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Retirement planning isn't some thing you decide to do after you have a lot of money saved and decide to visit with a financial advisor. Instead, it's something you must start doing as soon as you get your initial job out of high school or college. You should not wait until it is too late to save the money you need for retirement. Here are some tips on how to get started preparing for your retirement. First, you don't need anyone's help to get started. Begin by setting away a few dollars each week from your paycheck. Keep the money in a personal savings account until it increases to a few thousand dollars. And then, start investing the funds in the stock market, ideally in a number of diversified mutual funds as well as ETFs. Keep saving and investing until you have at least ten thousand dollars set aside. After that, its time to start diversifying a bit more. To help diversify your retirement savings, begin looking at your entire portfolio and be sure that no single investment, industry, sector or geographic area dominates your holdings. In other words, make sure that you are invested in growth stocks, value stocks, dividend paying securities, foreign companies, emerging market stocks, technology stocks, manufacturing securities as well as real estate stocks. To do this, start looking through the mutual funds you hold and take note (ideally on a spreadsheet) of which sectors and types of companies are in each mutual fund. Every fund company is required to disclose their top holdings, as well as the geographical and industry breakdowns of their investments. Make sure that you're reasonably diversified, but don't worry about it too much just yet. When you've amassed more than $100,000, you'll be able to start diversifying more. Look at purchasing real estate, whether it is a single family rental property or perhaps a duplex. That is if you have the amount of time to deal with it. Otherwise, you can buy real estate funds as well as real estate investment trusts (REITs). REITs are pooled investments in either commercial or residential properties that are regulated by the government and are required to pay out a significant part of their cash flow every year. They can be an effective diversification from typical assets such as stocks and bonds. When your investment portfolio grows, you should also be raising your understanding of investing and the level at which you are planning for your retirement. Find a few retirement plan calculators and begin estimating the amount of savings you'll need to retire. Visit a number of websites and get several different quotes so that you can get a ballpark figure of the amount of money you will likely need to save before you retire. Start working toward this goal and make sure you stay on the right track. In addition, it is very important to keep your spouse involved with your retirement planning. You both should be on the same page so that if something should happen to one of you, your spouse will be able to continue executing your retirement plan.


As the time gets nearer you are going to either feel secure about your retirement or become worried. If you're nervous, it could be worth consulting with a personal financial planner and going over your current plan. They should be able to use sophisticated software that can estimate your likely demands during retirement and compute the odds of you running out of cash given your expected retirement savings. If you feel secure, then it's time to move on to the next step retirement!

retirementplanningtip.com offers articles and advice on retirement planning, jobs, careers, tips for small businesses, and investing advice, all with the goal of helping you retire early.

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