Xpng » Money http://www.xpng.org Tue, 01 Feb 2011 04:51:35 +0000 en hourly 1 http://wordpress.org/?v=3.0.5 Financial Planning http://www.xpng.org/financial-planning/ http://www.xpng.org/financial-planning/#comments Wed, 16 Jun 2010 05:53:02 +0000 admin http://www.xpng.org/?p=13 Ideally, financial planning for retirement should start the day a person lands his very first job. Realistically, it usually doesn’t.
Retirement planning is a process that helps a person determine how much money he’ll need to see him through the years after he stops working. It also lays out a plan for the best ways to save and accumulate money. Unfortunately, many people hardly think about funding their retirements until they’re ready to retire, by which time it’s too late to start saving adequate amounts.
We all know that hindsight is 20-20, and there are things in our lives we wish we’d done differently. Many people who have retired say one of their regrets is not having saved more money, and not having planned financially.

Studies show that most people need at least three-quarters as much money to maintain their standard of living during retirement as they required while working. This varies, of course, depending on factors such as health, location, and so forth. Social Security benefits for the average retiree are about 40 percent of their pre-retirement earnings. As you can see, there’s a large gap between what Social Security provides and what it costs to live in retirement. If a retired per- son doesn’t have enough money saved to make up the difference, there’s a big problem.

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