Why is it important for your retirement planning and investments to be compared? A comparison of your investments against other investments. A worksheet for retirement planning can guide you with comparisons like this. Investments are listed in reverse order of greatest risk. Investments in the stock market are listed in ascending order from highest risk to lowest risk. Investments in bonds, real estate, and equities are listed in alphabetical order.
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The purpose of a retirement worksheet is to help you compare your investments in order of risk and investment return. This will give you a good idea of what you should have in place for retirement planning. Here are some of the things you’ll find in a worksheet for retirement planning.
What are your retirement plans? In your retirement planning, you will want to list all of your investments and your retirement plans. You should also list those retirement plans you may have already started. You may wish to include bonds, stocks, and mutual funds in your retirement plans. You can then compare those investments against other investments that are on your list to see what will work best for your retirement plan.
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How long do you plan to retire? This worksheet will help you determine how much you’ll need to live on after your retirement. Take into account your current age and your life expectancy. Then list your long-term retirement plans, including your IRA, 401K, social security, employer sponsored plans, and other individual retirement accounts you may have. See which of these investments gives you the best return.
What are your lifestyle and investment habits? Some retirement plans reward early retirees with a lower income for their retirement. Others are based on the earnings of older workers. You will want to compare all of your investments with your own to see what will give you the best life after retirement. The worksheet can also compare these investments with others on your retirement list to see how well you are doing with your retirement plans.
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When you compare your investments use the age of the people included in the worksheet to select the higher earning bracketed investments. If you are young and expect to retire young, choose the safer options on your list. Otherwise if you are older you may want to choose some of the higher risk options on your list to increase your potential for large returns.
What is your total annual income? Some worksheets compare retirement plan options only by overall income, comparing your pretax income with what you expect to make in the future. Others use estimated annual real estate taxes and life expectancy tables to show the expected life span for various investments. If you compare using this second method, it’s important not compare too many years because of the significant uncertainty of life expectancy.
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Is your goal to live as long as possible? This is another question that worksheet answers can’t always answer. Unfortunately, there is no exact science to extending life. Your goals, your lifestyle, and your medical status will play a role in how long you live. Some people may be able to stay active and healthy for decades, while others have health problems or other lifestyle issues that make living longer an option. Be sure to check with your doctor before comparing your portfolio to your life expectancy.
Have you ever taken a financial assessment for retirement planning? A retirement worksheet can help you compare using a retirement plan to invest for retirement. If you are comparison shopping for a retirement plan check the return on investment data. How does the plan fit into your overall investment strategy? You may want to increase your risk with some of your retirement investments to reduce your tax obligation.
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Do you have a diversified portfolio? A comprehensive portfolio is designed to minimize risk of loss, stabilize your investment portfolio over time, and increase your wealth over time. Many financial worksheets don’t compare your portfolio to other portfolios. Investing outside of your own funds is one common way to diversify. Many mutual funds offer an excellent return on investment, but the real challenge is selecting the right fund and making sure your other investments mirror the portfolio. There are several tools available to help you invest in a diversified portfolio.
Finally, is your retirement plan liquidated during the life of the worksheet. Most retirement plans allow you to convert your balances at any time, but the best retirement plans allow you to convert your balances immediately. This may be as simple as selling some of your bonds or it may require more work. For most people, liquidating their investments to meet their retirement needs is an unnecessary addition to their expenses. Compare using the worksheet answers to the questions above to ensure you are saving for your retirement with the correct strategy.
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