Wednesday, 30 January 2019

Your Retirement Income Guide

It is crucial that you develop your retirement income guide now. Most of us can expect to spend the same amount of time in retirement as we did when we worked. Unfortunately, most of us are not properly prepared for this. Only five percent of all Americans are 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 shocking 75 percent of all retirees are forced to depend on Social Security, family, and friends as their only sources of income. 

The proper retirement income guide can help you from becoming one of the government's sad statistics. Development of your income guide starts with the use of a retirement calculator. This will help to identify any shortfalls with your current retirement income guide. If there is a shortfall, you can plan to work more hours or for more years, take a smaller annual withdrawal amount, and/or increase your savings rate. 

But, there are three key ingredients for a successful retirement - financial well-being, emotional well-being, and physical well-being. Your physical, financial and emotional well-being are tied closely together. If your financial well-being is at stake, then often so are your emotional and physical well-being. For example, suppose you do not have enough money to purchase the medication your doctor has prescribed for you - then your health will likely deteriorate - leading to depression. Likewise, if your physical well-being is compromised, you will have to pay medical and household maintenance expenses - which can lead to a financial crisis - if not properly planned. 

To keep your physical well-being in check - make regular doctor visits, take any medicine prescribed by your doctor exactly as prescribed, exercised regularly, and eat healthy food. Your emotional well-being is a little harder to pinpoint the exact steps to take to ensure it stays on course. Visiting with friends or relatives, learning something new, hobbies and spiritual pursuits are all good places to start. Keep your retirement income guide on track by becoming educated about finances. This does not mean you have to depend solely on your own financial talents. Even the most seasoned investors need some professional retirement planning help. 

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