Retirement is considered to bring a liberating phase in oneâ€™s life when he can finally have enough time to spend with his friends and family and enjoy activities that he had to forego previously due to lack of time. However, being financially independent is crucial for enjoying this phase in a tension free way. And this is where the need for retirement planning comes into the picture.
If you had not considered it previously, then you can start now by saving money and investing it into different ventures, like real estate, stock market and bonds. Ideally you should invest about 10%-15% of the gross earnings, which is the money you are left with in a year after deducting taxes. After investing you should have enough money as savings to pay for usual expenses, like property taxes, home maintenance, utility bills, auto insurance, medical bills etc. Besides these, you also need to evaluate extra expenses which might arise in case you decide to travel frequently or indulge in some expensive hobby.
Generally, it is recommended that you will need around 70%-80% of what you are spending before retirement to live comfortably once you have retired. To make it clearer, imagine your monthly earnings are $5,000, which add up to $60,000 in a year. So, you will need about $3700 for your monthly expenses and $44,400 to spend in a year. This example is enough to give you an estimate of how much money you will approximately need to live a happy life after retirement, depending on your current income, expenses and future plans.
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“consumers wishing to file a complaint against a company or a residential mortgage loan originator should complete and send a complaint form to the texas department of savings and mortgage lending, 2601 north lamar, suite 201, austin, texas 78705. complaint forms and instructions may be obtained from the department’s website at www.sml.texas.gov. a toll-free consumer hotline is available at 1-877-276-5550. the department maintains a recovery fund to make payments of certain actual out of pocket damages sustained by borrowers caused by acts of licensed residential mortgage loan originators. a written application for reimbursement from the recovery fund must be filed with and investigated by the department prior to the payment of a claim. for more information about the recovery fund, please consult the department’s website at www.sml.texas.gov.”