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Home / Retirement Planning / 5 Retirement Planning Tips to Follow

5 Retirement Planning Tips to Follow

Stephanie Thompson, Estate Planning Attorney of Krueger Hernandez & Thompson SC · Jun 26, 2016 ·

retirement planning

If you are of working age, there will come a time when you begin to think regularly about retirement. The sooner this is on your mind the better chance you have of reaching all your goals.

As you know, there is more to retirement planning than putting away a few dollars and waiting for the time to come. If you neglect to take the right steps now, it could come back to haunt you in the future. Unfortunately, this may mean that you are unable to retire when you want.

Here are five retirement planning tips to follow:

  1. Start Saving as Soon as Possible

Even if you have gotten a late jump on retirement saving, you still have time to make things right. But only if you don’t delay any longer. You need to get on the ball as soon as possible.

Once you begin to put money away, you will realize that you are making progress. At that point, you can begin to look towards the future with the idea that you may actually be able to retire when you want.

  1. Set Goals

Just like anything else, you need to set goals associated with your retirement. This will give you something to strive for, month in and month out. As long as you remain on track to reach your goals, both short and long term, you should be happy when your last day of work rolls around.

  1. Know How Much You Need

One of the biggest mistakes you can make is assuming that you will have enough money in retirement. You should take the time to create a comprehensive plan, complete with a clear idea as to how much you comfortably need in order to live the type of life you want.

This number is not the same for everyone, so make sure you take a strong look at your personal situation.

  1. Insurance is Important

There is more to retirement than having money coming in every month. You also need to review your insurance situation, making sure you don’t fall short in this area.

How will you receive health insurance? What about life insurance? Do you need to purchase long-term care coverage? There are many types of insurance to consider, all of which have something unique to offer.

  1. Retirement Planning Goes with Estate Planning

As you begin to think about the future, the days when you are no longer working, thoughts of estate planning may also come to mind.

If you don’t yet have an estate plan in place, now is the time to create one. This will ensure that your assets end up in the right place when you pass on. It will also give you and your family peace of mind, and there is nothing more important than that.

Do You Need Help?

As you learn more about retirement planning and estate planning, you may soon find that you don’t know as much as you thought. In this case, it’s time to bring others into the process.

For example, your spouse should play a big role in the planning process. Along with this, you may find it necessary to consult with a professional, such as a financial planner and estate planning attorney. With professional help on your side, it’s much easier to be confident with every decision you make.

We take great pride in helping people plan for the future. We know this is never easy. And we also realize that some people will put this off because they don’t know what they are doing.

If you want to learn more about retirement planning, estate planning, and other related subject matter, sign up to attend one of our free seminars. Upon doing so, you will immediately feel better about the future. Not to mention the fact that this will put you in position to learn more than you ever thought possible.

Retirement planning and estate planning are not one size fits all. You need to understand your personal situation to ensure that you are making the right decisions for you and your family.

Our seminars are designed for people like you. We hope to see you soon!

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Stephanie Thompson, Estate Planning Attorney of Krueger Hernandez & Thompson SC
Stephanie Thompson, Estate Planning Attorney of Krueger Hernandez & Thompson SC
As the owner of Krueger Hernandez & Thompson SC, it is Stephanie’s mission to address each client’s goals for their estate plan. By identifying their wishes and concerns she can educate, guide, and counsel on the different tools and options that will effectively and efficiently accomplish those goals.
Stephanie Thompson, Estate Planning Attorney of Krueger Hernandez & Thompson SC
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