Simple Steps to Do Your Own Financial Retirement Planning

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Simple Steps to Do Your Own Financial Retirement
Planning
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• When you hear the term
  financial planning, the first thing that comes to
  the mind are complex financial statements and
  financial advisors. Ever thought about putting
  together your own financial plan? No one could
  know your financial needs better than yourself.
  Planning for a secure financial future might seem
  like a daunting task, especially if you are not
  sure about what your financial goals are.
  Intimidated by the uncertainties, most of the
  people end up hiring financial advisors to chalk
  out a financial plan for them. However, it is not
  always necessary to hire a professional to get
  your finances in order. Given below are a few
  simple steps that will help you do your own
  financial planning-

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• Set goals Goal setting in relation to your
  finances is the first step towards planning your
  finances. You need to be clear about what you
  want to achieve financially so that you can plan
  accordingly. Think about both short term and long
  term goals. Short term goals would include paying
  of small debts like credit card bills and long
  term goals would include childrens educational
  fund, retirement funds etc. To help you estimate
  the amount of money required, there are financial
  calculators such as retirement calculators, term
  premium calculators etc.

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• Asses your current financial standing Before
  you set about planning for the future, you need
  to have a good understanding about your present
  financial situation. Calculate your net worth by
  subtracting your debts (liabilities like mortgage
  loan or credit card balances) from the total
  amount of what you own of value (assets like your
  retirement and bank account balances). Dont be
  disappointed if your balance is negative. A sound
  financial planning will enable you to turn around
  your finances.

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• Stay protected you need to make provisions to
  stay protected from unforeseen financial
  disasters such as accidents, loss of job, high
  inflation etc. To minimize the impact of such
  financial hazards, insurance is a must. Life
  insurance, health insurance and motor insurance
  must be a part of your financial portfolio. Even
  if you have existing insurance plans from your
  employer, it should be supplemented with
  insurance that you buy on your own. Chances are,
  you need more coverage than you think from your
  Retirement Plan Company.

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• The majority of my career has been dedicated to
  preserving retirement security, particularly
  helping employers establish and maintain
  retirement plans. I've gained an appreciation for
  companies that help their employees prepare for
  retirement by offering a pension plan, despite
  the perceived burden of maintaining such a
  commitment. I've also gained an appreciation for
  the dedication of federal government staffs in
  the pension area.

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