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Retirement Planning

Wednesday, January 23, 2013 - 10:10 PM
Although slighted dated, still a good common-sense article for retirement planning (from

Retiring soon? Do the math - Business -

The 4% withdrawal rule, building up cash account several months before retirement are all good reminders.  One can plan one's retirement to perfection (e.g., taking social security after 70; saving to utmost; bugeting for frugality) but drops dead at 69 or something.  One can also have wishful thinking of delaying retirement to accumulate more wealth but got laid off at 63.  Life is full of (pleasant or unpleasant) surprises.  That is, there are so many uncontrollable factors in one's life.

Regardless of all these seemingly prudent advices and guidelines, I still think that one should live/enjoy each day at its fullest and manage/plan one's finance moderately (i.e., not over-spending or being too cheap). 
51hh51hh1,476 posts since
Jan 16, 2010
Rep Points: 6,427
1. Thursday, January 24, 2013 - 6:52 AM
"Of course, you can always tighten your belt and cut costs to make the number work. “You have to set your sights on a lifestyle that you’re able to maintain,” said T. Rowe Price senior financial planner Christine Fahlund."

That pretty well sums up a retirement budget in today's world of ZIRP. One of the most important items is that one should go into retirement mode debt free. That includes home, auto, etc. That makes a tremendous difference for regular folks.
ShorebreakShorebreak2,695 posts since
Apr 6, 2010
Rep Points: 14,614
2. Friday, April 26, 2013 - 4:59 AM
Life is indeed full of surprises, which is why, it is very important for people to realize the need to save for retirement early. One way to do this successfully is to set aside some money for your long-term savings. You can talk this out with your bank so they can automatically deduct some money from your payroll account and directly deposit the money into your long-term savings account. Aside from that, take advantage of your retirement plans at work such as ROTH or the 401(k). You can decide to contribute a certain amount of money at first, but you need to make sure to increase that amount every year. The reason why you need to increase your contribution until you reach the maximum is because inflation is inevitable and if you don’t increase your contribution, then you might end up with retirement money which is not sufficient to secure you financially. I would also suggest that you set aside some money for your short-term savings so that in the event of small emergencies, you have money to cover them. To successfully create one, I would suggest that you visit Useful Tips For Creating An Emergency Fund.
amyjk5amyjk520 posts since
Mar 29, 2013
Rep Points: 25