With inflation and the uncertainty of Social Security’s future, it’s vital to mange your resources, diversify your income streams, and test your plan. Fortunately for us, the experts at Investopedia always come through, with the full easy retirement checklist.
Easy Retirement
Accomplishing easy retirement is anything but easy. It’ll take decisive planning, creative strategy, crystal-clear organization. One of the best organizational tools ever made is the checklist. When it comes to building your nest egg, Investopedia’s checklist looks like this:
- Calculate how much it will cost
- Invest in and organize all your accounts
- Check Social Security
- Measure your assets
- Strategize a withdrawal plan and test it
Retirement Income
Many of these checklist items are centered on building retirement income. Accounts like 401(k)s and IRAs are how many seniors are saving. They are investments that can grow with little to no taxes. Keep an organized record of every account, with their regulations and withdrawal rules. That way you can build a nest egg for the future.
Social Security is a big one, and if you don’t have a plan when filing you can lose out on some money. Understand how your age and income affect your benefit so you aren’t caught off guard by the amount.
Finally, calculate what you’ll need, plan around that amount, and test your plan. For example, if $3,000 a month maintains your lifestyle, pay that cost among your retirement accounts, assets, or benefits. Then estimate how long those assets and income streams will last at that rate and adjust from there.
Easy retirement is possible, but the road may be tough. The Council for Retirement Security is fighting to protect seniors’ benefits. Follow the Council on Twitter and Facebook and join in their fight today.
