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Wednesday, June 29, 2011

A step-by-step approach to planning for your retirement


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When you think about it, it’s an ambitious task to plan for a period of your life that might last 20, 30, or 40 years, and to rely mostly on your accumulated financial resources. It makes sense that you’ll need to take 12 weeks or more to do the job right.
Some readers have asked how they can access the entire series. To make it convenient for you, I’ve summarized the steps below, with the links to each week’s posts.
Kickoff Summary
Week 1: Estimate your life expectancy, and dream for your future
Week 2: Build your team of professional advisors
Week 3: Take steps to improve your health, to reduce medical bills and enhance your life expectancy
Week 4: Collect and organize your financial resources
Week 5: Develop a strategy for claiming your Social Security benefits
Week 6: Use your IRAs, 401(k), and retirement savings to generate lifetime retirement income
Week 7: Choose the investments that are right for you
Week 8: Develop a budget for living expenses
Week 9:  Manage your housing expenses
Week 10: Plan for your medical expenses
Week 11: Address the threat of long-term care
Week 12: Put it all together
As you can see, you’ll have to do a lot of homework to properly plan your retirement. Some people find it helpful to form small study groups, so they can share the legwork and kick around ideas. Don’t forget to include your spouse or partner in your planning.
And don’t be surprised if it takes you longer than 12 weeks to complete all the steps. Even if it takes you 6 months, remember that you’re planning the most important part of your life: your rest-of-life! Take the time to put good plans in place, so you can focus on the things that are really important to you.
Want to learn more about retirement planning? Check out my latest creation - Money for Life, an innovative, free online retirement planning guide. I’ve organized a rich collection of more than 150 blog posts, articles, research reports, and video clips on the most important retirement planning decisions regarding money, health, and lifestyle.


Read more: http://moneywatch.bnet.com/retirement-planning/blog/money-life/retirement-planning-how-to-do-it-right/4413/#ixzz1QeDsXOFy



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