Is retirement planning getting you down? While it may seem convoluted, some simple guidelines can point you in the right direction. In a study done by NAVA in 2005, 42% of Americans believe they will run out of money after retirement. By investing a little time and money today, you will be able to live free tomorrow.

When you’re first getting started, you’ll want to envision how you want your retirement to be. While you’ll be saving money on gas and eating on-the-run, remember that there will be additional expenses — notably healthcare — as you age. Check with the Social Security Administration to find out what your benefits will be. Go over your employer’s retirement and 401k plan. After realistic considerations, you may want to consult a retirement planning calculator.

Many retirement planners recommend budgeting 70% of your pre-retirement income to maintain your lifestyle. There are many options for investing and making the economy work for you. The AARP website is a great place to start, with tools for free retirement planning — including a retirement planning calculator. You may want to try retirement planning software such as Morningstar ($125), ESPlanner Plus ($199) or Quicken Retirement Planner ($59), which are all recommended by Forbes Magazine. Many employers offer free retirement planning software too.

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This entry was posted on Tuesday, October 9th, 2007 at 8:36 pm and is filed under Financial Services. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.