tremendously.

About Laurent Carrier – Retirement Planner

Laurent Carrier is a retirement planner in Colorado Springs, Colorado. For over 40 years, his mission has been to provide honest, simple financial advice to his clients. As a well-respected community leader, Laurent has served on the board of the American Red Cross and is now on the Advisory Board with the Colorado College Summer Music Festival. He is enthusiastic about supporting non-profit educational organizations locally, nationally, and internationally. For more information, contact Laurent Carrier.