5 Retirement Planning Tips You Don’t Want To Ignore [For Boomers]
Check out these 5 Retirement Planning Tips Baby Boomers Don’t Want To Ignore. This week I came across a great article that listed some essential retirement tips for Boomers.
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The 5 retirement tips included the following:
1. Be aware of taxes in retirement – Don’t just focus on tax efficient investments like municipal bonds. But look at the overall effect of taxes on your whole portfolio.
2. Avoid Timing the Market – Timing the market is more speculative in nature. You don’t want to speculate with your retirement savings. You want to invest wisely with them.
3. Complete a cash flow analysis – You need to know what your monthly cash flow is going to look like. This means when planning for retirement you need to put together an income plan.
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4. Beware the effects of inflation in retirement – If you retire at age 65, you may be retired for 30+ years. That’s plenty of time for inflation to make some big changes in prices. You need to consider ways to offset the effects of inflation in retirement.
5. Consider longevity planning – Longevity risk is just the risk of living too long. We are living longer today, and that has financial implications, from running out of money to being at a higher risk of needing long-term care.
You can read the full original article at: http://www.foxbusiness.com/personal-finance/2014/08/28/essential-retirement-tips-for-boomers/
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