Are You Financially Ready For Retirement? - KTRE.com | Lufkin and Nacogdoches, Texas

02/28/05 - Lufkin

Are You Financially Ready For Retirement?

by Stuart Burson

Retirement should be something to look forward to. But a new poll shows instead of living a leisurely lifestyle during those retirement years, many Americans don't believe they'll have enough money to live off of once they quit their jobs.

John Kennedy makes it his living helping people plan for their retirement. Having enough money to live a comfortable life in your golden years is something all couples want. But Kennedy says you can't rely on social security to support you once you quit your job.

"We always go back to the fact that social security never was, never has been intended to be the sole means of retirement for anyone, so it always has to be supplemented." says Kennedy

The best advice, start early. Kennedy has seen people save themselves wealthy, but it has to start when a person is young.

"Of course, it's never too late... something is always better than nothing. Again, the earlier in life that you start some type of savings program, whether it's a 401k or some type of pre-tax savings through your employer, or whether you're doing it on your own regardless of how you're doing it, the more years you have for that compounding to help you, the greater chance you have for having more there."

Simply put, it's all about time. The more time you have to save and invest, the better off you'll be when it comes time for you to retire.

Kennedy says another advantage to starting your retirement planning while you're young is you can take greater risks in your investments. He says later in life, the more diversified and cautious you should be.

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