"The 2010 Retirement Confidence Survey (conducted by the Employee Benefit Research Institute) indicates that 27% of Americans have less than $1,000 in savings for retirement, and that only 46% of workers have tried to calculate how much money they will need to have saved for retirement."
If you fear you have not done enough to plan for a comfortable retirement, you are in good company. According to the 2010 Retirement Confidence Survey, more than a quarter of all American say they have less than $1,000 in retirement savings, and less than half of us have even tried to calculate how much money we will need to have saved. When it comes to retirement planning, it’s easy to become overwhelmed and freeze like a deer-in-the-headlights. Last week I read a down-to-earth article listing 10 Things You Must Know Before You Retire. I think it’s a pretty fair guide to help anyone get started, with tips like Know Your Retirement Expenses (rule of thumb: 70 to 80% of your current income), Know Where Your Income Will Come From, and Know What Medicare Covers.
There are couple others, however, that many people overlook:
Know How You Will Care for Aging Parents. Too many forget that, as we age, our parents age as well. Their health needs can impact your lifestyle – both in terms of time and budget. You can learn more about elder care issues on our website.
Know What Happens with Your Estate. Making plans for your estate is a part of responsible retirement planning. There also are steps you should take now to ensure your wishes are carried out in the event of your own incapacity. Again, visit our website, www.hunterestategroup.com, to learn more about estate planning, and while you are there, be sure to subscribe to our free monthly newsletter at www.hunterestategroup.com to stay abreast of changes in the law that could affect your retirement and estate planning.