Seeking the advice of a financial planner may ease some of the worry and fear you are experiencing in this economic crisis. It is important to not panic, but to carefully discuss your financial situation by asking questions and then determine what necessary actions you need to take.
In these worsening economic times, and for those who are on the cusp of retirement or thinking about it, you may want to consult with a financial planner before making any decision.
Although trillions of dollars were lost in the global market, making contributions to your retirement account is still recommended. Remember, the market will eventually correct itself and by making monthly contributions to your account will ensure that you are increasing your stock portfolio because literally you will be buying stocks, bonds, and mutual funds at an extremely low price. This will increase your pension earnings as a result.
One of the many questions a financial planner will ask is if you plan to re-locate to an ideal place to retire; when you plan to do so; and how much you will need to comfortably maintain your current lifestyle.
The retirement calculator enables you to determine how much money you should contribute to your pension. In essence, it will tell your current savings today; your savings at retirement; the age when your savings will be depleted; and how much debt you will leave behind. Consider that if you are several years from retirement age, knowing how much to contribute now can make all the difference in when and where you retire as well as if you can afford to do so.
One other point has to be made. In addition to the economy, most people are worried about their healthcare. For those of you who are covered by your employer, the insurance is estimated to be worth approximately $12,000 annually. This can help in alleviating any present or future expenses in case you become ill.
If you are unsure as to how much you will financially require, you may want to go to the following site:(open in a new page)
This site will give you a clear indication of how much you can expect to receive upon retirement based on your current age, income, savings, and investments.
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