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Retirement Planning

 
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What Is Retirement Planning?

 

Retirement Planning is when you take steps to ensure your financial well-being for when you retire and stop working.

There are many different ways to plan for your retirement, all of which depend on what you want your retirement to be and how much money you can afford to put aside now. It is never too early or too late to start saving for your retirement.

 


To help, the United States Department of Labor has identified the
Top 10 Ways to Prepare for Retirement:


1.  Know Your Retirement Needs
2.  Find Out About Your Social Security Benefits
3.  Learn About Your Employer's Pension Or Profit Sharing Plan
4.  Contribute To A Tax-Sheltered Savings Plan
5.  Ask Your Employer To Start A Plan
6.  Put Your Money Into An Individual Retirement Account
7.  Don't Touch Your Savings
8.  Start Now, Set Goals, And Stick To Them
9.  Consider Basic Investment Principles
10.  Ask Questions


For a detailed explanation of each of these 10 items, please click here.

 

Whatever you decide your retirement needs are, talk with your employer, your bank and a financial advisor to determine the retirement plan that works best for you.


For a helpful Retirement Nest Egg calculator from AARP, click here.

And for more helpful information from AARP, click here.

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Financial Literacy Toolkit