Monday, March 3, 2008

Saving for Retirement - 7 Retirement Questions You Should Answer for Yourself

Are you concerned about how your life will be when you retire? Whether you have long established plans or you’re just getting started to be serious about retirement, here are seven questions you should answer for yourself. 1. When Do I Plan To Retire? 2. How Much Have I Saved Toward Retirement (401(K), Roth IRA, Passbook, Etc.)? 3. Is My Retirement Income Projected To Be Greater Then, Equal To, or Less Than My Pre-Retirement Income? 4. Would I Like To Live In My Present Home? 5. Have I Made Any Long-Term Care Arrangements? 6. How Much Social Security Income Do I Expect To Receive? 7. How Do I Feel About Possibly Having To Live On Less Income In Retirement? My purpose for writing this article is to alert as many people as possible to the financial realities of retirement for most people. There are various studies around that state that the number of people who will retire to fixed incomes that are less than their “working” income is as high as 85-95%. I refer to statistical studies primarily to indicate how pervasive the problem is, but you and I both know that the only person that really matters in studies is YOU. Are you in that 85-95% or not? Another of my objectives is to suggest to those who which to do something positive to move themselves toward financial freedom, some possibilities as to some actions that are available to you. I am assuming that you have not yet retired, but retirement is finally something you feel deserves more of your attention. When you take a look at how much present income you receive and look at how much is used on necessities or near necessities, the amount remaining is what’s available to enjoy life and set aside for retirement. Now I really encourage you to not get down on yourself too hard if the remainder after expenses is not very large. The truth is most paycheck-to-paycheck employees simply DO NOT EARN ENOUGH income to live the lives they desire and to save for retirement as well. I submit that you do not have to live on less in retirement. No matter where you are right now financially, you can build and enjoy a retirement lifestyle you desire…IF YOU REALLY WANT TO. Peace. My name is Harold L. Lowe and I am a “former” retiree who, at age 62, saw my six-figure income position eliminated. I chose to retire and what I discovered was a shocking 50% reduction in my (combined pension and Social Security) income and what I call the “financial reality of retirement” faced by most paycheck-to-paycheck employees. You can get a copy of my Free, eye-opening Report “Financial Planning for Retirement is not Enough!” at my website:

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