Week 9: The Definitive Guide to Retirement Planning

We are now on to our 9th week of Personal Finance Guide... and it is time to learn more about retirement planning. We've touched on topic in previous issues, but since fewer than half of Americans know how much money they need to retire, we think it's important to spend some more time on it.

In case you missed one of our newsletters, check out weeks 1-8 below:

Week 1: Assessing Your Current Financial Health
Week 2: Setting Up a Budget
Week 3: Establishing Financial Goals
Week 4: How to Get Out of Personal Debt··· For Good!
Week 5: Slashing Your Spending & Expenses
Week 6: Making the Right Investment Choices
Week 7: The Fool-Proof Guide to Taxes
Week 8: 4 Essential Insurances: Are You Fully Covered?

This week's Activities for Success:
1) If you haven't already, complete the Retirement Calculator.
2) Determine which type of retirement fund is best for you.
3) Test your retirement planning knowledge with this week's Quick Quiz.

Let's start off with looking at a graphic that will help you understand what Retirement Planning involves:

infographics-retirement

As you can see, there is a lot that goes into retirement planning.

Way back in Week 3, we showed you how to calculate what you'll need to save for retirement. In case you missed it, you can complete the calculator here.

Now that you have a number to aim for, it's time to decide exactly which investments are right for you. Let's look at 3 different ways to invest in your retirement savings:

Cash: The safest, lowest-risk investment. However, along with the low risk comes a low return.

Bonds: Also low risk with relatively low, set returns.

Stocks: Higher risk investments. Have the possibility to produce high returns, but could decline considerably.

If you'd like to read more tips on retirement investing and retirement accounts, check out the articles below:

"Get Started Today: Tips on Retirement Planning"
"4 Types of Retirement Plans and Employer-Sponsored Plans"

Hopefully we've given you a bit more understanding of what retirement planning is and how you can better prepare your retirement savings. Remember, even if it's 40 years away, saving money now will lead to a happy retirement.

Check out this week's Quick Quiz:



This week's Activities for Success:
1. If you haven't already, complete the Retirement Calculator.
2. Determine which type of retirement fund is best for you.
3. Test your retirement planning knowledge with this week's Quick Quiz.

Stay tuned for next week's issue, which will cover Finding the Right Bank Accounts For You.

By InvestorGuide Staff

Copyrighted 2016. Content published with author's permission.

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