As baby boomers head into middle age, many are beginning to focus on planning for retirement. It's never too early to start, especially since increasing life expectancies could mean spending more than 25 years post-employment.
What can boomers do to determine if their assets will adequately fund their retirement years? According to Rich Linsday, CLU, ChFC, AEP, president of the Society of Financial Service Professionals, boomers can start to get a handle on their retirement funding by estimating the following:
• Potential revenue sources, such as income-producing real estate, annuities or inheritances
• Projected balances of 401(k), IRA and other retirement accounts
• Social Security income
• Future health and long-term care needs
• Number of years in retirement
• Percentage of present income needed during retirement years.
"With a commitment to success and a consistently applied plan, you can work toward building the funds necessary to secure your financial future," says Linsday. "Once you get a handle on the basics, a credentialed financial planner can help make your retirement dreams a reality."
For a free financial planning guide or a list of credentialed financial planners in your area, contact the Society of Financial Service Professionals at (888) 243-2258 or visit www.financial pro.org.
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