Retirement Calculators and Poor Planning

Answer 1

Retirement is supposed to be a great season of life. A person that has successfully managed their life gets to enjoy the fruit of their labors at this point. This is not the case for everyone. Those that do not prepare can face extreme financial difficulty during this season of life. One resource that many companies offer are retirement calculators. These calculators can allow a person to plug in the numbers and get an approximate date of retirement. Retirement calculators can be pretty accurate if the right numbers are plugged into the calculation.

Many people are having to redo their retirement plans because of economic problems. In the past couple of years, retirement portfolios have lost value. As a result, people have had to delay their retirement. There are many factors that impact a person’s portfolio. When setting up an investment plan, the investor must be truly honest about their plans. The financial planner can better assist them when all of the facts are present.

Investment specialists recommend that people begin investing early in their career. The magic of investing is the impact of time. Money that has time to grow can lead to wealth. Those that invest in their thirties are going to have a better advantage than late investors. Those that invest later will have to put in more money, and the result will not likely be as favorable.

Good retirement planning should include retirement calculators. It is important to honestly think about how much money will be needed to survive comfortably during retirement. A person who wants to maintain their current quality of life will have to factor in inflation and other issues.

Unfortunately, many senior citizens do not plan properly, so their retirement is a time of fear and lack. In many cases, they do not have children that are able to care for them, so they end up living on government assistance. There are millions of elderly Americans that live solely on a Social Security check. They must get by on a meager fixed income. There are other government programs that can assist them also. Some are able to participate in the section 8 program and the food stamp program. These programs provide assistance for housing and food. This is the only way many senior citizens are able to survive each month.