Wednesday, September 15, 2010
1. Define your Retirement
Your vision will drive your plan. Some of yoy may decide to work part-time, launch a completely new career, or perhaps go back to school, volunteer or develop new hobbies. Consider if you need to downsize, relocate or remain in your current residence.
2. Know where You Stand Financially
Take inventory of your assets and possible income sources, and understand how your retirement plan will help provide you with income during your retirement years. Save as much as possible while still working.
3. Estimate Your Expenses in Retirement
Healthcare can be a significant expense category during your retirement years, so understanding what your healthcare plan covers in retirement is critical.
4. Manage Asset Allocation
Regularly monitor and review your investments to ensure that they support your goals and to determine if you should change how assets are allocated among different investment types.
5. Plan for Your Beneficiaries
Create a will, choose a guardian if needed, and select who will manage your estate.
You definately do need to think about how to help grow, protect, and convert your assets into a retirement income to last for the rest of your life.
Investment Plan for Retirement Income