Things to Consider When ThinkingAbout Retirement.

Douglas Melzer

Start Planning Early

The younger a person is, the less incentive he or she has tostart saving for retirement. There always seems to be more

time in the future to start putting away money. However, theearlier everyone starts saving, the better. Compound interest

needs time to expand, and the earlier you start saving, themore money you will have for retirement.

Find Out How Much to Save

A constant conundrum is how much one should save forretirement. While you may have fewer expenses while

retired, it is a good idea to gear toward having at least 80% ofyour working income during retirement. Of course, this is

only a general rule. Think about what you want to do duringretirement (for example, travel) and start pricing out how

much such activities will cost.

Consider a 401k Retirement Plan

401k plans are popular because many employers match apercentage of the money put away. Other benefits of thisplan include a tax advantage and investment flexibility.

Consider a Traditional IRA

While a 401k plan is great for those whose employers offer aretirement plan, a Traditional IRA is for those whose

employers don't. It allows you to set aside pre-tax money forretirement, which is a large part of its appeal.

Don't Forget Medical Costs

Saving for retirement living and activities is optimal, but youcannot forget to consider medical costs as well. Medicare

doesn't necessarily cover all of the bills, and you do not wantto be stuck with expenses you are unable to pay.

Plan For Your Family

Family is a huge consideration in planning for retirement.When you are no longer able to fully take care of yourself, your

family members will be the ones who step in on your behalf.Therefore, always create a retirement plan with family in

mind. Make sure someone else is involved in the process andunderstands your wishes during retirement.

Ask For Help

The reason my company, Next Generation Agency LLC, existsis to make planning for retirement easier. Such organizations

are built around helping you and your family create self-directed retirement plans. While you are making important

decisions for retirement, remember that these companies existto help you figure it all out.