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Future planning is something that no one wants to think about. We enjoy living in the here and now and we like to imagine what our life is like tomorrow, and not in ten years or twenty years time. The thing is, the choices that we make for ourselves right now are going to impact our future in ways that we didn't think to be possible. The slightest choice now will have a ripple effect on how we live in the future, so we have to be careful about the choices that we make.​

​We choose whether to get married, to have children, to go and get an education. We choose where we work and we choose which vacations to take. But, what about the tougher choices? What about the future choices that we avoid talking about until we realize our mortality one day and suddenly, the future isn’t the future anymore - it’s now. Below, you’ll find four choices that you have to make for your future and you should make them as early as you can.

4 Important Choices You Have To Make For Your Future


Establish Your Retirement Goals
Start by defining what you want your retirement to look like and determine the amount of money you'll need to support that lifestyle. This includes considering factors such as inflation, healthcare costs, and lifestyle expenses.

What are your financial and lifestyle objectives that you hope to achieve during retirement?  If you haven't given it much consideration, here are some goals to consider:
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  • Financial independence--you'll want to have saved enough savings and assets to support your desired lifestyle without relying on social security, family or (gasp!) employment.
  • Paid-Off Debt--you'll want to have paid in full your mortgage, credit cards and loans and any other outstanding debts.
  • Hobbies & Interests--you'll want to enjoy your golden years pursuing hobbies, interests, travel and other leisurely activities.
  • A Legacy For Loved ones--you'll want to leave an inheritance for loved ones, charitable donations to your favorite charities and / or a trust fund for future family members.

These are just a few examples of a few common retirement goals. Of course, the specific goals will vary based on your individual circumstances and priorities.

Saving And Investing
​The earlier you start saving for retirement, the more time your money has to grow through investment returns. Consider participating in an employer-sponsored retirement plan, such as a 401(k) or 403(b), or opening an individual retirement account (IRA) to take advantage of tax benefits.  IRAs are tax-advantaged investment accounts that allow individuals to save for retirement outside of their workplace. There are two main types of IRAs: Traditional IRA and Roth IRA.

It's important to consider your investment goals, risk tolerance, and overall financial situation when choosing a retirement savings strategy. If you don't already have one, working with a financial advisor can help you develop a more personalized retirement savings plan.
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Developing A Retirement Income Plan
Developing a retirement income plan is an important step towards ensuring a secure financial future.  Once you have a sense of the amount of money you'll need in retirement, you can create a plan to generate a steady stream of income from your savings and investments.  As you get older and your life changes (and your financial situation evolves), it’s important to revisit and adjust your retirement income plan to ensure it remains on track.  As mentioned, consider working with a financial advisor who can help you create a comprehensive retirement income plan that works for you.
These four life choices are vital for your security in the future. The keys to successfully plan for your future include saving early, save consistently, and plan for the long term.

Without getting too personal, what does your retirement plan look like?  Let us know in the comments below.
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