Welcome to Getting Prepared for Retirement
These are no doubt trying times with the stock market acting like a roller coaster and people getting laid off in droves. We are in the midst of a global pandemic and it is going to take a toll on the world economy. The questions are how long it will last and how deep it will hurt. No one can tell right now, but if we continue to follow the CDC guidelines on social distancing and staying at home then we may start leveling off soon. I was interested to hear from the Starbucks organization that they had reopened theirs stores in Wuhan, China and most enterprises are back there. If we buckle down now, the coronavirus will hopefully fade away soon. Please be safe during this period.
With the market down, a lot of people sell their stocks. I look at it this way: as long as your are not near retirement, if you are putting money into a 401(k) every month - keep doing it. You are getting good prices now and the market always comes back.
Our goal is to provide you with useful information as you prepare for the post-work stage of life. Retirement is an exciting time that you should look to with anticipation and not anxiety. But how do you know when you are well prepared for retirement?
The top question of everyone’s mind is: how much do I need to retire?
They need to know how much they will need to support the lifestyle that they want to have in retirement. People are no longer satisfied in spending the last decades of their lives sitting in a rocking chair.
A solid retirement plan and a good understanding of your goals will not only help you prepare for your future, but also give you an idea of where you stand financially. You should work closely with your financial planner to plan for retirement as well as to determine when the best time may be for you to step into your golden years.
Some retirement planning facts:
- Fewer than half of Americans have calculated how much they need to save for retirement.
- In 2014, 30 percent of private industry workers
with access to a defined contribution plan (such
as a 401(k) plan) did not participate.
- The average American spends roughly 20 years
To make sure that you are able to enjoy your golden years that you will be financially prepared for, do research on being physically fit which I recommend for getting into shape and learn about nutrition and eating well to maintain good health.