Why Plan for your retirement?

Have you asked yourself how you want to spend your time when you retire? It could be traveling the globe, perhaps developing that hobby you never had time for, learning a new language or helping out your family financially. Regardless what your aspirations are, it is important to take a moment and think about what your retirement goals are and then plan how you are going to achieve them.

You might say to yourself, I still have 30 years until I retire, why plan for something so far off? The truth is that the earlier you start putting cash aside for this time of your life, you are sure to enjoy a more comfortable retirement.

Planning for retirement means being proactive, it’s telling yourself you want something and doing something about it.  Here are a few essentials to ponder when developing your retirement plan.

• Have you asked yourself what happens when you stop receiving your paycheck?
• Will you have enough to cover your expenses (health insurance, mortgage/rent, utilities, hobbies, etc?)
• What will be your sources of income during your retirement?
  • Social Security
  • Personal Savings
  • Investments
  • 401(k)/1165(e) savings
  • Other retirement accounts

Other useful advice is to write down your goals, set target dates and estimate the cost of reaching those goals.

Retirement planning – a salute to your future.

For more information regarding retirement planning, please contact Banco Popular’s Financial Planning division at 787-765-9800 ext. 5172.