While the thought of retirement might be exciting, the planning that is required is often thought of as difficult and dreaded. This can be because of a number of different factors. But, it is a thing that requires planning. So, what do you need to know exactly? Continue reading to learn more about retirement.
Schedule yourself some useful activities, and do things that keep you feeling like you’ve got a concrete purpose in life.
Tips! Prepare yourself mentally for retirement, because the change can hit you really hard. While you might be looking forward to all that rest and relaxation, many people become depressed when they stop working.
Figure what your financial needs will be after retirement. Most Americans need roughly 75 percent of the regular income they earn to live comfortably in retirement. Workers that don’t make too much as it is may need about 90 percent or so.
Reduce any frivolous spending. Write down 
a list of all of your expenses and determine the items that you can do without. Unnecessary small expenditures can add up to a hefty sum over the years.
Consider taking up a class or studying a foreign language in your retirement years, to keep your mind sharp. While relaxing is all well and good, the old saying “use it or lose it” applies in your golden years. Keep your mind active and focused, or you may risk becoming forgetful during the most fun years of living!
Tips! Consider taking up a class or studying a foreign language in your retirement years, to keep your mind sharp. While relaxing is all well and good, the old saying “use it or lose it” applies in your golden years.
Save continuously from the time you start working until the time you retire. Even small investments will accrue over time. Once you start earning more, you will be able to save more. Find investment accounts that will grow your account over time.
Many people are excited about retiring, especially when they’ve worked for a long time. 
They look forward to relaxing and doing all those things they have put off for most of their lives. While this is somewhat true, it takes careful planning to live the retired life you had planned.
Set a goal for yourself each year and work to meet that goal. Never stop planning for the day when you will no longer be working.
Tips! In order to have money for retirement, you have to save some of what you make. It is important to keep in mind that even if you develop a nice nest egg, you still need to keep saving.
Think about retiring part-time. This is a good idea, particularly if you need a break but you just can’t afford full retirement. This will allow you to cut back on working without entirely giving up your paycheck. You can still make money and transition into retirement at an easier pace.
Put money in your 401K and also maximize the employer match if you can. This allows you to avoid some of the taxes that you will face in the future. If your employer happens to match your contribution, then that is just like them handing you free money.
Every little bit helps. The longer you have that money in a savings account, the more it can grow. How much you have saved will make a huge difference when you actually do retire.
Tips! Start saving for retirement as early as you are able. The earlier you start saving, the better.
Does the thought of retirement terrify you now, because you never began saving for it when you should have? It’s never too late. Examine your monthly budget and determine the maximum amount you can start to put away every month. Don’t worry if it isn’t much. 
Any money is better than no money, and the quicker you get things going, the more interest you’ll be in a position to earn.
Rebalance your portfolio on a quarterly basis to reduce risk. If you do it to often then you may be falling prey to an over-involvement in minor market swings. Rebalancing less often means that you could miss out on good opportunities. Hire someone knowledgeable in the field to assist you.
The best way to begin is to start researching what you need to do in order to retire. Go to your local library and check out a few books.
Tips! Do you want to maintain the same standard of living that you have right now when you retire? If so, you are going to need around 80 percent of your pre-retirement income. Start planning now.
Consider downsizing as retirement approaches as you could save a tidy sum of money by doing so. While you may think the future of your finances are already planned out, things can and will happen. Unforeseen medical bills can put you off track at any time of life, but retirement is a time
when you are particularly vulnerable to unexpected expenses.
Find some friends who are also retired. Having a great group of retired folks to spend time with is wonderful. There are many activities that groups of retired people can do together. This will also give you a support network that you will want during those years.
Understand these needs early on in the planning process so that you won’t become frustrated later.
Tips! Retirement is an expensive endeavor, and you should be prepared for that when doing your planning. Experts have estimated that you’ll need between 70% and 90% of your income before retirement in order to keep the same standard of living.
Social Security is not something that you can rely on to live. It can pay around 40% percent of your income now after retiring, but that’s not usually enough to live on. Most people need at least 70 percent of the pre-retirement income for a comfortable retirement, and that is 90 percent for those with low income.
Downsizing is great if you’re retired but want to stretch your dollars. While your home may be paid off, you still have to pay to maintain a large property. You may even want to think about moving into a condo, townhouse, or smaller house than what you currently have. By doing this, you would be saving quite a bit of money each month.
Rebalance your entire retirement portfolio once a quarter. This will help you stay on top of any market swings. If you rebalance less frequently, you may miss an opportunity to invest in something with good growth. Work with a professional to find the right places to put your money.
Tips! Retirement portfolio rebalancing should happen quarterly. If you do it more, you may become overly preoccupied with minor changes in the market.
Retirement can mean that you’ll be able to spend some quality time with your grandchildren. Your children might appreciate the extra help. Make the time that you spend taking care of your grandchildren
enjoyable by doing activities you both will like. Try not to spend too much time on this though and end up becoming a daycare.
What does your retirement income look like these days? That includes your government benefits, employer pension plan, and savings interest income. Your financial situation will be more secure when more sources of money are available. Do you have additional income sources you could create that would help during retirement?
It’s important to start planning for your retirement as soon as you get your first job. If you are putting a little bit away for a long time you’ll end up with more than if you’re putting away lots of money for a short amount of time right before retirement.
You should have a clearer picture of retirement and understand that it’s not that hard to prepare for it. It takes some time and willpower, but it is worth it. Use this advice to make things simpler. 
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