Family Finance: Planning for the Future
Planning for retirement can be a challenge for everyone. The earlier you begin to plan, the longer you will have to reach a specific retirement goal.
Being prepared for retirement means actively planning ahead for those years.
Several different phases of retirement occur: The Four Financial Phases of Retirement
Several areas of financial management need to be considered to help achieve a goal of financial independence during retirement:
- Budgeting Tracking expenses and planning for the future can help along the way and in managing retirement income.
- Credit Cards and Debt Advantages and disadvantages of different types of cards; how to avoid identity theft.
- Insurance Understanding insurance terms and the reason for buying different kinds of insurance can help consumers make well-informed decisions. Before visiting with an insurance agent, consider what information and questions you need to address to determine your risks and insurance needs and how you could adequately address them.
- Talk about money matters with your spouse, children, or caregivers.*
(*PDF document, 2 pages. Requires Acrobat Reader, download free.)
This article has been written and reviewed by UNL Extension Educators and Specialists.