Question of the Day on "I’m fifty-seven years old and behind on my retirement planning. I’m watching my parents in their older years have to watch every penny and I don’t want to have to live like that. What do I do?"

Answer:  I guess you are at least aware. Now you need to develop a plan and take action. Your retirement lifestyle is dependent primarily on two things…your required spending and your monthly income or cash flow.  

Look at your current spending patterns and spend a little effort projecting those patterns into your retirement years. Then list what retirement income you will have.  

Obviously, if the spending is far greater than the income, you have serious work to do. If that is the case, don’t wait until retirement to “fix” the shortfall, start today. Work on lowering your “fixed” monthly costs and save more to increase your retirement cash flow. If you are not comfortable doing this on your own, you may need the help of an accountant or a Certified Financial Planner in your area. But, do take action or you will likely follow your parent’s pattern.

To locate experts in your state who can help you with these elder care matters, go to: – America’s online source for elder care experts plus information & answers about a wide range of elder care matters.

Philip C. Benedict, CFP
Benedict Financial Advisors, Inc.
Atlanta, Georgia  30328
Member of the national ElderCare Matters Alliance, Georgia chapter

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