Sunday, December 6, 2009
When is the Correct Time to Retire?
Post by David Held
All Americans look forward to the day he/she can stop working and retire. The big question is when you retire will you be financially secure? In today’s day and age the true answer to that question could be NEVER! With the terrible economy many people lost upward of 50% of their retirement savings, in the forms of IRA’s, Mutual Funds, Stocks, and defaulted bonds. Now, the next place to look for money is social security, but is the social security program going to be around in the next 10 years? Also, if the program is still around you cannot collect on Social Security until you are 67 years old.
The safest way to save for retirement is by putting your money away in money market accounts and CDs, through your bank. The key is to start saving early! There is a huge difference when you start saving for retirement in your twenties rather than your thirties. Another important thing is, when looking for jobs make sure the retirement benefits are good. Defined Benefit and Define Contribution Plans can really help put a lot of money toward your retirement.
All in all, you have to invest wisely. The economy is cyclical and somewhat predictable. Consult a financial advisor early, so you can be financially stable when you retire!
Sources #1, #2, #3