subject: Do You Know That An East Longmeadow Finance Professional Helps You Plan For Retirement? [print this page] Your retirement may seem like something in the distant future. Nevertheless, it's never too early to start planning for your twilight years. The sooner you plan for retirement, the better. You can get valuable help from an East Longmeadow Financial Advisor. He or she can help formulate a plan that will keep you financially secure when you retire.
You have to calculate how much money you are going to need to live comfortably. You also need to decide where you wish to live during retirement. Careful planning is essential because you will have to survive on a fixed income for maybe 20 or 30 years.
A financial advisor can help calculate your future income and accordingly advise you how to invest your money to provide this. If you live in the USA, you can make financial contributions to your employer's 401 (k) plan, or the SEP-IRA. These payments can be made on a weekly, monthly or yearly basis.
To ensure a secure retirement, you should start paying off all major debts now. These include college loans, your home mortgage, credit cards, and anything else that is putting a strain on your cash flow. As retirement gets closer, you might wish to reduce discretionary expenses and choose to live on a fixed income. Remember too that your spending trend determines the allocation of your assets.
If your spending exceeds the earning capabilities of your assets, you will need to take action. A plan must be made to decrease spending while, at the same time, increasing the earning potential of your assets. This is when a financial adviser is very useful.
If you are a divorcee, you might still qualify for social benefits from your ex-wife or ex-husband's income. A lot of pension plans make provision for the surviving spouse of an employee. Your East Longmeadow Financial Advisor can assist you in finding out if you are entitled to such benefits.
