If you have just started working and earning money, your parents telling you to save for your retirement will sound ridiculous. After all you are young and you have the rest of your life to save money for retirement; that’s what you think. But listen to your parents; planning your retirement is not a waste of time. It is in fact the best way to utilize your time and save your money. Most people will brush off this ‘save early’ mantra, but those who are smart will recognize the need to do some pre-retirement planning.

It is actually quite simple the custodian for your IRA is the institution that invests in your IRA for you. This can be a savings and loan, credit union, bank, or others. Essentially they invest and manage the money so that you realize the most return and safety for your funds.

Myth #4: “There won’t be anything left for my heirs.” This can actually be a truth, however it all depends on the mortgage balance (including interest) at the time you or your heirs actually sell the home. If the mortgage balance is less than the sale proceeds the difference will go to you/your heirs. On the other hand, if the mortgage balance exceeds the sale proceeds then, in truth, nothing will be left for your heirs. With a reverse mortgage, however, neither you nor your heirs would be responsible for any deficit. The reasons for this may be found in many other articles detailing the specific features of reverse mortgages.

5) Truth or Consequences. By not meeting with a financial advisor for your http://ezlocal.com/mn/new-ulm/financial-consultant/687211 guide and not being prepared for your retirement will bring great consequences and will be painfully truthful to you and your family due to your lack of planning. Remember, your lack of retirement planning guide does not constitute someone else’s emergency or fault.

Travel with me down a different road of thought. I have lived in retirement for the past 7 years in Asia, in the beach resort city of Pattaya, Thailand. Being a tourist destination, you immediately picture an area with a beautiful bay view, fine restaurants, and entertainment galore. It is more than just that. It is so easy to get around the city using public transportation that my car sits in the driveway. We have modern shopping centers, movie complexes, health spa’s, fitness centers, golf courses, and even an IT center with 5 floors of computers, mobile phones, and electronics. Pattaya has not one, but two International Standard hospitals. Health care is affordable.

Sit down with a pen and paper and note down important details. Start with some financial information; the most important being medical needs. When you are old, you will need medical aid and this is expensive. You will need to save money to support your medical expenses. But how much medical aid will you need and how much it would cost you are difficult to assess. Get in touch with a financial planner who will work out some average cost of health care that will help you determine how much you need to save.

When choosing a broker, you need to pick someone who is trustworthy. Never deal with a broker who is less than completely honest and forthcoming with you, and look for sterling references from other clients. The experience level that you bring to the table is also important.

Set your goals. Your goals will change as you go through life but always have something to aim for. Set your goals into three categories: short term (under two years), medium term (two to five years) and long term (five years plus). Your savings and investment needs to be in line with the time frame of your goals. Save for your new home and invest for your long term goals. Review your goals regularly.

Every human is unique in one way. Even in retirement, you do have something to offer, and there are people who are willing to pay to get it from you. Spend your days seeking them out, and doing that thing that you only do best. This is a very good way to spend your retirement – going all out to teach people what you spent many years to learn. It’s invaluable to people who need your knowledge and experience.

There are still a lot of things that you need to know about retirement planning matters but at least this will help you into your journey as a free man after working for your future.