Create a plan with financial goals which are reasonable and realistic given your financial resources. Decide where you want to go, ultimately, with your financial plans. Write them down and make them concrete.
Retirement planning can be complicated when you don't know where to start. You should have a good idea of what you would like your retirement lifestyle to be and how much you expect to spend when you retire. But, beyond that, you may need some additional help when saving money for your future.
Educate yourself about the effects of inflation, investing, savings, budgeting and other aspects of financial planning. You can get help from a financial planner, but you should have a basic understanding of how you're going to achieve your goals. Your goals should be meaningful to you and connected to your personal values. Use a retirement calculator to determine how much you need to save each month to meet your retirement goals. Finally, don't rely solely on your financial planner when making financial decisions. The planner can help you, but ultimately this is your plan and not his.
Carry out your plan. Buy financial products that will help you achieve your goals. A financial planner can educate you on a variety of investments. More than that, the planner can give you practical advice and strategies which may not be covered in a basic investment book.
Save early in your life. The younger you are, the more money you can accumulate. The longer you wait, the higher your savings will need to be for retirement, all other things being equal. Additionally, you'll find that waiting not only increases the amount of money you need to save but it increases the amount of interest you must earn on your investments to meet your goals. In other words, waiting makes it harder to achieve your goals.
- "Practicing Financial Planning for Professionals (Practitioners' Edition), 10th Edition"; Sid Mittra, Anandi P. Sahu, Robert A Crane; 2007
- "Life Insurance"; Kenneth Black, Jr., Harold D. Skipper, Jr.; 1994
- "Ernst & Young's Personal Financial Planning Guide, 5th Edition"; Martin Nissenbaum, Barbara J. Raasch, Charles L. Ratner; 2004
- "The Intelligent Investor, Revised Edition"; Benjamin Graham; 2003
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