Skip to main content

Sponsored Content

Take a Holistic Approach to Retirement Planning

Apr 03, 2017 03:34AM ● Published by Family Features

Although retirement is a milestone for all working adults, decades of hard work may not pay off if you haven’t planned for your financial needs once a regular paycheck stops coming.

According to research by the Insured Retirement Institute (IRI), millions of Baby Boomers stepping into their retirement years have unrealistic expectations and lack a full understanding of the danger of running out of money during retirement. However, the challenges do not stop with Baby Boomers. A recent study indicated 47 percent of Gen-Xers and more than half of Millennials believe a secure retirement is beyond their reach.

“Most people recognize the need to grow their wealth before retirement, but getting there isn’t always a clear path,” said Cathy Weatherford, IRI president and CEO. “Starting early and taking a holistic approach to financial planning is truly essential for a safe and dignified retirement.”

Experts generally concur that it’s never too early to begin planning for retirement, but depending on your stage of life, your approach may vary. Consider this advice from the experts at IRI to get on a path toward financially secure retirement.

Student
Forming good money habits can set you up for a lifetime of success. An act as simple as putting spare change in a jar can help you start saving. Talk to adults you trust about how to create a budget and work toward a financial goal. Auto insurance and cell phone bills are important expenses to factor into your budget.

Building a career
Once you have a solid budget, stick to it and set aside some money to save. Compound interest adds up over time and the earlier you start compounding, the better. Credit will also start to play more of a factor in your life, as major expenses like buying a house or car, or starting a business rely greatly on your credit.

Mid-career
At this stage, your employer may offer a retirement savings plan. Whether you have various investments to manage or not, you should start to look at your building your portfolio and retirement plan. This mid-career life stage is a good time to set a retirement savings goal, and now is also the time to consider hiring a financial advisor.

A professional can help you explore less understood but worthwhile approaches to holistic retirement planning such as annuities. Annuities are essentially insurance contracts that come in different types and offer several options to meet a variety of financial objectives. They are a guarantee of income as you age.

Late career
At this stage, you probably have a better idea as to when you will be able to retire, but it’s important to review your savings on an annual basis and make adjustments, if needed, to stay on track. As you approach retirement, you’ll want to research Social Security, Medicare and long-term care options to ensure you have a comprehensive view of your future finances.

Ready for retirement
If you haven’t already done so, the time has come to better research your Social Security benefits (and when it’s best to start accessing them), Medicare coverage and long-term care options. This is the time to start making some choices, such as whether you will downsize your home and how to eliminate as much debt as possible. One of the more complex aspects surrounding retirement can be determining which of your accounts to tap and in what order, and a professional can help guide you.

Explore more resources and tools to aid your retirement planning at retireonyourterms.org.

Photo courtesy of Getty Images

Sponsored by Insured Retirement Institute

Family Features Family Features Lifestyle
  • Shadows at The Shadows

    11/21/2017
    10:00AM — 04:00PM

    Photographer and filmmaker James Edmunds' will be displaying his most recent photographs in a new...


  • Shadows at The Shadows

    11/23/2017
    10:00AM — 04:00PM

    Photographer and filmmaker James Edmunds' will be displaying his most recent photographs in a new...


  • Shadows at The Shadows

    11/24/2017
    10:00AM — 04:00PM

    Photographer and filmmaker James Edmunds' will be displaying his most recent photographs in a new...


  • Shadows at The Shadows

    11/25/2017
    10:00AM — 04:00PM

    Photographer and filmmaker James Edmunds' will be displaying his most recent photographs in a new...


  • Santa's Coming to All Seasons

    11/26/2017
    02:00PM — 05:30PM

    Dress up the family and come for a FREE meet & greet with Santa! Feel free to bring your photo ...


  • Shadows at The Shadows

    11/27/2017
    10:00AM — 04:00PM

    Photographer and filmmaker James Edmunds' will be displaying his most recent photographs in a new...


  • Shadows at The Shadows

    11/21/2017
    10:00AM — 04:00PM

    Photographer and filmmaker James Edmunds' will be displaying his most recent photographs in a new...


  • Shadows at The Shadows

    11/22/2017
    10:00AM — 04:00PM

    Photographer and filmmaker James Edmunds' will be displaying his most recent photographs in a new...


  • Ready. Set. Gleaux! On Thanksgiving Eve (Nov 22nd), light up the night sky with us by wearing th...


  • On Thanksgiving Eve (Nov 22nd), light up the night sky with us by wearing things that GLEAUX as w...


  • Annual lighting of the Christmas tree in downtown Lafayette, during Downtown Alive. Live music by...


  • Ladies Night Karaoke

    11/22/2017
    09:00PM — 02:00AM

    Double whammy! Not only is Karaoke back every Wednesday, but so is Ladies Night! Ladies, come in ...


  • Shadows at The Shadows

    11/23/2017
    10:00AM — 04:00PM

    Photographer and filmmaker James Edmunds' will be displaying his most recent photographs in a new...


  • Shadows at The Shadows

    11/24/2017
    10:00AM — 04:00PM

    Photographer and filmmaker James Edmunds' will be displaying his most recent photographs in a new...


  • Shadows at The Shadows

    11/25/2017
    10:00AM — 04:00PM

    Photographer and filmmaker James Edmunds' will be displaying his most recent photographs in a new...


  • Santa's Coming to All Seasons

    11/26/2017
    02:00PM — 05:30PM

    Dress up the family and come for a FREE meet & greet with Santa! Feel free to bring your photo ...


  • Shadows at The Shadows

    11/27/2017
    10:00AM — 04:00PM

    Photographer and filmmaker James Edmunds' will be displaying his most recent photographs in a new...


  • Shadows at The Shadows

    11/28/2017
    10:00AM — 04:00PM

    Photographer and filmmaker James Edmunds' will be displaying his most recent photographs in a new...


  • Ladies Night Karaoke

    11/29/2017
    09:00PM — 02:00AM

    Double whammy! Not only is Karaoke back every Wednesday, but so is Ladies Night! Ladies, come in ...


  • The Oil Center's 24th Annual Festival of Lights

    12/01/2017
    05:00PM — 09:00PM

    A nostalgic tradition. Stop, shop and roll on a horse drawn carriage ride, and take photos with S...


  • Noël Acadien Au Village

    12/01/2017
    05:30PM — 09:00PM

    Beautiful recreation of a traditional Cajun village. Entertainment for the whole family. Enjoy ho...


  • NISH Baseball Arts & Crafts Festival

    12/02/2017
    09:00AM — 04:00PM

    Arts & crafts vendor booths, food, raffle, talent show


  • Using Francis Pavy's “Lake Arthur Lotus” for inspiration, local artist Ben Koch will teach a foam...


  • Noël Acadien Au Village

    12/02/2017
    05:30PM — 09:00PM

    Beautiful recreation of a traditional Cajun village. Entertainment for the whole family. Enjoy ho...


  • Sonic Christmas Parade 2017

    12/03/2017
    01:00PM — 03:00PM

    Sunday, December 3rd, starting at 1:00pm in downtown Lafayette. La. For more info or to be part ...


  • Noël Acadien Au Village

    12/03/2017
    05:30PM — 09:00PM

    Beautiful recreation of a traditional Cajun village. Entertainment for the whole family. Enjoy ho...


  • Noël Acadien Au Village

    12/04/2017
    05:30PM — 09:00PM

    Beautiful recreation of a traditional Cajun village. Entertainment for the whole family. Enjoy ho...


  • Noël Acadien Au Village

    12/05/2017
    05:30PM — 09:00PM

    Beautiful recreation of a traditional Cajun village. Entertainment for the whole family. Enjoy ho...


  • Toddler Time

    12/06/2017
    10:00AM — 11:00AM

    Parents and their children will enjoy story time, songs with finger play, participate in a hands-...


  • Noël Acadien Au Village

    12/06/2017
    05:30PM — 09:00PM

    Beautiful recreation of a traditional Cajun village. Entertainment for the whole family. Enjoy ho...


  • Ladies Night Karaoke

    12/06/2017
    09:00PM — 02:00AM

    Double whammy! Not only is Karaoke back every Wednesday, but so is Ladies Night! Ladies, come in ...


  • Noël Acadien Au Village

    12/07/2017
    05:30PM — 09:00PM

    Beautiful recreation of a traditional Cajun village. Entertainment for the whole family. Enjoy ho...


  • Comedy Corner Presents

    12/07/2017
    08:00PM — 10:00PM

    Dave Stone is currently co-host of the The Boogie Monster Podcast with Kyle Kinane. Based in L...


  • Noël Acadien Au Village

    12/08/2017
    05:30PM — 09:00PM

    Beautiful recreation of a traditional Cajun village. Entertainment for the whole family. Enjoy ho...


  • Shadows Holiday Craft Fair

    12/09/2017
    09:00AM — 03:00PM

    The Shadows-on-the-Teche has rescheduled our Fall Arts and Crafts Fair, and just in time to finis...


  • Shadows Holiday Craft Fair

    12/09/2017
    09:00AM — 03:00PM

    The Shadows-on-the-Teche has rescheduled our Fall Arts and Crafts Fair, and just in time to finis...


  • Yoga in the Galleries

    12/09/2017
    11:00AM — 12:00PM

    Join us on the second Saturday each month for yoga at the Hilliard Museum led by an RYT-200 certi...


  • Noël Acadien Au Village

    12/09/2017
    05:30PM — 09:00PM

    Beautiful recreation of a traditional Cajun village. Entertainment for the whole family. Enjoy ho...


  • Starting at the intersection of S. Morgan down Albertsons Pkwy., come to the city of Broussard fo...


  • Noël Acadien Au Village

    12/10/2017
    05:30PM — 09:00PM

    Beautiful recreation of a traditional Cajun village. Entertainment for the whole family. Enjoy ho...


  • Noël Acadien Au Village

    12/11/2017
    05:30PM — 09:00PM

    Beautiful recreation of a traditional Cajun village. Entertainment for the whole family. Enjoy ho...


  • Noël Acadien Au Village

    12/12/2017
    05:30PM — 09:00PM

    Beautiful recreation of a traditional Cajun village. Entertainment for the whole family. Enjoy ho...


 

 

November / December Holiday Issue 2017