It's Never Too Late to Start Planning Your Twilight Years

     A local Naperville retirement planning group is vital to planning for your twilight years.  Think about the age you wish to retire.  Once the age is decided, your retirement picture can be built.  The age you choose has both benefits and risks to your day to day living.

Set your investment scope.  You have now set the age in which you leave full-time employment.  The difference in your current age and the age you choose to retire is the number of years you have to create the income you need to live out your years.  Be realistic with that number and you will be more in tuned with retaining your goal.

How will you attain your goal?  Knowing your investments is key.  In setting a reliable and lets face it, a realistic age; certain financial plans will help you.  You may have a large interest in growth options (mutual funds or stocks) if you have a long investment period.  If you have 20+ years before retirement starts, you may not take as many risks as someone with 10-15 years would.

We all want that winning lottery ticket that will sustain our elaborate retirement but that is not likely to happen.  This planning ensures that you have an adequate replacement income when you stop working.  In addition, research has indicated that those who retire at an earlier age live longer.  You may in actuality outlive your savings!

If you retire before age 65, you will not be able to receive social security benefits or Medicaid and annuities.  Will you be able to survive on your investments before and after that age?  Have that question best answered by your Naperville retirement planning office.