There are a few things you should keep in mind when planning for your retirement First of all, you probably shouldn’t hold your breath when it comes to social security being able to cover even a small portion of your retirement if the service even exists in any form of its former self by the time you are facing retirement

The second thing you need to keep in mind is that your needs upon retirement depend greatly on how you live your life now and how you plan to live once you retire

There are many who live very conservatively now in an effort to save up their money for retirement and really live it up at that point The problem is that they are basing their retirement living on their current lifestyle, which is not a good comparison

The problem is that the vast majority of Americans are earning just enough money through their jobs in order to make ends meet The idea of finding any money to sock away for retirement for most Americans is difficult at best and absolutely impossible in some situations

The first step when it comes to successful financial retirement planning is to map out how much money you are going to need in order to maintain your current lifestyle upon retirement and go from there

Most estimates are that you will need to bring home on average 75% of your current take home salary in order to maintain your current lifestyle The understanding is that you will eliminate many monthly expenses by no longer working however some find that this simply isn’t enough so you should be careful when relying on this figure

You should also plan for inflation when planning your retirement as well It will take more money in the future in order to have the same standard of living You should also consider that our expectations tend to increase over time and you need to be able to live within the limits of your budget when the time comes

It will be difficult to take out additional funds once you’ve reached retirement age For this reason it is in your best interest to plan ahead and plan carefully The more modestly you live today in an effort to invest more money for your retirement the better chances you will have to enjoy a better lifestyle upon retirement

You should also be careful that you do not sacrifice the moment in search of a better retirement You need to be able to take vacations, save money for the things you want and need, in addition to covering the necessities of today We aren’t guaranteed that we will be here for retirement though that is hardly a reason not to invest and save for that day

However, we should never sacrifice the moment and the childhood of our children for the sake of an eventual retirement As long as you are making significant progress you are doing better than a large section of the population and you can opportunities later to invest greater amounts of money towards you retirement

The problem is that most people do not begin growing concerned over their retirement picture until it is too late to make significant progress Begin early making plans for your financial retirement in order to insure the greatest possible success

Pay off your major debts such as student loans, home loans, doctors’ bills, car notes, and credit cards whenever possible These are constant drains on your income that you do not need once you’ve limited or ‘fixed’ your income

In addition to your 401 (k) or IRA funds you can start your own investment account by having the bank automatically draft a portion of your check each pay period

You can also ‘pay yourself’ an extra bonus by depositing extra funds anytime you get extra money like a bonus check at work or payment for services outside of work Take every opportunity you have to boost your retirement account

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There are many ways to invest in gold Unlike other physical commodities, gold can be stored to have its value preserved or increased over time One investment method unique to gold is to buy it You can buy gold bars, bullion and coins and store them in a safe place as an investment No other commodity gives you this unique opportunity Try to buy coal, crude oil or copper and store it!

One of the easiest ways to invest in gold is to buy gold coins Gold coins are better than gold bars as you can buy or sell them in smaller units Most popular gold coins are the Gold Eagle (issued by the US Government), Gold Maple Leaf (issued by the Royal Canadian Mint) and Gold Krugerrand (issued by South African government)

In many countries, people buy gold jewelry for the dual purpose of adornment and investment Now, gold certificates are a hybrid instruments that allow you to own physical gold without actually taking possession of it As the name implies, gold certificate certifies that you own a certain amount of gold which is usually stored in a safe location on your behalf by the authority that who issues the certificate

Gold futures contracts provide you with a direct method to invest in gold through the gold market Now you can trade one of these two popular gold futures contracts; 1) COMEX Gold futures contract gets traded on the NYMEX and is one of the most liquid gold contracts in the world

The other is the CBOT Mini-Gold This contract gets traded on CBOT and is popular for its smaller size that allows many retail investors to profit from the gold market plus you can trade it electronically on the CBOT electronic trading platform Now many investors don’t want to mess around with gold futures! For them, Exchange Traded Funds (ETFs) offer a good investment opportunity in gold There are two gold ETFs to choose from One is the StreetTracks Gold Shares This fund is a good way to profit from gold without actually owning it The other gold ETF is iShares COMEX Gold Trust Now both these ETFs track the gold prices in the spot market making their performance almost identical most of the time

But if you have been trading stocks for a long time, you might still love to invest in some good gold mining companies by purchasing their stocks There are many gold mining companies When the gold prices soar, naturally their stock prices soar with them Newmont Mining Corporation is the largest gold mining company in the world if I am not wrong In any case, it is definately one of the largest if not the largest So there are many ways you can invest in gold!

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When it comes to planning your financial retirement diversity really is the key to turning a significant profit You do not want to have all your eggs in one basket

For this reason it is an excellent idea to have a number of fingers in a number of pies, financially speaking of course, at any given time There happen to be a lot of interpretations, unfortunately, of what it means to truly diversify your investment portfolio

There are those who believe that to diversify your portfolio you only need to choose stocks in various sectors rather than focusing on one This was a huge problem when the Dot Com boom went Dot Bust Many people learned valuable lessons during this time frame and have taken it a little bit to heart

However, there is nothing to say that we will never again experience a significant stock market crash If this were to happen and your entire retirement hopes, dreams, and funds rested on the stock market for salvation you would be in deep and shark infested waters financially as a result

I do not mean to imply that a stock market crash is probable or imminent by any means The closest we’ve come as a nation to a stock market crash in recent memory was immediately after 9-11 The good news is that safeguards were put into place years ago to prevent a crash of the scale that we all know as “The Crash”

This means that while you may take heavy hits, chances are the market will recover if you are willing and able to wait it out However, if you are putting yourself in a position to rely solely on stocks you need to take a serious look at your overall investment plan and see where changes can be made

It goes without saying that no decision in regards to your financial future should be made without first discussing them with your financial advisor My purpose here is to bring up questions and ideas you might wish to consider or at the very least discuss with your advisor

My personal preference is to have some money tied up in mutual funds and other money tied up in real estate, which can provide some form of continuous income month after month I’m not much of a gambler however and have chosen a low risk path to retirement financing and funding

There are those who are far more adventurous than I when it comes to investing in their financial futures For those of you who are willing to take the risks there are securities as an investment in order to provide a wildly speculative ride

Securities are very risky for investors; particularly those who are novices and even some seasoned investment veterans tend to shy away from this sort of investment If you do invest in securities, I strongly urge you not to risk your entire investment on them

Mutual funds provide a little safer bet when it comes to your financial future Again there are no guarantees but these are much safer bet than securities

The problem with mutual funds for many is that there are so many from which to choose that it is still a difficult decision for beginning investors to make These decisions are the reason that a good financial advisor is so terribly important when mapping out your financial destiny

All in one funds are essentially collections of mutual funds These provide a safe bet for those who wish to find an easy investment possibility that is a fairly safe (if not wildly conservative) to place your money and watch it slowly grow over time All in one funds do tend to become less aggressive in time

This means that as you age, they will become more conservative in the placement in your money in an effort to best protect it while still growing your money

By placing a little of your money in many different places, you will see a much greater safety net when it comes to protecting your profits Discuss your plans with your financial advisor and any concerns that you may have Chances are they can help clear up any questions or doubts that you may have

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