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Many people set unrealistic goals for themselves. They expect that retirement will be the reward for employment. Once you've figured out how much you'll need, set realistic goals and stick to them.  If there is a gap between your anticipated accumulation and your retirement needs, you'll need to increase your savings and investments as much as you can to cover that gap. If possible, you'll want to set saving goals that bring your accumulations in line with your needs (or as close as possible). But, you need to do this while still allowing yourself to live comfortably in the remaining years before retirement. If you spend all that you earn and fail to invest, the only retirement benefit you will receive will be Social Security. To have a chance at a comfortable, worry-free retirement, you should start saving as much as possible as soon as possible. You can enjoy your retirement fully if you discipline your spending and defer gratification from time to time. Building a large retirement funds is a matter of developing a habit of saving a part of every dollar you earn for a long period of time. Most working Americans born after 1960 are entitled to receive a monthly retirement benefit after age 67. The benefit you'll receive depends on the amount and number of years over which you paid FICA taxes.  Social Security payments reduce the amount that you would otherwise need to provide yourself. Go to the Social Security Retirement Estimator to learn what your projected monthly benefit will be.  Your benefits will continue as long as you live and may be available to your spouse under certain conditions. Social Security benefits increase each year to account for inflation. The rate of increase has been less than the actual inflation experienced, but this is still helpful. For example, Joe is entitled to $1850 per month from Social Security for his own account. His wife Mary will receive a spousal benefit equal to 50% of his amount of $925.00. Together, Joe and Mary will receive a total of $2725 each month from Social Security. Most workers take part in employer-provided 401(k) plans or IRAs. These are tax-advantaged plans that allow you to deduct contributions for income tax calculations. The principal will grow, tax-deferred, until withdrawn from the plans.  Income taxes on these funds will be due when withdrawn, preferably after retiring. Roth 401(k)s and IRAs contributions are not deductible, withdrawals are tax free. The final value of retirement plans can be difficult to project. But, you should contribute as much as possible into such plans. This is especially important an employer matches all or part of your contribution. For example, contributing $5,000 per year for 20 years at an earning rate of 5% will result in an ending balance of $173,596. Increasing the contribution amount or the earning rate for a longer period of time will add more capital. In addition to investments through employer plans and traditional savings accounts, it's a good idea to make some other investments to provide for your retirement. For example:  Open an individual retirement account (IRA). You can buy either a traditional IRA or a Roth IRA. The money that you invest in a traditional IRA isn't taxed until you retire. You'll pay income taxes on the money when you withdraw it from your retirement account. Money paid into a Roth IRA is taxed now. So when you withdraw if from your retirement account later, you won't have to pay taxes on it. If you withdraw your money before you're 59-1/2, then you're going to lose a lot of it to penalties and income tax. Invest in mutual funds. Some of the simplest mutual funds are called index funds. They track the performance of an investment index, like the S&P 500. Index funds are great if you want to put your money in securities (stocks) for a long-term investment.. Consider exchange traded funds. ETFs work like mutual funds, but are bought ans old like stock. This makes them more volatile. They also are more tax-efficient, however, and often have lower fees.  Buy some bonds. Bonds are low risk: they tend to be more stable than securities or stocks. Consider treasury bonds. U.S. government treasuries are some of the most secure investments in the world. You can buy them through Treasury Direct or through your bank or broker.  Municipal bonds are another good option. Many towns and cities issue bonds to pay for big expenses such as school buildings or infrastructure improvements. These bonds can make great investments for your portfolio. The rate paid on municipal bonds is less than that paid on other government or corporate bonds, due to their tax-exempt status. An investor in municipal bonds must be sure that the taxes saved make up for the difference in rate. Redistribute your portfolio as you get older. If you're young, then you should have the majority of your money in stocks and mutual funds. They come with a higher risk, but also a higher return. As you get older, you should move more of your money into bonds and cash to protect your investment values. Choosing to consume less and save more will have significant effects on the lifestyle you can enjoy at retirement.  Start saving and investing as much as you can today. Increase saving as your income increases. You can increase saving further as your familial obligations, such as raising children, decrease. For example, imagine a 30 year-old who invests $300 per month. If she earns the historical rate of return on equities (9.7%), she will have $1,297,473 in her portfolio by age of 67. Increasing her investment to $500 per month will add almost $1 million to the balance ($2,162,454). A 30 year-old who invests $300 per month until age 50 and $1000 per month thereafter will have $1,661,279 in his account. This would generate a monthly income of $9,481 from age 68 to age 93. This income would be in addition any payments received from Social Security. Many of the retirement calculators described in Part One can help with these calculations. You can also create a spreadsheet that tracks your expected contributions and earnings. These, in conjunction with your starting balance, will allow you to compute a final balance. If it isn't enough, you can adjust your contributions accordingly. According to Social Security life expectancy tables, a male retiring age 67 can expect to live another 18.62 years. A 70 year-old will live for an average of 16.33 years. Delaying retirement until age 70 rather than age 67 have several benefits:  Employment income continues for three extra years. This allows continued contributions to retirement accounts. Three years of contributions and growth on the principal can increase the total portfolio’s value by a third or more. Monthly income increases due to fewer years of use. A 67 year-old with $1 million of investments earning 4.8% a year could draw $6,751 for 18.62 years. A 70 year-old with the same portfolio could draw $7,342 each month. Furthermore, many physicians and psychologists recommend working longer for improved physical and mental health. The place we choose to live during retirement often depends upon the location of family and friends. Many retirees, though, are opting to move to places with warmer climates and lower taxes.  If you are considering a move, you should consider the following:  In states with a lower cost of living and no income tax, you may get more out of your money. Costs in smaller towns and cities are likely to be less than large urban areas. While San Francisco is a great city, its cost of living is well above the U.S. average. By contrast, Harlingen, Texas is near the beach and Mexico. The cost of living is well below the U.S. Average.  Texas also does not have an income tax.  A smaller house can be cheaper to live in. Many retirees that move to new locations buy smaller homes than the ones they leave. As a consequence, costs of utilities and maintenance will be lower than a larger home. Moving to  a smaller home in a lower cost-of-living location can have a dramatic impact on your financial situation. Health care needs increase with age. As we age, we grow frailer. If you are considering moving, look at the medical facilities and services where you intend to move.  Foreign locations can be good options. Many American retirees live overseas, at least for a while.  Retirees live in countries across the world, with a range of cultures (Thailand, Mexico, France). Many retirees move overseas for a period before settling down in the U.S. A move may mean losing contact with friends and family. This can mean the loss of a long-term support network at a time you will be most vulnerable. Before making a move, consider renting and living in a house in the new location for three months. At the end of that period, you will be able to tell whether you are ready for the move. Many retired Americans have discovered that their income is insufficient for their desired lifestyle. Working 20 to 30 hours per week, you can add more than $1000 to your monthly income.  Many retirees turn their hobbies into income. Consider starting your own business for both fun and profit. Keep in mind that it may not be as easy as expected to find part-time employment. Many retirees discover that their wisdom and experience is not as valuable as hoped. This is especially true for those without unique skills or training. The majority of part-time jobs require physical labor and little or no prior experience. Most part-time workers receive minimum wage or slightly above and receive no employee benefits.
Stick to your goals. Understand your Social Security Benefits. Use tax-deferred retirement programs. Invest wisely. Increase your personal savings rate. Delay your retirement. Consider relocation after retirement. Work part-time.