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Retirement

Planning for retirement is an awesome job, especially if you are young (under 40) and a terrifying job, if you’re older (over 50). So many questions to answer and no one answer is necessarily right for everyone. However, there are a few basic tips which can apply to most people.

  • At any age, you will need to decide when you want to retire, and how much money you will need when you are no longer bringing home a pay check. This one question is terribly difficult to answer and may vary as you begin to get your arms around the question and the situation. There are a number of web sites and also financial planners to help you answer this question. You just need to get a feel for the amount you will need, don’t try to be exact. If you work longer you may be able to save more. Lots of variable to work through.
  • Your needs will be based on your needs today as your basic life style will probably not change.
  • Once you know what you will need based on your life style, you need to figure out how to best save those dollars and invest them most effectively. Financial Planners can help and are recommended. (see Advisors list)
  • You will probably need more than you first thought so getting started is important.
  • Social Security is/has been a safety net which we have all come to rely on for retirement, but it may not be available or may not be enough when you are ready to retire; therefore you need to be responsible NOW for your future.
  • Other investment vehicles which are and have been used: IRAs (Individual Retirement Accounts), Roth IRAs, 401(k) accounts, 403(b) accounts, plane saving accounts, and individual after-tax investment accounts. There are others but these are the most widely understood ones. (Individual discussions on each of these can be found elsewhere)

The important point here is to get started whatever your age. This Financial journey can be fun, is definitely necessary, but is on going. Good Luck! And, while you are putting away you hard earn dollars, you can invest them in a Socially Responsible manner and have them earn more dollars for you and at the same time invest in companies that are helping this planet be sustainable.