How to Plan Your Retirement Income

by | Jun 15, 2013 | Retirement

Some people believe that there is no future. They stockpile canned goods, bottled water and guns and wait for the end of the world. However, experts state that most doomsday scenarios will never happen in our lifetimes. For all the rest of us who aren’t doomsday preppers, we need to think about the future. The time to start planning your retirement income norfolk is now.

Don’t Plan Alone

Tax laws and other financial laws change unpredictably in nations, states and localities. You need to hire a financial adviser to help choose the best retirement income plans for you. This is especially important if you have children or a business. You may have to choose a child to be your executor if you become too ill to make decisions for yourself. Planning now can help save not only a lot of headaches but a lot of money in the future.

Get an IRA

Don’t depend on living on a large savings account for your retirement. The savings account will soon dwindle to nothing. With an independent retirement account (IRA) it keeps on generating income after you have retired. Your financial adviser can let you know which one is right for you and when you can start making withdrawals. He or she can also help you wisely invest your IRA so that it keeps on generating money after you have left your job.

Plan for the Inevitable

Your golden years may not be so golden in terms of your health. You may become crippled and need to sell your home to live in assisted living facilities. You will need to allow a child or financial adviser to sell your home for you. If not, you will be stuck with a home you cannot afford and may be too dangerous for you to live in. You may also get dementia and will be unable to pay your bills. Start planning now for problems like these. You need to designate an executor who can handle your financial affairs for you if you are too incapacitated to do so. This requires signing a lot of paperwork.

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