Reaching financial goals starts with a plan

Planning for retirement is a daunting task, but according to the article on MSN Money Put a price tag on your dreams, “Placing a dollar figure on where you want to end up is the first step toward getting there.”

Psychologist Lois Frankel, author of Nice Girls Don’t Get Rich, says “all of us have a pretty good shot at achieving our financial goals if we take the time to figure them out, construct a plan to make them happen and then work that plan. Figuring out our target numbers should be part of that planning.” She defines “the number” as “the amount of money that would allow you to live your life the way you want to without worrying about not having enough.”

There are lots of tools available to help you develop your finacial goal strategy. SmartMoney.com offers Retirement Worksheets to help you chart your path to financial security in your retirement. These worksheets make the task more easy, but they caution it is still work:

“Be forewarned: These worksheets will take some time to complete. But when you’re done, you’ll have a dependable estimate of 1) How much annual retirement income you’ll need. 2) How much you can count on from your pension and Social Security benefits. 3) What your total nest egg must be, and 4) How much you need to put away this year to begin to reach that goal.“

Last-Minute Retirement Planning

Not really last minute, but if you haven’t started to prepare for retirement there is no time like the present.

Helping you to make the most of your retirement planning, Smartmoney.com in the article Last-Minute Retirement Planning “Whatever the reason, many baby boomers are just now waking up to the fact that they are underfunded for retirement. Some 58% of Americans age 55 and older have saved less than $100,000, according to the Employee Benefit Research Institute’s latest Retirement Confidence Survey. Only 19% have saved $250,000 or more.

If you’re fiftysomething and underfunded, it’s time to take bold action.”

In addition to maximizing your savings through Roth IRAs, 401 (k), and other investments, there are also other ways to make the most of your retirement. In the article Retirement Planning is More Than Money and Investments the author discusses other important retirement planning considerations, such as how you want to spend your retirement, and where you want to spend it.

As more baby boomers retires they find they are not living the typical retirement of the past. Continuing to work part time, or volunteering with community organizations, to starting new businesses, the options in modern retirement seem endless. In the article Retirement isn’t just a date — it’s a new life, the author discusses how many early retirees find they have time to do whatever they want. After a period of time to relax from the stress and strain of working life the people who retire early find they approach their new lifestyle with vigor.

Retirement planning in your 50s

When it comes to maximizing your retirement funds nothing beats the advice of a knowledgeable accountant. The various ways you can prepare your finances for your retirement with Roth IRAs, 401(k)s, and other investments seems like a maze. In this article CPA Don Taylor gives some excellent advice to a 56 year old who is getting serious about investing towards his retirement.

Click now to learn more about Retirement planning in your 50s.