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Budgeting & Personal Finance

Retirement

By , About.com Guide

What's the single most important item on your financial planning list? Retirement. Saving for retirement is a non-negotiable component of your budget: you should put aside money each month for retirement, even if it means you have to finance a car, delay buying a home, or attend an in-state college.
  1. How Much Will I Need for Retirement?
  2. How Much Should I Save and Withdraw?
  3. I Started Late. Now What?
  4. Definitions of Key Retirement Terms

How Much Will I Need for Retirement?

The first step in creating a budget is calculating how much money you need. That's hard enough to do for your present-day life. When it comes to retirement planning, that's a extra-tricky question.

On one hand, your home will probably be paid off and you'll be eligible for Medicare. On the other hand, you may need an at-home aide, you might need to hire someone to mow your lawn and do other household tasks, or you may choose to travel more.

In this section, you'll find out how to complete the first step in creating a budget: discovering how much you need.

How Much Should I Save and Withdraw?

You've completed Step One: you've calculated how much you think you'll need for retirement. Now comes Step Two: saving the necessary amount. Read guidelines about how much you'll need to set aside each month in order to reach your goals. Learn about IRS retirement contribution limits and withdrawal guidelines.

I Started Late. Now What?

Open almost any financial planning book, and you'll read that the best time to start aggressively saving for retirement is in your 20's or 30's.

Oops. You didn't do that. Now what? Learn about budgeting and planning for retirement if you're getting a late start.

Definitions of Key Retirement Terms

Confused by the jargon? Here are the definitions of key terms that are often used by retirement planners.

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