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Are you planning NOW for retirement?


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Are you planning NOW for retirement?

  1. 1. ==== ====Learn about how to save for retirement and get access to a millionaire by retirement Excelspreadsheet at: ===="We have enough money to last in retirement ... unless we want to buy something." Does thissound familiar to you? A John Hancock Survey reveals that Americans spend only about 6HOURS a year on their retirement planning and/or retirement investment decisions, which willdetermine how comfortably they will live for up to 30 to 40 years once they retire!The fact is, "the only money you will have in retirement is what you send ahead!" Financialstrategists are predicting that if you just keep this in mind as you think about retirement, you will beprepared to enjoy the time of your life when you get there - whether its golfing at your favoriteretirement location, or spending the afternoon relaxing by the pool after a morning of gardening!Lets look at how YOU can accumulate more so that you can have the money you need atretirement!One way to have enough for retirement is to save a million dollars! Sound impossible? Its not, andyou can do this if you apply the principles Im sharing below.You need to determine how much money you need to save every month to reach your goal. If youwant to save $1 million by the time youre 65, you need to save the following amount of moneyeach month (and this example assumes a 10% return):Age 25 = $159/monthAge 35 = $443/monthAge 45 = $1,317/monthAge 55 = $4,882/monthSo, why is this so difficult? Because at age 25, there are lots of other commitments that are simplymore pressing: new car, furniture, maybe getting married, buying a home, college loans, etc.As you approach 35, you think this will be easier. Those of you who are 35 or older, is that true?Will it be easier to come up with $443 (or more)? Oh...but you still have other commitments (e.g.,having kids, bigger home, new cars, vacations and so on).The bottom line is that it never gets easier to find the money. The key is to start now - no matterwhat your age!The point of this is not that you have a goal of $1 million dollars. The point is to start saving asearly as you can and that means right now!
  2. 2. What are your goals for retirement? What do you want to do in the future? Travel? Play golf?Spend time with the grandkids? Sit at the beach? Build a retirement home? Take a cruise?How much will you need to do the things you want to do in retirement? Have you ever stopped tocalculate the dollars youll need? Most of us havent.A goal is a DREAM with a TIMEFRAME and a DOLLAR AMOUNT!In other words, your goal (e.g., traveling when you retire) is a dream. To achieve this goal, youneed a timeframe (when will I need the money?) and a dollar amount (how much will I need?)So, how do you turn your dream into a goal?1. VISUALIZEThe key criteria for you to enjoy your retirement is to first visualize your goal. Really see where youwant to be. See this in your mind and see it in your surroundings. Spend a few minutes each dayclosing your eyes and see yourself living that dream. To reinforce that dream, put visual examplesaround your house. Pictures of where you want to live, what you want to do, and the activitiesyoull enjoy. How will this help you? It keeps you focused on your goal.2. VERBALIZEThe second step is to verbalize your goal. Talk your goals out with your partner or spouse orwhoever is involved in your life for making retirement planning decisions. This makes your goalsreal in your own subconscious, and the subconscious of the other person. This too helps you stayfocused!3. VERIFYThe last step to help you reach your retirement goals is to verify those goals from time to time.How am I doing? Am I getting there? Are my numbers still realistic? This last step helps you tostay on track, get refocused, adjust your goals, determine if you need to save more (or less), etc.ACTION ITEM: Nothing gets done without action! Right now, before you move from your spot,before you do anything else, do this: write down ONE major dream and turn it into a goal byadding a deadline and a dollar sign. Do it right now!Heres another tip: APPLY THE RULE OF 72! The Rule of 72 is a very helpful tool in calculatinghow your money can grow with compound interest.Take the number "72" and divide it by the interest rate you can earn on your investments. Theresult is the number of years it will take to double your money.Keep in mind that the Rule of 72 works whether you are earning interest or paying interest. Whatsthe national average for the interest rate on credit cards that most individuals are paying today?19%! By just paying off those credit card balances, you can get a 19% return, and have yourmoney work for you instead of for the credit card companies! Paying down those credit cards
  3. 3. should be a priority no matter what your dreams are!Remember: VISUALIZE - VERBALIZE - VERIFY and use the Rule of 72 to help you turn yourdreams into achievable goals.MELINDA DAY-HARPER has been dubbed the "Queen Of Networking" by her large network ofwomen entrepreneurs. She has over 25 years of experience in senior and executive corporatemanagement. A CPA by profession (but not by personality!), Melinda has coached hundreds ofindividuals and employees to excellence as a result of her roles as CFO of numerous companiesand CEO of a multi-million dollar enterprise. She founded T-Zone Consulting, Inc.( in 2006 so that she could to help others break boundaries,design their own lives, and achieve the prosperity they desire.Article Source: ====Learn about how to save for retirement and get access to a millionaire by retirement Excelspreadsheet at: ====