It’s National Retirement Planning Week! When should you start planning for your future? How can you retire on your own terms? An interview with APC’s President, Paul K. Fain, III, CFP®
PAUL, LET’S BREAK DOWN SOME RETIREMENT PLANNING TIPS BY AGE GROUPS – START WITH THE 20 AND 30-YEAR OLDS…
Life is reaching full speed for Gen X and Gen Y — Kids. A mortgage. Minivan payments. Maybe student loans.
- Time is on your side – harness the power of compounding. Earn growth on growth.
- Set a practice of saving before you spend – pay yourself first.
- Start a 401(k) or IRA account – little amounts will add up to big amounts!
WHAT ABOUT THE PEAK EARNING YEARS, SUCH AS YOUR 50s AND 60s?
It’s time to get serious about your vision for your retirement years.
- Decide on a planned retirement age and a retirement spending goal.
- Determine if your savings are on track.
- Consider long-term care insurance.
- Research your Social Security and Medicare benefits.
HOW DO WE MAKE THE 70s SUCCESSFUL?
- Make sure your Will is up to date.
- Name a Power of Attorney as part of an incapacity plan.
- Talk to your family about your healthcare and legacy wishes.
ANY OTHER TIPS?
- Own it! Take responsibility for your retirement future. My father used to say, “If it’s going to be, it’s up to me”
- Keep your options open – when you retire, how much you want to spend, consider part-time work if needed.
- Strive for balance: saving and spending. Enjoy today and prepare for tomorrow.
National Retirement Planning Coalition: https://www.retireonyourterms.org/home
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