Wednesday, 30 January 2019

What is Your Retirement Outcome?

Your retirement outcome is directly dependent on your current savings and investments plan. 

Do you know your retirement outcome? If you do not know, you could very well be among the 95% of Americans who are not financially independent at age 65 - this according to a study conducted by the U.S. Department of Commerce. In addition, the government's study also showed that a dismal 25 percent of all retirees are able to avoid dependence on Social Security, family and friends as their only sources of income. 

To make sure your retirement outcome is the one you desire, read on. The best way to discover if your retirement outcome is on target, is the use of a retirement calculator. Using this calculator will help you to identify any shortfall now before it is too late. Generally, you will need at least 75 percent of your pre-retirement income to ensure a comfortable retirement, according to most financial experts. Once you know where you are and where you need to be, the next step can be taken. 

The next step is to educate yourself about finance and investing. You should start your financial education by reading finance magazines, newspapers and web sites. Attendance at investment classes is another great option. You can also check the course offerings at your local college.  If you have a particular investment or financial question you would like answered, the Retirement Intelligence Information Services newsletter can answer it. Above all remember that your education is a lifelong process. 

Do not expect to know everything you need to know overnight. You have worked hard for what you have; do not let your retirement outcome be compromised. Take the next step toward your secure retirement today. 

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