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Retirement planning is complex and can even be scary. You are setting funds aside to somehow support you for at least 10 years after you can no longer work. Living for 10 years without an income, suddenly spending instead of saving, can seem almost impossible, but good retirement planning from a financial advisor in Greenville, SC, makes it possible. Any good financial advisor would warn you against making some common mistakes. While certain mistakes, like not purchasing long-term-care insurance policies or not considering increased health expenses into their future budgets, are common, there is one mistake that is the most severe: not having a financial plan. Read on for more information on the disaster that can come along with poor retirement planning and what you need to do to feel secure about your future. For the record, just saving 10% of your paycheck every month is not a financial plan; it is basic savings know-how. Where does this money go? How will it be protected? Can you actually be sure that this is enough money for a retirement? How many years can you live off of this money? Will it support your increased health expenses and other needs? The truth is that retirement tends to last over 20 years. Many people might attempt to start planning for retirement at age 35, only giving them about 30 years to save up for 20 years or so of living without an income. What you need is financial advising so that you can learn which decisions you make now will help you with your retirement. You need to have a plan, update this plan accordingly as you experience certain life changes, factor in your current savings needs--for example, buying a new car or sending your children to college someday--and working retirement into the plan today. The truth is that without proper retirement planning, you can absolutely run out of money. You can find yourself in your 70s with too little money to live off of, no Social Security benefits, and the poor payoff of poor planning when you were younger. What will you do when you are too tired or disabled to work as a senior citizen? How will you find fulfilling work when you have been out of work for over 10 years? Many elderly people find themselves in unfortunate financial binds that are unlike anything they have dealt with as a younger, more able individual: losing money and having no way to make it. How do you prevent yourself from experiencing this disastrous lifestyle in which unfortunate people are currently living? You should know now how to make and set aside enough money to live off of so that a disaster never occurs. You should know how to plan, what to plan for, how much you need, where to set these funds aside, and, best of all, which specific economic tools make retirement easy. A good foundation for retirement planning that is reliable and effective is understanding the 4 complex factors that affect your investments in the future. First, there is the rate of return on investments--or stocks, bonds, property investments, and other places where your expect to profit later from money you set aside now. Next, you should consider inflation rates. Financial advisors can help predict the value your current funds will carry in the future, as you can be blind-sided as you age by a savings account that is suddenly worth far less than you expected. Third, you need to think about tax rates and how you will actually lose out on profits or savings. Finally, you should consider your expenses--not only your current ones, as every dime you spend now is one less for the future, but also understanding what expenses you will have once you have retired. For these and other complex issues that constitute solid retirement planning, you should visit a financial advisor in Greenville, SC. Not only can they help you develop a solid retirement plan, they can make the complexities simple for you. Common Sense Retirement Planning Financial planning for retirement is our firm's primary focus. Let us help you discover many of the opportunities available to help you plan for your financial future. Visit our page on http://www.commonsenseretirementplanning.com/ to see our page today!
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