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Tips To Using a Retirement Income Planner

Jun 24, 2008
There is no limit as to how early you can start planning for your retirement, at a certain age it is time to start thinking about it. Various tools can help in planning your retirement and one of these many tools is a retirement income planner.

People who are still young tend to take retirement planning for granted because they have this false belief that they will always be strong and able to provide for themselves at any time. However, this is a false sense of security because everybody grows old and everybody has to stop working at some point in their lives. You may think that it is too early to think of retirement now but your retirement may come sooner than you think.

A retirement income planner will help you in determining how much you will be able to live on when you retire. It will help you by factoring in the costs you will rack up during the period and by giving you a rough estimate of just how much you need to be recouping from your retirement income investments in order to sustain the lifestyle you want to. Some necessary details will be essential when using this planner and you should consider them as well.

One of the things you should consider is your age at the time you decide to start planning for your retirement. This is the point where you start computing all your assets and expected income in order to come up with something that will help you plan for your retirement. While a retirement software or program can help you compute your income and savings no such tool can decide the time when you should start planning for your retirement.

Then consider the age when you plan to retire and spend time doing the things you are not able to do and enjoy because of your regular work. For most people, the best time to retire is between the ages of 50 and 60 years old. However, it is up to you when you would like to retire.

Of crucial importance as well is the amount you currently earn on a monthly basis. Don't make assumptions about what you would like to earn but take a specific figure which you earn on a monthly basis and consider that figure as an annual one. This way you know you are making retirement plans with the minimum expectations and anticipating they will improve in the near future.

Other than the amount you earn at the moment, you need to estimate the annual raises that someone in your line of work would expect to receive every year. It is usually tied down to industry statistics and provided you do some research you should come up with the desired figure rather easily.

When all that is done, you have to predict or put down how much income you want to have at the time of your retirement and if such income is enough to sustain the lifestyle that you are planning. An extravagant retirement lifestyle demands a higher retirement income so if you want to live the good life, make sure you save up for the future.
About the Author
The author is a participating researcher for Retirement Planning Software and specializes on subjects concerning retirement income planner.
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