Debt.tv welcomes you to retirement. We say this because this is the first of many stories on the subject. We will begin with an overview and in later posts we will dive into the deep dark waters of retirement planning. We will answer questions on how to get there and how to stay there.
To open our series on retirement we first must understand the definition of retirement.
“Retirement – Withdrawal from one’s position or occupation or from active working life”
Well……what does it really mean? Retirement can mean different things to different people. To debt.tv it means you are unemployed and its time to live on your savings, pension and/or your 401k/IRA/deferred compensation.
Retirement is challenging and stressful and you should not take it lightly. Upon retirement you need to be sure you have answers to the following questions.
1. Insurance – Am I old enough to get on medicare? If not how much money do I have to set aside each month for insurance ($700-$800-$900)? Do I need insurance coverage for my husband or wife or do they already have it?
2. How much money do I have saved up in my savings account? How much money can I take out of my 401k, IRA or deferred compensation every month? How much will my pension check be every week/2 weeks/monthly?
3. Do I have to get a job after retirement?
4. Where am I going to Live?
Now, by far, these are not all of the questions you’ll have to ask yourself, but they’re a few of the very important ones. If you are nearing retirement age, start checking to see what you have or need to do in order to accomplish your goals after retirement. If you’re young, DON’T WAIT! Get your finances in order and start saving and investing in your retirement.
Remember, you work up to this point your whole life. Retirement should be your time to do what you’ve always wanted to do. Plan for your future and retire wealthy.
