Sometimes people get close to time to retire and go into a panic because they suddenly realize they have not saved enough.
At this point, serious decisions have to be made:
- Downsize housing?
- What kind of health care provisions can they make?
- Is there long term care insurance?
- What are the choices for pensions and Social Security?
Oftentimes, people are working in retirement not because they want to work, but because they must.
Answer to the above questions lies in timely Retirement Planning
Retirement Planning is the process of insuring that there are sufficient financial resources to provide a desired lifestyle in the retirement years. It consists of following steps:-
- Determining retirement financial needs.
- Analyzing current resources to provide for retirement needs.
- Start investing in a retirement plan to fulfill the needs.