| (ARA) - If you've delayed planning for | | | | 3. Guffaw loudly because only rich people can |
| retirement because it makes you feel a) old | | | | afford to do that |
| or b) financially inept, think again. With a | | | | |
| little foresight, you could be out there | | | | I can phase into retirement if I |
| enjoying life like other people -- maybe even | | | | |
| before you reach the so-called "retirement | | | | 1. Plan ahead for big ticket items that might |
| age." | | | | tempt me to draw on investments too soon |
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| Like many people in the prime of life, it's | | | | 2. Take a one month leave from my current job |
| not unusual to think of retirement as such a | | | | to test the waters |
| distant idea that you avoid saving for it | | | | |
| until next week, next year, next job. After | | | | 3. Just up and quit |
| all, who's got time to think about the "R" | | | | |
| word? In reality, it's never too late, or too | | | | The cost of inflation |
| early, to start planning for retirement. | | | | |
| | | | 1. Is expected to rise from 2 to 4 percent |
| Retirement used to be defined as what a | | | | per year |
| person was no longer doing. More and more, | | | | |
| however, retirement has come to mean what a | | | | 2. Is always changing |
| person is can do. Choosing a second career. | | | | |
| Traveling to see the world. Volunteering in | | | | 3. Will have no effect on retirement plans |
| the community. Taking on a new hobby. Taking | | | | |
| care of grandchildren. | | | | The nation's Social Security program |
| | | | |
| If Mondays find you heading for the highway | | | | 1. Will eventually run out of money |
| to work, but you'd rather be heading for the | | | | |
| golf course to play, it might be time to | | | | 2. Will cover only some of my retirement |
| consider your financial future -- even if | | | | costs |
| you're among the three out of four Americans | | | | |
| who hate financial planning. | | | | 3. Will always be there for me, just like it |
| | | | was for my parents |
| "You don't need to be a financial wizard to | | | | |
| start thinking about early retirement," says | | | | Disability income insurance is |
| Randy Schuldt, vice president with | | | | |
| IHateFinancialPlanning.com, a Web site | | | | 1. A good idea, since there's a 42 percent |
| devoted to the 75 percent of Americans who | | | | chance I'll become disabled between the ages |
| hate financial planning. "With some simple | | | | of 30 and 50 |
| steps, you can take control of your financial | | | | |
| future before it starts controlling your | | | | 2. Something you should buy if you have a |
| dreams." | | | | disability |
| | | | |
| To help better understand what's involved in | | | | 3. Only for old people |
| retirement planning, has developed a | | | | |
| 10-minute quiz -- an early retirement | | | | A fixed-rate annuity is |
| calculator of sorts -- that will help | | | | |
| determine your state of readiness. If your | | | | 1. A contract with a life insurance company |
| score points to a lifetime of enduring the | | | | designed to provide for a regular stream of |
| daily grind, a visit to or a meeting with a | | | | payments at a later date |
| financial planner might help perk up your | | | | |
| financial future. | | | | 2. Too complicated for me to worry about |
| | | | |
| Early Retirement Readiness Calculator | | | | 3. Considered to be a risky investment |
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| 1. I dream about my retirement | | | | The key to early retirement is |
| | | | |
| 2. All of the time | | | | 1. Having a retirement goal |
| | | | |
| 3. Only when work drives me nuts | | | | 2. Having a job with a good retirement plan |
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| 4. None of the time | | | | 3. Winning the lottery |
| | | | |
| I know exactly what I want to do when I | | | | SCORING: |
| retire | | | | |
| | | | Give yourself 3 points for every "A" answer; |
| 1. Yes -- in fact I've identified the date | | | | 2 points for every "B" answer; 1 point for |
| | | | every "C" answer. |
| 2. Too many choices to decide | | | | |
| | | | 36 points: Kiss work goodbye? You may be |
| 3. No -- I'll be too old anyway | | | | headed straight for the beach. We'd tell you |
| | | | to pack suntan lotion for when you leave, but |
| IRA stands for | | | | then, you've probably already planned that, |
| | | | too. |
| 1. Individual Retirement Account | | | | |
| | | | 25 to 35 or more points: So near, yet so far. |
| 2. Irish Republican Army | | | | While you may have a good understanding of |
| | | | what a retirement plan needs to include, it's |
| 3. IRA -- you mean my cousin Ira? | | | | time to put your ideas into action. Check out |
| | | | for some easy to understand, non-intimidating |
| I regularly contribute to my 401(k) at work | | | | ways to fill the gaps of your plan. |
| | | | |
| 1. At the maximum amount of money allowed | | | | 16 to 24 points: Minimum effort may not get |
| | | | you where you want to go. Your plans could |
| 2. As much as I can afford | | | | still use some fleshing out. You may want to |
| | | | consider talking with a professional to help |
| 3. Never | | | | solidify your dreams. Keep your retirement |
| | | | goals in mind and get a financial plan that |
| I expect my health insurance costs to | | | | will keep you headed in the right direction. |
| decrease as I get older | | | | |
| | | | 12 to 15 points: Early retirement, or any |
| 1. False | | | | kind of retirement, might not be in your |
| | | | future. Get thee to a financial professional! |
| 2. I'm not planning on getting older | | | | If the mere thought of it makes you queasy, |
| | | | at least do this: mark your calendar for Feb. |
| 3. True | | | | 3-10. That's the official celebration of I |
| | | | Hate Financial Planning Awareness Week, a |
| If I pay off my mortgage before I retire I | | | | week dedicated to helping people who hate |
| will be able to | | | | financial planning learn how to deal with |
| | | | money matters and how to manage and invest |
| 1. Pocket up to $250,000 in tax-free profit | | | | money. You'll find more information and ways |
| on the sale of my home | | | | to cope at It even has an on-line panic |
| | | | button that you can push to get out your |
| 2. Barely scrape by on my other bills | | | | financial frustrations. |
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