3 Things You Should Know About Retirement, No Matter Your Age
glamour.comcan be an untouchable pile of money in a diversified account—but it can be many other things, too. In a on how to save for retirement at any age, here are three universal truths we heard from our experts.Don’t mistake for a very long vacation that you’ve budgeted for. (It’s not dollars in the bank divided by the number of years you think you’ll live = your annual allowance.) You may still need income, but your savings will be the one working for it, not you. “Understand the underlying mechanisms for how retirement works in very broad strokes,” says Paco De Leon, author of Finance for the People: Getting a Grip on Your Finances.
For many people, for retirement means investing a portion of their income over a long period of time and eventually amassing enough assets to generate a revenue stream that they can live off. “Do your best to stay consistent,” she says, “and if you can, enjoy the damn ride.”You might think are reserved for the same people who hire butlers and personal umbrella holders, but that’s not the case. “A financial planner [can] help you navigate your financial goals,” says Zaneilia Harris, of in the D.C.
area and author of Finance ’n Stilettos. She can also decipher confusing documents and terms (liquidity and trusts and bonds, oh my!) and help guide your priorities as you consider your finances different life stages, whether you’re buying a home or deciding how to save for retirement.
A conversation around how to save for retirement will involve “reviewing your current expenses, anticipated retirement expenses, reviewing what you are saving and what you have saved, your investment selections—all to see if you are on the right track with achieving the lifestyle you desire when you retire,” Harris says..
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