How to Successfully Retire

To plan for a successful retirement you must ensure both a comfortable and secure retirement plan. In order to do so you must specify an appropriate time to retire which would satisfy your financial retirement needs. Planning for your future retirement begins with accounting for any future retirement needs and costs.

Retirement starts with establishing a retirement timeline. The time frame between now and retirement will determine the level of risk you are able to take on in between now & then. The longer time between now and retirement, the more aggressive your investments can afford to be. If you have fewer years between you and retirement, the more you should focus on preserving your current wealth and investments.

Determining your retirement needs will help you carve out your retirement timeline and spending portfolio. By accounting for your future expenses you will devise a financial plan to meet your future retirement needs. Some commonly overlooked needs to consider are;

• Funding Children/ grandchildren future education
• Funding Children's wedding
• Future long term care costs
• Long term Care insurance costs
• Future tax bills

The costs of unaccounted future long term care can be a surefire way to burn through your retirement savings quickly, as the costs of long term care are high and rising. By planning for your future long term care costs now, you can help factor these into your retirement plan. Accounting for and obtaining long term care insurance now, can help you mitigate some of the associated costs.