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Eight Tips to Start Retirement Planning in Your Later YearsMany people go through their earlier years in life without giving much thought to retirement and what their future might hold. But not having a financial retirement plan in place during your later years can lead to great uncertainty in your ability to live comfortably once you leave the workplace.
The Insured Retirement Institute found that only 36 percent of baby boomers are feeling confident they will have a comfortable retirement. While 64 percent believe they will need to take a post-retirement job as an additional source of income.
A recent survey of U.S. employers also showed they lacked confidence in their employees’ readiness to retire. More than 500 U.S. companies representing more than 12 million employees were surveyed by human resource consulting firm Aon Hewitt. The study found that:
Going through life without a retirement plan is a lot like going on a trip without a map or having a final destination in mind. Using a financial adviser to come up with a workable retirement plan is one of the most proactive steps an individual can take toward ensuring a retirement that meets their goals and has their final financial destination in mind.
“Individuals often neglect taking the time to create a long-term strategy for retirement that properly factors in all of their needs,” said Derek Overstreet, president of New Millennium Insurance Services in South Jordan, Utah. “Retirement planning should take into account your particular circumstances and goals for your retirement years.”
It’s never too late to start saving for retirement, even if you are in your 60s. Here are eight tips to jump start a retirement plan in your later years:
Many have been impacted by the recession with unemployment, a plummeting stock portfolio and major losses in property values. Accept the reality of the current economic situation, but don’t let it deter you from reaching your goals. It may take more time to retire than you originally hoped, but being proactive in your approach will eventually get you there.
Kellie Englehardt is a blogger in Salt Lake City, and blogs on behalf of New Millennium.
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