Retirement Planning in 6 Easy Steps
You need to work to sustain your lifestyle -- but you also hope your hard work provides you with a comfortable retirement. Reaching retirement age only to learn this dream won't come true can devastate anyone. Make sure that doesn't happen to you. You can retire successfully, but you'll need some careful planning. These 6 steps will help you get started.
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Picking a retirement year lets you set a time horizon -- a key measure for retirement planning. The closer your retirement date, the less aggressively you need to invest. If you don't reduce your equity exposure as you near your retirement date, you risk entering a bear market in the years before retirement. On the flip side, not investing aggressively enough while you're younger means your accounts won't grow as well as they otherwise would. Both outcomes might leave you without enough money to survive during your retirement years.
Source Fool.com
