There's nothing quite as important as planning for the future, which is where the topic of retirement comes into play. Even without putting in any work, you probably have a general idea of when you'd like to stop working and simply enjoy your golden years. However, planning for the future in this sense may be easier said than done. To make things easier for yourself, here are some of the most important questions answered by Robert Jain.
"At what age should I retire?" This is dependent on numerous answers, as authorities on finance like Bob Jain will tell you. While it's been said that 65 is the median age, not everyone retires at the same time. For example, if you work in a bustling industry with a lavish job, chances are that you can retire even earlier, depending on how early you start saving. Simply put, your age of retirement should be whenever you feel comfortable leaving the workforce.
"When is the best time to start planning?" Ideally, you'll want to start planning for retirement once you land a full-time job. Depending on your employer, you may be able to benefit from a savings plan, even if you have to wait a year or so to take advantage of it. Saving money earlier in life will allow you to build a retirement account sooner. Ergo, it'll be easier for you to retire at an age that you'll feel comfortable leaving the workforce.
"Is there a particular savings account I should focus on?" The idea of the "best" retirement savings account is dependent on your individual needs. There are numerous options to choose from, including a simple IRA, SEP IRA, and 401(k). Each one differs based on employer involvement, the amount of money required, and what have you. Speak to your insurance agent if you have questions about specific accounts.
"I'm saving trouble saving money; what should I do?" One of the best ways to go about cutting costs is by looking at what you're spending. While there are certain expenses that can't be eliminated, utilities and travel included, there are others you can do without. For instance, if you have a membership to a health club you don't attend, you may want to cancel it. Even if the savings seem minimal on the surface, they will add up before you know it.
"At what age should I retire?" This is dependent on numerous answers, as authorities on finance like Bob Jain will tell you. While it's been said that 65 is the median age, not everyone retires at the same time. For example, if you work in a bustling industry with a lavish job, chances are that you can retire even earlier, depending on how early you start saving. Simply put, your age of retirement should be whenever you feel comfortable leaving the workforce.
"When is the best time to start planning?" Ideally, you'll want to start planning for retirement once you land a full-time job. Depending on your employer, you may be able to benefit from a savings plan, even if you have to wait a year or so to take advantage of it. Saving money earlier in life will allow you to build a retirement account sooner. Ergo, it'll be easier for you to retire at an age that you'll feel comfortable leaving the workforce.
"Is there a particular savings account I should focus on?" The idea of the "best" retirement savings account is dependent on your individual needs. There are numerous options to choose from, including a simple IRA, SEP IRA, and 401(k). Each one differs based on employer involvement, the amount of money required, and what have you. Speak to your insurance agent if you have questions about specific accounts.
"I'm saving trouble saving money; what should I do?" One of the best ways to go about cutting costs is by looking at what you're spending. While there are certain expenses that can't be eliminated, utilities and travel included, there are others you can do without. For instance, if you have a membership to a health club you don't attend, you may want to cancel it. Even if the savings seem minimal on the surface, they will add up before you know it.
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Please consult Robert Jain for more information about what you've just read.. This article, Questions About Retirement, By Robert Jain, To Simplify The Planning Process has free reprint rights.
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