Think You Don't Need Preretirement And Financial Planning?
By Andrew Chan
Pre-retirement and financial planning are two things that go hand in hand. In order to have a comfortable retirement, it is crucial to have good financial planning before your period rolls around. If you neglect to save properly for your years, you will find that you will not be able to have the standard of living that you would like to enjoy. Here are some things to keep in mind in regards to pre-retirement and financial planning.

Start thinking about preretirement and financial planning while you are still young. Even though this doesn't seem like a pressing matter when you are 25 or 30, for example, you'll regret it later if you don't do so as early as you can. One of the best ways to help you do this is to meet with a financial planner at your financial institution. He or she can help you identify the goals you want to establish. The financial planner will then help you establish a plan so that you can reach those goals as easily as possible while still maintaining a lifestyle you want currently. If you're someone who happens to be older with just a few years away, it's still not too late, though. Even late planning is better than no planning; a financial planner can help you establish a goal if this is the case for you as well.

The one of the wisest things that you can do in regards to pre-retirement and financial planning is to begin contributing to your employer's 401K program. Most employers offer this and it is truly the best way to grow your money. Most employers will match their employee contribution up to a certain percentage. This is the minimum amount that you should contribute, since up to that point you are basically doubling your money.

Another great pre-retirement and financial planning tool is to have an IRA. Currently the maximum amount that you can contribute each year is $4,000 if you are under 50 years old and $5,000 if you are over 50 years. These accounts grow tax deferred until you withdrawal the money, and you may also be able to claim the amount that you contribute on your taxes.

If you want to save for retirement, another thing you need is to have a realistic budget and to stick to it. Of course, you don't want to be deprived, especially if your salary is good. However, you can have a budget that lets you have everything you need and still put away for retirement. A good rule of thumb is to save at least 10% of your gross income, 15% if you are older than 35 or 40. This is a relatively painless amount to put away, as long as you have a decent

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income and live within your means.

Next, get rid of any debt other than your mortgage or a student loan. Carrying balances on credit cards is a sure way to negate any savings or goals you have. Set up a plan to pay them off as quickly as possible. Don't carry balances month-to-month. Instead, pay your credit cards off every month and treat your credit card just as you would your checking account. In other words, whenever you make a purchase with your credit card, enter that exact amount into your checking account register with the designation "credit card purchase" or something similar, as though you had spent cash on your purchase. Then when your credit card bill comes due, you should already have the money for the bill put aside under this designation in your checking account, so you simply have to pay the bill with that money.

Get rid of any insurance plans that overlap. Many companies will try to convince you that you need insurance that is covered by another policy. This waste of money can be a real drain on your pre-retirement financial planning budget. Check your coverage on existing policies before you invest in any new ones.

When you are thinking about pre-retirement and financial planning, remember to begin your plan as soon as you can. Even if you are nearing age, you should consider all of the options available to you to maximize your assets. Pre-retirement and financial planning can be a daunting subject, but if you tackle it head on you will be glad that you did.

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