NEW YORK, NY -- (Marketwired) -- 05/13/13 -- A recent article from Fox Business offers some beginner tips for those just starting the retirement planning process -- and according to financial services veteran Randy Siller, the article's points are well worth studying. The Fox Business piece begins with a summary of the two most essential rules of retirement planning -- namely, that it is important to actually plan, and that it is important to start saving and planning as early in life as possible. From there, the article provides a number of insights to those who are just beginning to get serious about their own retirement savings. Randy Siller has responded to the article in a new statement to the press.
"For young people, retirement planning can be very difficult, as it can be genuinely difficult to image what life will be like, post-career," Siller explains, in his new press statement. "Additionally, when you make retirement plans at a young age, you are forced to make a lot of estimates, guessing about how long you will work, what kind of lifestyle you will have when you retire, what kind of medical needs might arise, and so on. Making these estimates in the abstract is difficult, but necessary -- and as you get closer and closer to retirement, you can revise and adjust these guesses."
Despite the complex nature of early retirement planning, Siller says it is highly beneficial to start planning and saving as early in life as possible. "Retirement planning is a young man's game, and the earlier you start, the better off you will be," Siller says. "Compound interest allows you to build capital over time, so those who start saving young can end up with much more wealth than those who wait."
Meanwhile, Fox Business affirms the importance of young people devising "rough estimates" to suit their retirement planning needs. While those in their 20s will likely have no way of knowing when they will be able to retire, coming up with a general timeframe is helpful.
The report also recommends that pre-retirees plan on replacing at least 70 percent of their pre-retirement income once they retire. "This value is often closer to 80 or even 90 percent, but the really important thing is to think strategically about a retirement budget," Siller offers. "Break down your budget into basic necessities, like food and clothing, as well as expenses related to travel or other leisure pursuits. How much will it cost you to live the kind of retirement lifestyle you truly want? This is an important consideration in the planning process."
Concludes Randy Siller, "The bottom line is simply that it pays to start asking questions, and thinking critically about retirement, early in life."
Financial services veteran Randy Siller is a founding partner of the firm Siller & Cohen. For more than 20 years, the firm has offered wealth advisory services to families, individuals, and businesses across the country. Randy Siller has been cited in numerous publications, including Time and Fortune.
Registered associates of Siller & Cohen are registered representatives of Lincoln Financial Advisors Corp. Securities and advisory services offered through Lincoln Financial Advisors Corp., a broker/dealer (Member SIPC) and registered investment advisor. Insurance offered through Lincoln affiliates and other fine companies. Siller and Cohen is not affiliated with Lincoln Financial Advisors Corp. CRN 201305-2080743
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