Planning for Retirement
Retirement accounts have been struck particularly hard in the last few decades. First you had the boom of the tech era followed by the crash that started after September 11th. As stocks were bottoming out, people took the money out of stocks and instead started investing it in real estate. Now real estate and stocks are both losing money hand over foot so what should you be doing?
Most employers no longer offer pensions and social security is not enough to live on so how can we prepare for retirement? So how much money will you need?
The first thing to do is to determine where you want to be for retirement. Are you content to live in a condo or small house in the middle of nowhere or do you want to spend your retired days on the beach in Florida or even traveling the world?
Once you know what you want to do during retirement, you need to realistically determine approximately how long you might live after retiring. People are living much longer now so you need to take that into account when determining how much money you will need for retirement.
The third thing you need to consider is whether you will fully retire or do you want to continue working part time while retired as this will affect the money you can expect.
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