Quora Answer: How Do You Save for Your Retirement?

The following is my answer to a Quora question: “How do you save money for your retirement?”

Retirement planning is part of financial planning, and it is everyone’s responsibility to plan for their retirement.  It is a foolish man who avails himself to the mercies of his progeny.  Values are not necessarily inherited, and there are no guarantees our children will take care of us.

Accordingly, the process begins with determining the quality of life you want to lead upon retirement.  This has to be realistic, and related to the standard of living you have now.  Then, you have to consider the investment horizon, which is the time you need to save the requisite amount to meet the demands of that ideal standard of living.  Finally, you consider the options available, from investments, to annuities, to insurance, and budget accordingly, based on your income.

This entire process is your financial health review (FHR).  This is the easy part.  The challenge is to have the discipline to stick to the plans you have decided on to secure your retirement.

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