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Do You Know How To Plan And Save Up For Your Retirement? - 4 Step Basic Retirement Plan

Do You Know How To Plan And Save Up For Your Retirement? – 4 Step Basic Retirement Plan

Planning and saving for your retirement can be very daunting, especially when you are not sure as to how much money you need or how you should start saving. You know that you have to set aside a certain amount of money each month, but do you know how much. Do you think that the amount you are planning to set aside every month will be enough or your future? Where will you put your money? These are the major questions that you need to consider when planning out how to save up for your retirement.

Do You Know How To Plan And Save Up For Your Retirement? - 4 Step Basic Retirement Plan

Are you ready to retire? Follow these steps to get ready. License: Royalty Free or iStock source:


Step 1: Determine The Income You Need

You will need a certain amount of money each month when you are in retirement in order to live comfortably and maintain your lifestyle. This involves all the major home necessities, utility costs, property taxes, food, clothing, home and car maintenance, insurance and lifestyle activities. Of course, there will also be other expenses that you will no longer have to worry about such as credit card debt, mortgage and children’s education.

When you plan out your retirement, you need to list out the necessary and unnecessary expenses. All the necessary things will be the minimal retirement income, while the unnecessary things are those that you want to be able to maintain a high level of lifestyle than the minimum. This list will help you determine how you need to live comfortably and how much you will need to maintain your lifestyle.

Step 2: Your Sources Of Income

When you know how much you will need each month or in a year, check your sources of income and decide if you can achieve that amount from the available investments you already have. If you still have plenty of time, check the investments that work into your current budget. However, if you do not have sufficient time left before retiring, look at the investments already made and see if they can cover your needs.

These sources of income may be from employer pension plans, government retirement funds, family inheritance, mutual funds and savings account. Total all the amounts so you know how much you will be able to receive and how much you still need to make up through other sources.

Step 3: How Much Time Do You Have?

How much time do you still need before retirement in order to save up to meet you goals? Regardless of the time left, lifestyle adjustments have to be made now, so you can ensure that you will have available money at the right time. If you are uncertain on how to proceed with these, look for online resources to help you manage your money and live within a budget. Learn more on how you can save a little today to help ease your tomorrow.

Step 4: Make The Necessary Changes To Your Goal

It is possible that the income you will have available will not be sufficient enough for you during retirement. This should not be a problem, because you can always make the necessary changes or adjustments to your goal. Certain modes of transportation or vehicles require large expenses, so you may have to downgrade or sell you car and opt for other modes of transportation. You can also opt to downsize your mortgage payments or sell your home, then invest in a smaller house in a different location with home interiors that are convenient for the retirement age. Be realistic with your expenses and avoid spending on travels and dining out to make a major difference in your lifestyle and savings.

Valerie Stevens is a freelance writer specializing in various insurance and financial security topics.

Tim Esterdahl

Tim Esterdahl is the editor of IFCS blog. He is a married father of three and enjoys golf in his spare time.
Tim Esterdahl

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