Whether you’re hoping to retire at the average age of 62, plan on working into your 70s or hope to retire early in your 40s, having a well-funded, diversified retirement plan in place is crucial to your future.
Ultimately you’ll need to start your accounts and fund them through your local bank or your favorite investment firm, but social media and blogs are actually a useful tool in determining which type of account will best suit your needs.
What’s your plan?
First, you need to make a plan.
How old do you want to be when you retire? Be realistic.
Sure, many people would probably retire tomorrow if they could, but that’s not a reality for most.
Next, determine how much money you need to live on each year after retirement. One way to retire earlier than expected is by keeping your living expenses low. An example would be cutting cable. Not only will this save you $100 per month, but it also lowers your monthly living expenses by $100 for the rest of your life.
The article “The 5 best retirement calculators” provides five retirement tools for helping you plan your retirement. They include NewRetirement, T. Rowe Price, American Funds, AARP and Bankrate.
Using social media for retirement
Social media provides a wealth of information on retirement. Between personal finance bloggers, wealth-planning experts and retirement planning websites, there is no shortage of information.
Here are a few tools you can use to help plan your retirement:
Blogs
Personal finance and retirement blogging is huge right now. You can find people sharing their stories on how they retired early, read about specific budgeting plans to help you meet your retirement goals and connect with financial professionals across the U.S. Not only is the information on blogs useful and informative, it’s also personal and specific.
You can use Twitter to follow your favorite investment firms, keep in touch with financial planners and stay up-to-date on retirement news and information. Currently, 14 percent of people ages 50 and older use Twitter
Facebook is the largest social media platform with more than one billion users worldwide. Of people aged 50 to 64, 60 percent use Facebook. 45 percent of people aged 65 and up use Facebook, too. Facebook can be used to connect with retirement professionals and financial planners, follow your favorite banks and investment companies and read news regarding specific retirement plans.
LinkedIn is a professional social media networking site. This is the site to use to locate financial planners in your area. You can read reviews of them, see how many people they’ve helped, see what company they work for and more.
By using a variety of social media platforms, you can stay connected to financial news and information, especially when it comes to your retirement.
The more platforms you use, the more exposure you’ll have to the world of personal finance blogging, retirement and investing news, and access to financial planners.
Photo credit: Image courtesy of Stuart Miles at FreeDigitalPhotos.net
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