When Thinking Of Retiring, Expert Says Plan Ahead
By Lynne Adkins
PHILADELPHIA (CBS) -- If you're even thinking about retirement, do more than think....plan.
It's never too early to plan for retirement according to Alan Schapire of Convergent Financial Advisors in Media. He says start with a list of your current monthly expenses.
"Once you have that information you can look at it and say well this is going to change or this can be eliminated and then start thinking about what's going to be added, all those additional costs you have free time on your hand, so what are you going to do are you going to play golf every day or tennis every day and what's the cost of doing that."
And don't forget the cost of health care, because most of us are living long lives. Then add up all your sources of income, social security, 401k, pensions, annuities and decide if you can actually afford to quit that job.
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