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Mature Couple Discussing Finances

Where to Go for Retirement Advice

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Finding reliable retirement advice is crucial because the decision of when to retire is as important as any a person will make in a lifetime. Calculating the best time to retire is complicated because it involves a number of unknown variables – such as how long you’ll live, the performance of the stock market and the effects of yearly inflation. Finding reliable sources of retirement advice to help make decisions about those variables is absolutely vital. Here are several sources to go for reliable retirement advice:

  • Certified financial planner. It certainly makes sense to consult a professional who helps people decide how to maximize their investments and decide when to retire for a living. Some financial experts, like Money Magazine, urge consumers to be careful about financial planners or other experts recommending investment vehicles that pay hefty fees. One way to avoid that possibility – in addition to relying on a professional recommended by people you trust – is to choose someone who is paid hourly for his or her advice. That way, you remove the scenario in which the financial expert makes the most money when only certain investment vehicles are chosen. Instead, you want a financial planner who makes a recommendation simply because it’s best for your personal situation.
  • Financial websites. There is a wide selection of well-respected financial websites, from national publications to large investment companies and professionals who offer retirement advice for a living. It’s also possible to get a full education of the main issues relating to retirement – such as the effect of Social Security, determining future expenses and even finding an affordable city for retirement – on government sites. Armed with the knowledge learned through financial websites, a consumer can then seek out a financial planner much better able to ask questions and to understand recommendations or attempt to make the retirement decision alone.
  • Financial calculators. One fabulous source of retirement advice is a financial calculator. There are plenty of free financial calculators available online, some with the U.S. government and others with different financial websites. Of course, a consumer should only make calculations with the intention of deciding the best time to retire armed with the proper financial information. It’s possible to use one type of financial calculator to decide how much money you’ll need in retirement, and then another to figure out the amount of money available to you at different ages. Most retirement calculators require detailed information on income, along with any pension, IRA or 401K information. You’ll need to decide how long you expect to live, which will determine how many years you need to bring in a certain amount of money. Additionally, retirement calculators allow consumers to decide the interest rate their investments will earn each year and the average rate of inflation. Putting all this information together, it’s possible to rely on financial calculators to let you know if early retirement is possible and just how much you should have at age 65 or 67.
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