10 Tips for Retirement Planning

Susan Mesrobyan & Steve Watkins

Virtuity / WFG

People are living longer than ever, and more people are worried about outliving their retirement income. Using a Kiplinger Magazine report, and questions from Morningstar, here are 10 tips you might want to consider to make sure that there’s “gold” in your “golden years.”

10. Don’t choose a retirement date based solely on your age.

Instead, plan based on the factors important to you.

9. Don’t stick all your money in stocks.

Diversify for greater safety.

8. Keep track of all your retirement accounts and potential sources of money during retirement.

Have a central file for your accounts and possible income sources—and give a copy to a trusted advisor.

7. Don’t be unrealistic about rates of return.

Better to assume lower rates of return and be pleasantly surprised.

6. Do you expect other sources of income during retirement, such as a pension?

If you have a pension, make sure you take the steps to secure it.

5. Does longevity run in your family?

If so, you may need more retirement money.

4. Are you expecting to need a fairly high level of income in retirement?

Health and lifestyle affect this. Plan accordingly.

3. Have you already managed to save a sizeable amount for retirement?

Most people haven’t. This is where consulting with a seasoned financial professional can give you great peace of mind and a sense of confidence in your path going forward.

2. Do you want to leave a financial legacy for family or charity?

There are many plans and programs that a financial professional can help you with.

1. If you’re still working, is your career stable, with little likelihood of income disruption?

If it is, great. If not, your increased savings can help you during your retirement years.

Remember: keep your eye on the prize. Plan ahead; expect the unexpected; and assume that your situation might be worse than it is. If your assumption is right, then you’ll be prepared. If you planned too conservatively, then you’ll have more money than you needed—and that’s a great problem to have.

For Twitter, your URL is: https://twitter.com/susanmesrobyan
Previous articleWhy We Shoot Content – Pixel 506
Next articleHow to Make Money in Real Estate
Star of Discovery Channel’s “Undercover Billionaire,” Grant Cardone owns and operates seven privately held companies and a private equity real estate firm, Cardone Capital, with a multifamily portfolio of assets under management valued at over $4 billion. He is the Top Crowdfunder in the world, raising over $900 million in equity via social media. Known internationally as the leading expert on sales, marketing, and scaling businesses, Cardone is a New York Times bestselling author of 11 business books, including “The 10X Rule,” which led to Cardone establishing the 10X Global Movement and the 10X Growth Conference, now the largest business and entrepreneur conference in the world. The online business and sales educational platform he created, Cardone University, serves over 411,000 individuals and Forbes 100 corporate clients throughout the world. Voted the top Marketing Influencer to watch by Forbes, Cardone uses his massive 15 million plus following to give back via his Grant Cardone Foundation, a non-profit organization dedicated to mentoring underserved, at-risk adolescents in financial literacy, especially those without father figures.