What are your plans when you retire? Will you consult, teach part time, or keep a home-based business? Or are you aiming to turn a hobby into a money-making endeavor, or perhaps stay involved in a family business? If so, you are not alone. According to recent AARP research, about 80% of baby boomers say they will work at least part time in retirement, blurring the lines of business and leisure.
About 13% of 55 and older households without dependent children (nearly 5.3 million Americans) are currently moving in and out of retirement, according to SRI Consulting Business Intelligence. Because of poorly performing retirement plans, some are being forced to go back to work. They are living longer and healthier lives by staying active.
Your retirement years will need to be well-funded because retirement is a long horizon. Retirement age is typically 62, and we all want an abundant retirement as a bottom line. But, if you want to retire earlier than normal you must have a well thought out plan. It still may be possible to retire early, or work less if you plan ahead and follow some basic suggestions.
Think it through. Retiring is a change in life, and not just another phase in your finances. You must decide what you want from it. Do you derive a large part of your identity from your organization? Do you live to work, or work to live? Do you have any exciting interests outside your work that you like to do?
Know the rules. You can withdraw 401(k) plan or IRA funds for early retirement necessities under certain circumstances, and avert paying the 10% tax penalty. So when withdrawing your funds, understand the stipulations.
Plan for short-and long-term needs. Keep money for short-term needs in stable plans, and stay away from selling more volatile investments when the economy is down. Growth plans are a good choice for a higher potential profit on long-term savings. But, they involve more short-term risk.
Plan for short-and long-term needs. To evade selling more volatile investments when market values are down, keep money for short-term needs in conservative accounts. For a higher potential return on long-term investments, growth funds are a good option, but they involve more short-term risk.
Look for product flexibility. Use accounts with more versatility, such as an annuity that comes with flexible options, if you are thinking about retirement. They allow you to adjust how much you put in each month.
Get help. When you own a enterprise, things are more involved. If you are one of the many individuals blurring the lines between work and leisure, retirement planning can involve specialized attention. Include protection planning, tax planning, business succession, and then create an appropriate portfolio for your ever-changing needs. Create this comprehensive financial strategy with your team of professionals.
Protect yourself. Consider your protection plan, and don't put all your emphasis on investment plans. You may need to change your life, health and long-term care insurance plans to your changing situation.
About 13% of 55 and older households without dependent children (nearly 5.3 million Americans) are currently moving in and out of retirement, according to SRI Consulting Business Intelligence. Because of poorly performing retirement plans, some are being forced to go back to work. They are living longer and healthier lives by staying active.
Your retirement years will need to be well-funded because retirement is a long horizon. Retirement age is typically 62, and we all want an abundant retirement as a bottom line. But, if you want to retire earlier than normal you must have a well thought out plan. It still may be possible to retire early, or work less if you plan ahead and follow some basic suggestions.
Think it through. Retiring is a change in life, and not just another phase in your finances. You must decide what you want from it. Do you derive a large part of your identity from your organization? Do you live to work, or work to live? Do you have any exciting interests outside your work that you like to do?
Know the rules. You can withdraw 401(k) plan or IRA funds for early retirement necessities under certain circumstances, and avert paying the 10% tax penalty. So when withdrawing your funds, understand the stipulations.
Plan for short-and long-term needs. Keep money for short-term needs in stable plans, and stay away from selling more volatile investments when the economy is down. Growth plans are a good choice for a higher potential profit on long-term savings. But, they involve more short-term risk.
Plan for short-and long-term needs. To evade selling more volatile investments when market values are down, keep money for short-term needs in conservative accounts. For a higher potential return on long-term investments, growth funds are a good option, but they involve more short-term risk.
Look for product flexibility. Use accounts with more versatility, such as an annuity that comes with flexible options, if you are thinking about retirement. They allow you to adjust how much you put in each month.
Get help. When you own a enterprise, things are more involved. If you are one of the many individuals blurring the lines between work and leisure, retirement planning can involve specialized attention. Include protection planning, tax planning, business succession, and then create an appropriate portfolio for your ever-changing needs. Create this comprehensive financial strategy with your team of professionals.
Protect yourself. Consider your protection plan, and don't put all your emphasis on investment plans. You may need to change your life, health and long-term care insurance plans to your changing situation.
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