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Check out these 5 Retirement Planning Tips Baby Boomers Don’t Want To Ignore.
This week I came across a great article that listed some essential retirement tips for Boomers.
The 5 retirement tips included the following:
1. Be aware of taxes in retirement – Don’t just focus on tax efficient investments like municipal bonds. But look at the overall effect of taxes on your whole portfolio.
2. Avoid Timing the Market – Timing the market is more speculative in nature. You don’t want to speculate with your retirement savings. You want to invest wisely with them.
3. Complete a cash flow analysis – You need to know what your monthly cash flow is going to look like. This means when planning for retirement you need to put together an income plan.
4. Beware the effects of inflation in retirement – If you retire at age 65, you may be retired for 30+ years. That’s plenty of time for inflation to make some big changes in prices. You need to consider ways to offset the effects of inflation in retirement.
5. Consider longevity planning – Longevity risk is just the risk of living too long. We are living longer today, and that has financial implications, from running out of money to being at a higher risk of needing long-term care.
You can read the full original article at: http://www.foxbusiness.com/personal-finance/2014/08/28/essential-retirement-tips-for-boomers/