For most of us, retirement is a magical place we can only hope to reach. Yes, well all reach an age where we can longer do the day-to-day grind, but few of us believe Social Security will fund our lifestylesmodest as they may be. So weve turned to retirement funds, savings accounts, investments in our homes and businesses with the hope that one or all of these will ensure theres money in the bank on retirement day.
Just for kicks, I tried out CNNs retirement calculator to see just how much Ill need when I reach my golden years. Using really conservative numbers, the calculator predicted Ill need more than $200,000 in savings and Social Security income to live off of just $35,000 a year. And, lets be honest, theres no chance $35k will afford more than a cardboard box and soup out of the can for dinner. Kinda scary!
If youre like me and youve given little thought to retirement, you need to. If youre the owner of a self-storage business, youve likely spent the last few years just keeping the company from falling into the red. Saving for retirement may have seemed like a far-fetched idea. But the experts say a little can go a long wayif you do it right.
In this article from the ISS archives, the author states one of the most important aspects of future financial security is taking control today. The author talks about the biggest myths surrounding financial planning and offers sound advice on how to take action today.
If youre not sure where to even start, heres a good primer on the different types of retirement funds, how they work and how to get started.
While thinking about your retirement can be overwhelming, starting today will help ensure you have a nest egg when the time comes. What steps have you taken toward saving for your retirement? Post a comment below to share your thoughts.