retirement planning

Monday, October 03, 2005

bankol retirement planning

How Long Will We Live? Longevity can be predicted to some degree of accuracy by looking at your family's health history then you can compare your lifestyle with that of other family members and determine if you are in better or worse shape than them. Of course the question is whether we do anything about what we know. If we have a quick and pain free death or a long and lingering death will also determine if we have enough funds to live on.
Currently the age assumption is to 100, with some feeling that it is a conservative estimate. To address the possibility of excessive medical needs in the future we strongly recommend that people buy long-term care insurance to protect against medical expenses. This will help to act as a cushion for a retiree.

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Retirement expenses are around 75% of the normal non-retired living expenses. Usually there is no mortgage on your home and there are several senior discounts that are available. However, most financial advisors know that this is not always a realistic approach.
There are three basic stages of retirement. The first phase is the active phase when most people travel and do all the "things" they waited all their lives to do. This phase is the most expensive phase and often the retirees enjoy the good things of life. Once these wants are met the second phase of retirement is often active but a less expensive stage. The third phase is also an expensive phase when health care needs become more expensive.

age people consider retirement planning

There are some reasonable assumptions that some financial planners can make, however, as you can see it is very difficult to predict the course of time.
How Much Will It Cost To Live? The best way to design a retirement budget is to have two types of budgets in retirement. The first budget is an actual expense budget with all needed expenses. And the second budget is a dream list of items that if the money were available they would buy.

advantages of retirement planning

Planning For Retirement
An article of 629 words focusing on how much it will cost to live during retirement, how to factor longevity into your plan and whether you'll have enough to support others during your golden years.
People have many different financial goals, but one they share in common is to be financially independent. I define that as the time when we conclude that our annual expenses can be covered for the rest of our lives without working any longer. Calculating your expenses over the next 25-40 years with any degree of accuracy is a very difficult task. The second daunting task is determining your sources of retirement income.
To determine future expenses, we need to answer the following questions: * How much will it cost my spouse and I to live? * How long will my spouse and I live? * Will I need to support anyone else like parents, children, and grandchildren?

retirement planning

About King Tax & Accounting
King Tax & Accounting is operated by Sherrie A. King, an Enrolled Agent. The practice represents clients in all types of businesses, as well as individuals, in the areas of taxation and accounting. They provide tax preparation, tax advice, and tax planning services in addition to helping taxpayers resolve problems with the IRS. For more information, contact (919) 676-2114 or www.KingTaxAccounting.com.
King Tax & Accounting is a member of GMG Alliance � a strategic alliance with Development Strategies (www.RequestDS.com) that offers expert professional services in business strategy, tax accounting, and human resources.

we specialize in retirement planning

Enrolled Agent Sherrie King of King Tax & Accounting offers the following advice to help you get the most out of your retirement funds:
If you are fortunate enough to work for a governmental agency or a business that offers a 403(b), 401(k), SEP, SIMPLE, or other tax-deferred retirement plan, put every dollar you can into it. You'll not only reap the benefits of tax-deferred growth until you retire, but you'll also receive the benefit of whatever matching contribution your employer makes. There is one caveat however: if you do not have the power to select the investment vehicle for your funds, be very careful. (Think Enron!)

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Are You Taking Advantage of Your Retirement Planning Options?
Yes, the stock market has tanked and most folks'
401(k) plans, IRAs and other investments are looking pretty peaked. Still, that doesn't mean you should ignore all the benefits of systematic retirement plan investing. But first you need to understand the regulations and their impact on your personal tax liability � a daunting task indeed.