Tips for retirement planning

* If you don't want to work during your retirement years, you need to ensure that you have enough savings.

* By determining how to save for retirement, you will be able to set your goals and not worry about the future.

* Start planning for retirement early. It may seem as if retirement is in the distant future, but it is never too early to start planning to enjoy and finance it.

* Think about how you want to live and where. Calculate how much money you will need.

* Plan for the possibility of living longer than you expect. Include the possibility of being on a fixed income for as long as 20 or 30 years.

* Create a financial plan with an expert financial planner.

* Make a plan to pay off all your debts long before you retire. It should be your goal to go into retirement with no outstanding credit-card debt, and plan on finishing up your mortgage by the time you retire.

Also read the article stay active after retirement.

Taken from: News Straits Times - 12 July 2012 (article), Google (images).