Retirement planning guidelines from the experts

Feb 22, 2012

Experts are helping consumers retire wisely.

Richard Brownstein, managing director of Financial Health Center in Sparta, New Jersey, recently told the New Jersey Herald that the first step to creating a retirement plan is meeting with a financial planner to start the process. People nearing retirement must establish a set plan to help build up retirement savings and invest in financial products such as life insurance and annuities to ensure they have enough money to cover all expenses in the golden years.

To help prepare consumers for their retirement planning, Brownstein has volunteered to teach an adult education course in February and March for local residents. The course will discuss a variety of financial planning topics including managing investment risks, reducing taxes and how to pay for long term care expenses. The course is divided into eight sections to thoroughly address a number of retirement planning issues many consumers overlook, the source reported.

In a Q&A piece for the Star Advertiser, Kristen Consillio said one of the biggest mistakes consumers make when planning for retirement is not researching all of their options before making a purchasing decision. There are numerous calculations that should be made to determine how much an individual or couple will need to cover all expenses in retirement. Children may still be attending college, long term care may be required, or a business venture might need funding.

"Surprisingly, people will often put more planning into a two-week summer vacation than they will for their own retirement," Consillio wrote.

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