retirement planning?

need help planning retirement and investments

Public Comments

1. Go see a financial planner.
2. If you want to get general (and free) information, why don't you start at your public library. They should have a financial section that will at least get you started. That way if you do go to a financial planner you have some ideas about what to ask and knowledge of the types of investments he/she may suggest.
3. Use these calculators for an honest assessment of where you are, where you'd like to be, and what it might take to get there: http://www.fool.com/calcs/calculators.htm Then figure out a plan of action using this info: http://www.fool.com/Retirement/RetirementPlanning/RetirementPlanning15.htm Then you'll want to find yourself a good Investment Advisor, and the best way to do that is to ask friends, especially any retired people you might know...they can certainly tell you who to AVOID!
4. The very first thing you have to do is figure out how much money you need. There are lots of complicated ways to do that (and they all amount to guesses) but you can get a good overview of what to do at this web site: http://www.freethedrones.com/blog/2006/08/07/how-much-money-do-i-need-to-retire/ What you do depends on your age. If you're young, then you can start small and build up over time - you're in a much better position that way, because your money will work for you. If you're older (50's and up) you will have a harder job to do. If that's the case, go here and get advice on a "last minute retirement" that you can do even at an older age: http://www.freethedrones.com/blog/2006/09/02/how-to-do-a-last-minute-retirement/ It's not ideal, but you've got to do what will work for you.
5. Retirement plans 401 K: In a 401 K, some amount is deducted monthly from your pay check. The money is tax deferred and so you do not pay taxes on the amount invested. Usually there are various investment choices like mutual funds, stocks, bonds etc. In some cases, the employer will match the employee’s contribution to the account, though these instances are decreasing. http://debts-to-wealth.com/category/Retirement-Planning.html
6. Another calculator is on expenseRegister.com, http://www.expenseregister.com/Home/calculators/retirementCalculator/retirementCalculator.php . I like this one as it lets you enter how much money you'd like to have during retirement. The calculation is based on this amount and then it tells you how much you should save every month to get to the retirement amount.