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How to avoid retirement-savings mistakes 2010-04-12 Planning for retirement is a complicated process, and too few people plan adequately. That's according to CNN Money, which offered on Monday six ways to become a smarter retirement saver. Some of the tips apply to younger people; for example, the financial site points out how much more can be saved by starting early. But two of CNN Money's arguments - that retirees need a savings goal and that healthcare costs must be taken into account - are particularly relevant for older people. According to a Nationwide Insurance survey released Monday, a striking 59 percent of Americans don't have a strategy in place to manage their retirement income. Yet, at some point, everyone needs to think about how to make their money last in retirement; the earlier a person starts planning, the longer he will have to achieve his savings goals. And there are myriad tools available to make retirement planning easier. When it comes to setting a savings goal, online retirement income calculators are essential: They let users plug in their expected savings, Social Security income, expenses and other variables. The calculators may not solve the retirement-savings dilemma, but they can be a valuable first step in the process.  |
