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There is not a set age that is recommended for one to start planning for a retirement income. There are numerous factors that can affect the age when one starts such as annual income, medical expenses, among others. It is recommended to check with the AARP as they provide a lot of information about retirement. Typically, one should plan for retirement starting in their 30's.
What else can I help you with?
At what age should a person start looking into retirement income planning?
A good rule of thumb with retirement planning is the earlier the better. If a person starts saving, even a small amount, in his 20s, he will be far better off than an individual who waits until his 50s to start saving. The more time the money has to compound, the better off the funds will be.
When is it a good time to start planning for retirement?
There is no specific time that someone should start planning for retirement, as each individual will have unique needs. Ideally, one should start saving for retirement as early as possible, however factors such as income and expenses will effect the ability for each person to save. If one has questions about their retirement saving plan, they could consult with a financial planner.
How to make money for my retirement?
To save for your retirement you should start putting away a percentage of your income, 10% is a good place to start. Investing in IRAs and a 401k is also a great way to go about saving for retirement
Where online can I find a good retirement planning calculator?
You can go to moneycentral.msn.com. They offer a reliable and effective retirement planning calculator.
At what age should someone start using a retirement planning calculator?
The sooner you start to think about your retirement, the better off you will be when it arrives. Retirement calculators can be good tools to help you determine how much you need to save or at what age you will be able to retire given what you are saving.
Why would you need to use a retirement planning calculator?
If you use a retirement planning calculator then you can plan for a good plan to and helps to to find the estimate of how well your savings program is preparing you for the retirement.
What planning tools can be use for retirement?
A good planning tool is to use retirement planning software or at least a retirement calculator. Because you want to figure out how long you can spread out your savings and for the current economy. Here is a website with some planning tools you can use: http://www.stillriverretire.com/SRRPS_home.asp
Should everyone take out a lifetime income annuity?
No,lifetime income annuities are not beneficial for everyone. However, they are a good financial planning tool for some people. The best way to find out if an annuity is right for you is to speak with a licensed professional who can explain the benefits and disadvantages of different retirement planning products.
How much money should I have saved before considering retirement?
How much you should save for retirement depends on a lot of factors such as how much income do you want in retirement and will you have other sources of income in retirement such as pensions or part-time employment. Tax considerations and planned charitable giving should also be considerations. A number of finance websites offer retirement planning calculators. Yahoo offers this "How Much Will I Need To Save For Retirement?" calculator (can be found at http://finance.yahoo.com/calculator/retirement/ret02) which may be a good starting point.
What is a good investment strategy to follow when planning for retirement?
When planning for your retirement a good rule of thumb is to seek the advice of an investment professional. You will typically have to pay a premium for this service, but in the end, it will pay for itself repeatedly.
Where can I find a good, free retirement planning worksheet online?
There are numerous free retirement planning worksheets available online. Vertex42.com offers a free retirement savings calculator program that may suit your needs. However, be warned, many of the "free" retirement worksheets come with hidden fees, trial subscriptions, or an automatic sign-up with a retirement program. Excel offers retirement planning worksheets. Or you might want to use the SmartMoney.com retirement calculator. ToolsForMoney.com/retirement also offers a free calculator for planning your retirement.
Where can you obtain a good retirement planning worksheet?
There are many sources for retirement planning worksheets. The most reliable sources appears to be located at the United States Department of Labor website.
