| Whether retirement is right around the | | | | Review Your Social Security Benefits |
| corner, or several years down the road, it's | | | | |
| never too early, or too late, to start | | | | On average, the Social Security |
| planning for your future. Some people feel | | | | Administration (SSA) pays roughly 40% of |
| intimidated by matters of finance, while | | | | one's pre-retirement earnings after retiring. |
| others simply don't feel comfortable with | | | | Earnings statements are usually mailed three |
| their knowledge regarding retirement | | | | to four months before your birthday that |
| planning. Make it a priority to learn as much | | | | outline what you have paid in taxes, along |
| as you can about your finances by reviewing | | | | with a summary of your estimated benefits |
| the following essential 5 top baby boomers | | | | depending on the age you retire. If you |
| retirement tips. | | | | haven't yet received any statements, contact |
| | | | the SSA to request one by visiting their web |
| It's no secret that retirement can be | | | | site at |
| expensive, especially with the rising costs | | | | |
| of just about everything, which is why most | | | | Learn About Your Employee Benefits |
| experts recommend planning on needing | | | | |
| anywhere from 70 to 90% of your current | | | | Any employee who is covered under their |
| earnings after you retire to maintain the | | | | employer's retirement plan is entitled to a |
| standard of living you're accustomed to. | | | | clear explanation of their benefits and |
| | | | receive what is known as a summary plan |
| Here are the 5 top baby boomers retirement | | | | description. Also remember to inquire about |
| tips for those who are serious about planning | | | | your spouse's retirement benefits through |
| for their future: | | | | their employer, or open a spousal IRA |
| | | | (Individual Retirement Account) for those who |
| Start With a Definitive Plan | | | | do not work outside of the home. |
| | | | |
| Start by noting your current standard of | | | | Contribute to a 401k |
| living and then examine whether or not you're | | | | |
| willing to make sacrifices, or if you plan to | | | | One of the most often overlooked of the 5 top |
| live just as you always have. Most people | | | | baby boomers retirement tips are investing in |
| expect to enjoy the same lifestyle along with | | | | a 401k, which is a tax-sheltered savings plan |
| travel or vacation plans after retiring, but | | | | that your employer also contributes to. It is |
| really have no true idea of how much money | | | | estimated that an entire quarter of all |
| they're going to need to actually do so. | | | | people who were offered the chance to |
| | | | participate in a 401k plan chose not to. If |
| A retirement calculator is useful for | | | | your employer doesn't currently have any type |
| figuring out exactly what you will need each | | | | of retirement plan in place, suggest that it |
| month to meet your goals. Either online or | | | | start one as soon as possible. |
| through your own calculations, use your | | | | |
| current age, the age you plan on retiring, | | | | Follow Through |
| your current savings, and how much you need | | | | |
| to live comfortably per year after retiring | | | | Although a growing nest egg may be tempting |
| to get the final amount. | | | | during those times when you might need a |
| | | | little extra cash, it's imperative to stick |
| For solutions to your specific circumstances, | | | | to your plan to avoid any withdrawal |
| seek out the advice of a professional, such | | | | penalties, as well as falling short of your |
| as a financial advisor, your bank or union, | | | | ultimate goal when you do retire. |
| as well as your employer's human resources | | | | |
| department. Ultimately, trust your own | | | | By simply following these 5 top baby boomers |
| instincts and educate yourself before making | | | | retirement tips, it really is possible to |
| any decisions. | | | | retire the way you envisioned and truly enjoy |
| | | | your future without worrying about finances. |