Tips on Retirement

Am I ready for retirement?

Today, more seniors are working in retirement due to lack of retirement income. While retirement planning is the key to a successful strategy and money management, those who haven't reached their goals may decide to stay in the work place until they have acquired more money. Here are some questions to ask when evaluating whether or not you are ready for retirement: • Have I reached my financial goals as laid out in my financial plan? • What will my expected income needed be for my retirement? • Have I put money aside for unexpected medical expenses? • Am I going to live a lifestyle that is unrealistic for my financial goals (traveling, dining out, vacationing) It is important to have a realistic expectation of your retirement financial needs so that you don't run out of your money.

Retirement Planning Tips

Below are some things to consider as you plan and save for retirement.

• Set both long-term and short-term financial goals and monitor your progress to make sure that you are accomplishing them.
• Consider pre-tax saving options such as IRAs which allow you to maximize your saving by putting aside money before it is taxed.
• Consider working even after retirement. Working a part-time job after retirement from full-time work can have several advantages. In addition to providing extra income, it can be a way to stay active, meet new people and learn new things. Many people will take a job in an area of personal interest.

Basic Investing Tips

Smart investing allows you to maximize your savings. Here are some tips to help you get started:

• Start investing in small amounts. As you become comfortable with the investment process, increase the amount you invest.
• Identify financial goals you would like to achieve with your investments and develop a plan to help achieve these goals.
• Many investments are not liquid. That means, they can’t be readily converted into cash or there is a financial penalty to do so. You should keep some of your savings in a form, such as a Savings Account, that you can readily access in an emergency.
• Keep your investments diversified. In other words, don’t put all your eggs in one basket. Most investors have their funds in some combination of higher risk and lower risk investments. Determine what level of risk is appropriate for you. This is generally based on such factors as your age and personal tolerance for risk.
• Make sure that you are comfortable with the investments that you have made. Only take on the amount of risk that you are comfortable with.
  

Monitor your investments regularly. While it’s generally best to hold on to investments over the long term rather than constantly shift money around trying to beat the market, changing market conditions will sometimes dictate the need to reconsider an investment.

Job Searching Tips

If you decide to look for work after retirement, be sure to use the resources that are available to you as a retired service member. Networking is often key to any job search so don’t be afraid to call upon the many relationships and friendships you may have formed while in the military. Also, take advantage of the job placement programs that the military provides. Finally, be aware that many employers particularly value the character, and dedication to service of ex-service members.

Before you start sending out your resume, double-check it to ensure that it is error-free. Have someone read through it for grammar and spelling. Your resume is often your best chance to make a good impression on an employer.