How to Plan for Retirement

Series Summary

Personal finance is the application of financial principles to the monetary decisions of an individual or family unit. It addresses the ways in which individuals or families obtain, budget, save and spend monetary resources over time while taking various financial risks and future life events into account. Components of personal finance might include checking and savings accounts, credit cards and consumer loans, investments in the stock market, retirement plans, social security benefits, insurance policies and income tax management. In this free video series on money management, a financial consultant explains retirement savings, credit and other money management information. Find out about planning for retirement, IRA contributions and social security. Learn about home equity loans and home equity loan payments. Get information on credit reports and credit scores, as well as the importance of good credit. Improve your financial situation with the help of these free videos.

Video Transcript

"This is financial adviser, Patrick Munro, talking about how to plan for retirement. The earlier one plans for retirement, the better off they will be. And it's important that you plan with an end result in mind. Individuals should know what they wish to achieve, where they want to live. And, of course, their risk tolerance is very, very important because if you don't like a high degree of risk where you could lose the money that you are investing due to market risk, then you will not have a quality of life along the way towards retirement. Make sure you build an emergency fund first, that's always important. Make sure you keep your budgets in mind as well, so that you will know that you have X amount of dollars available on a monthly basis, and also X amount of dollars that you can put away for your future, again based on your risk tolerance. And as you get more dollars into your life, and receive pay raises at work, etcetera, you can expand your retirement plans, and therefore accelerate even faster towards your goal for a successful retirement. This is financial adviser, Patrick Munro, talking about how to plan for retirement."