Planning for Retirement

When we start working in our early 20s, we think about our careers and how we can achieve the goals we have set for ourselves. As we age, we start thinking about retirement. With so many variables in the economy, retirement planning should start as early as possible. It can start with that first job by electing to participate in the company's retirement plan and/or by setting money aside to pay you out of each paycheck.

Retirement is the time when we look forward to being able to do whatever we want with our day. If you set your goals early and develop a plan, you can retire at an early age. Most of us will retire between the ages of 65 and 70. Your retirement age depends on how much money you have saved or invested aside from the company pension plans and that is not dependent on what you may receive from Social Security.

Amendments to Social Security in 1983 changed the age for full retirement benefits. If you were born in 1937 or earlier, you can receive full Social Security benefits at age 65. If you were born after that, the age is progressive. See the full chart for benefits. You can receive partial benefits at age 62.

Planning for your retirement means you need to set goals and set up a financial plan to provide you with the income you will need to achieve those goals. You do not want to have to work any longer than you need to.

When you retire is dependent on many factors. These include your age, health, financial situation and whether or not you want to continue to work. Your retirement planning should also include your plans for the future.

You want to have enough money to live on and enough money to enjoy the activities you plan for your retirement. It is not too early to start thinking about retirement planning when you start working.

It is also important that you take care of your health. Chronic health issues will keep you from enjoying your retirement.

Your retirement years should be a time when you get to enjoy the freedom of setting your own schedule and timetable. You want to be able to enjoy on a daily basis the activities you only get to enjoy on weekends or when you can take two weeks of vacation.