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Step 3: Choosing a Retirement Plan. Understanding your different retirement plan options is an important way to leverage your savings, make smart decisions about taxes, and hopefully come out ahead.
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The U.S. Department of Labor has a free retirement-planning resource with worksheets and calculators you can use to track your current assets and expenses, and make projections for the future.
Retirement planning, in a financial context, refers to the allocation of savings or revenue for retirement. The goal of retirement planning is to achieve financial independence. The process of retirement planning aims to: [1] Assess readiness-to-retire given a desired retirement age and lifestyle, i.e., whether one has enough money to retire
Also remember, retirement planning is a marathon, not a sprint. Avoid making impulsive investment decisions based on short-term market fluctuations. Instead, stay focused on your long-term goals.
There are many excellent online retirement planning calculators available. Check out a few, plug in different variables, and get realistic savings goals,” Peterson added. See: 8 Ways Middle ...
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