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Hassle-Free Retirement Requires Early Planning
by William Ruhstander
http://www.rxretirement.com
Retirement means many things to many people. Some see
it as the opportunity for a fresh career start. Some see
it as an opportunity for playing more and working less.
Some see it as a time to be with loved ones more often.
Whatever the case, we look forward to feeling like we've
taken back control of how we spend our time and live our
lives.
However, many of us fear that we'll be unable to
realize our retirement dreams. The days of working for
someone for forty years and then collecting your pension
and Social Security with Medicare and Medicaid taking
care of your health-care needs are over for most of us.
Now, we're responsible for figuring out how much money
we need to have set aside at retirement age and where to
invest those funds for the highest yield.
Just about every financial expert goes on record saying
that all of us should save for retirement starting with
our very first paycheck. Most recommend setting aside
ten percent of every check for "rainy-day" and retirement
savings.
Look into the tax-deferred plans that you are eligible for
through your employer or as a self-employed person. Much
of this information is available through government
publications, insurance agents, securities brokers,
accountants, and financial planners. Many employers will
match your individual contributions up to a certain
dollar amount or salary percentage; check to see if your
employer offers such an incentive.
Many retirement plans invest in both securities and
real estate. As an individual, you can fund your
retirement the same way. Income-producing real estate
offers the advantages of being able to borrow funds to
purchase property (thus leveraging your out-of-pocket
investment), having much less volatility than securities,
and providing substantial tax deductions. Disadvantages
include the need to maintain consistent tenancy and
liability for what may go wrong for tenants or others on
your rental property. Before considering investment in
income-producing real estate, consult an expert who has a
track record of profitable real estate investment, and
find out what you need to learn to be able to do the same.
Now is the time to start planning your retirement
finances! Commit to using a tenth of every paycheck for
savings or investment in a vehicle that produces capital
gains or income (preferably both). An early start, a
thorough education, and accepting responsiblity for your
future can help you to live out your retirement years
worry-free!
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