When it comes to retirement income planning, most people do not know how or where to start. Here are the top three tools which will help you plan your retirement without any hassles:
Pen and Paper
Pen and paper are recognized to be the simplest tool which you can use for retirement income planning. Believe it or not, it will make a significant difference while planning retirement. You can create a catalog of your expenses and income and keep a track of where the money is going. It is considered to be the first step to finding how much you will be capable of saving for retirement. If you create the list and observe that you have greater expenses than incomes, you should aim to cut corners and save money for your retirement fund.
Workplace
You can find ample amount of information on savings and retirement plans, pensions, and benefits from this resource. You will be able to know the retirement income planning benefits offered by your workplace and how you will be able to receive maximum benefits as you retire. There are several places which have local investment firms for assisting employees with planning in the right way.
Internet
There are a number of retirement planning tools that can be availed through the World Wide Web. You will be able to find out the cost of these retirement plans. CNN Money offers free retirement planning tools which assist in calculating savings, income, investments and retirement goals. There are a plethora of banking and investment websites which offer free tools and assistance for the creation of a solid retirement plan.
These three sources will play an indispensable role in planning your retirement. Make sure you keep them in mind.