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IMPORTANCE OF SAVING FOR RETIREMENT

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All too often people entering retirement do not place enough emphasis on personal planning to ensure they maximize their opportunities. So take the time now — at an early stage in your planning process — to think about the choices you have about how you would like to spend your time during retirement.

plan your retirement early

People’s retirement needs vary greatly, but everyone will have basic expenditures: home maintenance or rent, transportation, medical care and living expenses. Many Americans hope to be able to travel, golf, eat out and make big-ticket purchases during retirement.

Importance of Planning for Retirement

There are two components to retirement income planning: Personal Planning and Financial Planning. Personal planning is important because it is the determining factor of your satisfaction with your retirement lifestyle.

Financial planning is crucial because it identifies your sources of income and expenses and establishes your retirement budget, based on your personal plan.

Personal Planning

All too often people entering retirement do not place enough emphasis on personal planning to ensure they maximize their opportunities. So take the time now — at an early stage in your planning process — to think about the choices you have about how you would like to spend your time during retirement.

Do you want to volunteer at a local hospital? Take up that hobby you were always interested in, but never had the time to start? Go back to school and pick up a few special interest courses? Start your own business? Travel around the world? Buy property in a warmer climate and spend the winter months there?

These, and many other lifestyle questions based on your preferences, are all important factors to consider when planning your retirement since your choices will drive the financial circumstances that must be meet in order to achieve your goals.

Financial Planning

Will you have adequate funds to provide the kind of retirement lifestyle you envision? Remember your income will likely come from three general sources: government pensions, employment-related sources and your own personal investments.

Your retirement will be more enjoyable if your income is structured to fit your lifestyle choices and if you have developed a retirement plan to protect the assets you have worked hard to acquire.

Follow these foolproof steps to retirement income planning:

  1. Identify & compare your income and expenses to determine any shortfalls or surpluses.
  2. Review & analyze the various income strategies.
  3. Review & compare the income options available.
  4. Develop an action plan.

 

Here are some dos for your retirement planning:

  1.  Regularly review (two to four times per year) the performance and management of all your plan investment options.
  2. Pay special attention to new funds added to your plan.
  3. Re-adjust your portfolio so your investment allocations match your desired level of risk.
  4. Match up your current and future contribution percentages.
  5. Take the time to educate yourself about how to invest.
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Key Moments from Trump’s Impeachment Hearing

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Trump's Impeachment
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Heartbreaking; Another School Shooting Santa Clarita, CA

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Santa Clarita School SHooting

Santa Clarita, California, high school shooting leaves 2 students dead, multiple injured

SANTA CLARITA, Calif. (KABC) — A 16-year-old boy shot five fellow students, two fatally, Thursday morning at Saugus High School in Santa Clarita before turning the .45-caliber handgun on himself, authorities said.

A Los Angeles County Fire Department spokesperson said multiple 911 calls prompted firefighter-paramedics to respond about 7:40 a.m. to the school at 21900 Centurion Way.

Six students, including the gunman, were found in the quad suffering from gunshot wounds, Sheriff Alex Villanueva said at a news conference. All six were transported to hospitals, where two of them, a 16-year-old girl and a 14-year-old boy, were later pronounced dead.

The surviving victims were described as two girls, ages 14 and 15, and a 14-year-old boy.

In a tweet, Henry Mayo Hospital said it had received four patients.

Their names were not immediately disclosed. The sheriff said the deceased girl’s parents were at the hospital. He was notified of the second fatality during a press conference at the school.

Gunman turns .45 caliber on himself

According to sheriff’s Capt. Kent Wegener, surveillance video “clearly” shows the suspect pulling a semi-automatic handgun out of his backpack in the quad and shooting five classmates before shooting himself in the head.

Thursday was the gunman’s 16th birthday, the captain said.

He was listed in grave condition at a hospital, according to Villanueva.

In the immediate aftermath of the shooting, authorities released a description of the suspect as a manhunt got underway. Heavily armed deputies and an armored SWAT vehicle were seen at a home near the school, but it was unclear if the house was connected to the investigation.

The high school remained on lockdown for hours after the incident. Shortly before 11 a.m., lockdowns were lifted at all campuses in the district, as well as Rosedell and Highland elementary schools.

Central Park, at 27150 Bouquet Canyon Road, was being used as a reunification point for parents and students, the Sheriff’s Department said.

Undersheriff Tim Murakami tweeted an apology to parents, saying investigators need to interview “every student at Saugus HS” before they can be released.

In a statement, the White House said President Donald Trump was monitoring ongoing reports about the shooting.

“The White House encourages all those in the area to follow the advice of local law enforcement and first responders,” the statement said.

Gov. Gavin Newsom tweeted an expression of gratitude to the emergency responders.

“We simply should not have to fear for our kids’ lives when we drop them off at school,” the governor said. Addressing Senate Majority Leader Mitch McConnell, Newsom asked: “How many more lives will be lost? How many more shootings will we have to endure? We need commonsense gun reform. NOW.”

Amid the chaos at the scene, the number of reported victims fluctuated throughout the morning. The sheriff later confirmed that six people were shot, including the gunman.


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WATCH: Trump’s Speech at the Economic Club of New York

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TRump's Econimc Speach Veterans DAy

Trump’s speech at the prestigious Manhattan club is expected to credit his policies for the strong economic numbers felt during his presidency.. Trump will likely highlight the low unemployment rate and high consumer confidence, as well as wage growth.

The president’s address is also expected to touch on his trade policies, the official said, amid continued negotiations over “Phase One” of a trade overhaul with China.

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