Financial Strategies for Successful Retirement

Financial Strategies for Successful Retirement


By Ric Dalberri, Founder of Retirement USA


As we strive for financial
independence, we need to look for financial strategies for successful
retirement. Retirement can be the most fulfilling time of your life. What is
included in financial strategies for successful retirement? Retirement income,
health care, short and long term, housing, goals, children, health care
provider for family members, travel, pets, continue to work, open a business,
recreation, just to name a few.

Financial strategies for successful retirement, does not
just happen. It is achieved by anticipating your future needs and wants.
Consider your lifestyle expectations and goals you’ve always wanted. First and
foremost, you must know your retirement income. As stated above, look at the
categories (you may add or delete) that are in your future.

Estimate your retirement expenses, monthly or annually.
Within your financial strategies for successful retirement, you should figure
approximately 70-80% of current income to maintain your present lifestyle. Much
of the time, the early or beginning of your retirement years are the most
expensive due to still being quite active.

Financial strategies for successful retirement must include
planning well beyond 65-66 years of age. Actuaries indicate that you should
plan to live another 20 + years. So, adjustment for inflation must be taken
into consideration as well.

Consider the following for financial strategies for
successful retirement:

* Always pay yourself first even if money is tight. You
should consider yourself a monthly bill

* Save, save, save. Compounding interest is a miracle
particularly in long term savings such as a tax deferred account

* Put the max allowed in a employee sponsored retirement

* Have an emergency fund

* Do not touch your retirement funds

* Continue to invest, save after retirement

* Investigate medical gap insurance that goes with Medicare

Financial strategies for successful retirement not only
calls for you to do your homework, you must also know that adjusting your plan
must be part of your retirement plan. As always in anything you do when it
comes to finances, see professional advice from a qualified financial advisor
such as a CPA, an accountant or tax attorney.