There are many additional steps you can take, and tips to consider, even if you are already following the baseline retirement advice.
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Bayside, N.Y. (PRWEB) February 07, 2013
Personal Finance expert Walter Edelstein, CFP® has published new timely tips on RetirementAdvice.com that can help consumers establish a broader retirement plan for themselves. Consumers need to get objective information on best practices they can use to improve their financial situation. RetirementAdvice.com is one of the sites that are part of TheAdvice.com Personal Financial Site Network that provides consumers with free information and easy to implement practical ideas to help them achieve their personal financial goals. Following is a summary of the new article which is one of the many “How to” articles that have been published on TheAdvice.com Personal Finance Site Network.
Most consumers have heard the standard retirement advice so many times that they probably think they know all that there is to know about retirement planning. They know that it's essential to start contributing to their IRAs and 401(k) accounts as early as possible in their careers, and that they should look to maximize their contributions each and every year, and take advantage of employer matching contributions. These often repeated guidelines are important because they provide a strong foundation for a retirement savings plan.
According to Mr. Edelstein "there are many additional steps you can take, and tips to consider, even if you are already following the baseline retirement advice." Mr. Edelstein has published ten uncommon retirement tips to consider:
1. Think Long Term as Well as Short Term. One mistake that some new retirees make is shifting their entire portfolio from growth oriented investments into safe but relatively low yielding income investments. Once one enters retirement there's still a good chance consumers will still need their nest egg to support them for at least another 20 or 30 years, so growth investments still have a place in a portfolio.
2. Consider a Co-Housing Arrangement. Some retirees have discovered that a "co-housing" environment, where two or more retired individuals or couples live under the same roof, can provide a valuable social outlet and help keep living expenses affordable.
3. Don't Worry About "Keeping Up" With Friends. The pressure that some adults feel to match the outward financial success of their colleagues and neighbors can continue into retirement. Avoid the temptation to take lavish vacations or purchase a new car in retirement simply because friends have done so.
Click here to read the remainder of the uncommon retirement advice tips.
About TheAdvice.com Personal Finance Site Network
TheAdvice.com Personal Finance Site Network was launched in 2009, and since then has provided consumers with hundreds of free articles and financial tips across a broad array of personal finance topics. Several of the sites in TheAdvice.com Personal Finance Site Network include:
CreditCardAdvice.com – where consumer can learn how to establish credit, protect credit, choose the right credit card, and unlock the secrets of a credit report.
InsuranceAdvice.com – where consumers can find answers to many insurance questions including how to secure the right coverage for all home, health, life and automobile insurance needs.
Mr. Edelstein has financial experience that spans over thirty years. It includes being a Certified Financial Planner™, having a Master's Degree from Columbia University, and having served as Chief Marketing Officer for a major online bank where he honed his online marketing skills to help consumers achieve their financial goals.
TheAdvice.com proudly reaches out with this network of personal finance websites to help individuals and families discover the path to financial knowledge.