Getting Ready for Retirement no Matter how old you are

Are you planning your retirement? I wish I could say I did, but I didn’t.  Whether you are just starting out in life or enjoying the retirement, getting ready is central.

If you are new to the working world, and your boss offers a pension plan, take it, even if it is a simple plan.  They grow; if you leave the company, take out the plan and invest.  You can choose a simply savings account or mutual funds.    Many large corporations offer a variety of plans, including 401Ks.  However, if you are working for yourself or a small company that doesn’t offer pension.  Then you will need to start saving yourself.  IRAs are very popular, and you don’t pay taxes unto you withdraw your savings when you retire.  Note: if you take out your money early you will pay a penalty fee.  Check out the internet for more information on the rules for IRAs.   Be aware, according to the media, Social Security will be gone by the time you reach retirement age.  

Those of you who are older but not quite ready for retirement, maybe you are raising children or have some in college; it can be very easy not to worry about retirement.  To put it aside dealing with today’s economy. That new car or high tech TV may be very tempting.  Think twice, do you have a good start on your retirement plan.  I cannot emphasize enough on how important it is for you to have investments, mutual funds, etc.  If you have not started a retirement plan, it is not too late. Do the research, you will find something that will fit into your budget. 

 Are you already a senior?  If so I sincerely hope you have your pension or investments up to date?  Many seniors work in a food store or Wal-Mart.  Although I must admit that some choose to work to give them something to do. Countless others are not able to bring in that extra income. If this is how you are living, here are some suggestions to help.  Steps I am taking.  I have a decent Social Security and a small pension. However, it is not enough so I am learning to do without.  I checked with my utility company on how cut my electric bill. One of the steps I am taking is keeping my temperature at 82 degrees in the summer.  Another step in reducing my expenses is letting go of the high-speed Internet.  I live in a gated retirement community that provides transportation to area stores. I will be giving up my car.  Even though I did not plan for my retirement, I am doing fine.  

Could things have been better, sure?  Preparing for your retirement no matter how old you are something you should not ignore.