Make Sure the Time is Right When it Comes to Retirement

January 19, 2012

Make sure you plan ahead for retirementRegardless of whether you are getting along in the years you’ve been working, or if you have just started a new job, it’s important to map out and frequently assess your progress toward retirement. It is a tragedy that so many people live paycheck to paycheck when it only takes a little time and money to build a nice nest egg for the future. Financial expert Jeff Rose talks about this in his article, “

How to Calculate Your Retirement Savings and Retirement Date” on the Equifax Finance Blog, where he boils the planning down to five easy steps.

The first step is determining your retirement budget, which is something most people don’t like to think about because they don’t know where to start or think that it has to be exact down to the last penny. It starts with your current monthly budget and calculating how much your current cost of living is, then adding and subtracting until you get something near what you anticipate your future needs will be. For instance, you would modify it for not having to buy work clothes in one direction, then back another for spending money for hobbies or increased travel. In this circumstance, it is better to pad the budget for rainy days or additional expenses.

Next, you need to determine your retirement budget. While you won’t be working, you might be collecting social security or a pension, and this is a great time to consider long-term investments that can pay off when you are done with your career. Unless you are well-versed in investment strategies, consider consulting an investment expert to help you get ready for retirement.

With your budget figured out, it is time to put it into action to estimate when you can start counting on that money. For sage advice on the rest of your

retirement planning, be sure to check out the rest of the article. For all of your needs when it comes to retirement, real estate, credit, insurance or taxes, read up on the

Equifax Finance Blog.

Categories: Economy, Education

About The Author

Read All Stories By Mitch Levinson

Mitch Levinson is the author of “Internet Marketing: The Key to Increased New Home Sales” published by BuilderBooks. He is an Internet marketing expert with expertise in search engine optimization, website development, email marketing, social media and CRM consulting services. He is known for creating effective programs that can be tracked through analytics to prove effectiveness and ROI. Mitch is founder and president of MLC New Home Marketing and MLC FlatFee Realty, as well as managing partner of mRELEVANCE, LLC, a Marketing, Communication, Interactive agency with offices in Chicago and Atlanta. He currently leads the Chicago team. A Multi-Million Dollar Sales Producer who earned an MBA in Computer Information Systems and eCommerce, he brings a unique perspective and experience to the field of real estate communications. Mitch combines the two interests in order to help home builders and developers gain a competitive advantage through the Internet and technology. When he isn’t behind a computer, he enjoys participating in sports and coaching his kids’ teams. Mitch resides in Arlington Heights, Ill., a northwest suburb of Chicago, with his family, which includes two rambunctious labs. Visit my Google+ profile.

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