I remember when I got that first notice that stated how much money I’d be getting from Social Security. I was 16 and had just finished a summer of working my first “real” job. I got the notice and thought “is this really enough to retire on?” The amount seemed small, too small to cover “basic” costs like rent, food, utilities, etc. With the future of Social Security up in the air, it’s more important than ever to start planning for retirement as soon as you can.
If you haven’t taken the time to calculate how much you’d need to live the retirement lifestyle you want, you can use Genworth Financial’s Easy Budget Calculator to help get an idea of how well your current retirement income will cover your living costs. Genworth Financial offers financial security and protection services through insurance options, retirement solutions, and more.
Stepping through the Easy Budget Calculator allows me to enter in my basic “must-haves”, such as housing and groceries, along with my “nice to haves”, like travelling to New Zealand (I wish) or dining out. Then it compares it to my income from Social Security, pensions, 401(k)s, and any other income and let’s me know whether I have a gap between how much I will spend versus how much money will be coming in. Once you see how much you need for retirement, you can help work out the best “plan of savings” for your retirement. This list of 10 things you need to know as you plan for retirement is a great place to get started.
This is not a “retirement plan.” 😉
The best way to secure financial security for retirement is to start saving and start planning for retirement as soon as you can. I started my retirement planning with my first job out of college. The company I worked for not only had a 401(k) plan but also offered matching contributions for that 401(k) plan.
If your company offers matching for your 401(k), you absolutely want to max out on your contributions if your budget allows. Typically a company will match the first x% of contributions which is essentially FREE money going right into your retirement plan. All you want to do is make sure you contribute at least the matching percentage to get as much free money as you can.
If you haven’t started your retirement planning yet, it’s not too late. Any money you save now is something you can use down the road. Like 401(k)s, IRAs offer some tax advantages if you’re able to contribute anything into them. Annuities are another investment option for supplementing your retirement income.
Whether it’s throwing a few dollars into a jar each day, or sitting down with a financial advisor to map out a financial strategy, planning for your retirement now can help make retiring much easier.
Have you done any “retirement” planning?
Disclaimer: Information for this post is sourced from Genworth Financial in partnership with the SheHeard Influencer Network.
No, I admit I’ve not planned any retirement. I’m just 38 and my employer puts in 15% so I’m told I’m set if I stay here until retirement…been her 9yrs.
Wow! 15% is an awesome contribution! The most I’ve received was 6%.
I’m retiring in 1 1/2 years. Yes you do need to start planning early.
My husband does the planning thankfully!
That is so neat! We have been contributing to hubby’s military retirement and going to start another account.
I have a matching 401k and hubby has a pension.
Thanks for the info.
I don’t know how anyone can afford to retire on social security alone. How can you live?
I really need to start planning, before it’s too late.
If you can put as much money as you can towards your retirement when your young so it adds up. I didn’t do that and now I will not have enough money to retire.
I feel like retirement is such a long way off that I’m sort of cynical whenever somebody tells me I need to start worrying. But I do understand that it is very important to do well conducted research and make sure that I have something to rely on once I’m old enough that I can assure that an unpredictable situation or event won’t throw my financial stability out the window!
I started planning early, and was able to retire at 46! Granted, I don’t have children, but I had ot plan for many more years of having no employment income than the average person. My tip: start early and no debt. And I worked my butt off!
i dont have a plan set in place for retirement yet, but i think its wise to start early, not only because you would have retired at the time, but because at a certain age in life you become tired easily, and cant work long hours even if it is a part time job. so the early bird catches the worm they say !
At this point in time I don’t think I’ll even be able to quit working!
what retirement, ill probably fall dead at work when the time comes
I didn’t plan on it a long time ago, and now I regret it.
I am very close to retirement and it seems that my money is not going to go very far due to the bad economy…perhaps I will continue to work a few more years
My husband and I vowed to start saving this yer!
I was told when I was older that I should of been putting money away at a young age. The younger you start the better off you’ll be when it’s time to retire. Only in todays world I don’t know if there is going to be to many of us that can retire.
I’m still studying, but I should be graduating this year. I’m planning to start saving for my retirement once I get my first job! I’m always afraid of something happening to me before I retire as I should be more healthy nowadays, but I think it’s better to save more (while still putting a little away for spending on myself in the present too ;)) than to live until that age and not have the opportunity to retire! I’ll definitely try that Easy Budget Calculator.