Peace of Mind By Planning Your Retirement

Nothing can keep you from enjoying a full night’s sleep like worrying about your retirement plan – will it be enough? Will I live longer than my money will last? How about a catastrophic illness? No one knows what the future holds for us after retirement, so planning your retirement way ahead of time is crucial for your peace of mind as those retirement days approach.

So many issues need to be factored in when planning your retirement, such as the lifestyle you envision yourself living during the years of retirement. How much can you feasibly sock away toward retirement?

If you’ve been planning your retirement since you were in your 20s, you’re probably in pretty good shape. But most of us didn’t have that option. Kids came along – college, weddings. It may have been difficult to find any money to save – and the retirement years seemed far away.

Today’s economy ups and downs have more than likely taken a toll on any savings you did put away for retirement – especially if you were heavily invested in stocks. It may be necessary to put off the retirement date you’ve always planned on and work a few more years to make up for losses. Do the math to figure out what would work best for you – think about what your priorities are – does retirement mean more to you than taking an around-the-world cruise?

Most retirement plans figure that a retiree is going to need from 70 to 90% of his pre-retirement income, but every situation is different. There are online calculators (such as the one at that can help you through the process of determining how much you’re going to need on a monthly or yearly basis.

There are a plethora of post-retirement plans that can help you manage your funds after you retire so that you don’t find yourself short after a couple of years. It would be to your advantage – and peace of mind – to look over a few of these plans to see which one is right for you.

No matter what your current age, it’s never too soon to begin budgeting and investing for retirement. There are various plans for different age groups. For example, if you’re planning your retirement in your 30s, the plan would be much more aggressive than a retirement plan for someone in his 50s.

At least once a year, you should look over the chosen plan and determine if it’s on the right track for how you envision retirement. Planning your retirement doesn’t have to be scary. There are a number of online sites available that will guide you through the process – and if you have a trusted financial planner, share your research with him or her to be sure you’re on the right path to a stress-free retirement.