My father was working for a small engineering firm when I was born. Forty years later he retired-from the same firm. Now, thanks to some good Naperville retirement planning, he and my mom are living fairly comfortably on their investments and his pension. Of course, “pension” is a word so out of use that it may soon be labeled antiquated in Webster’s dictionary. However, my dad wasn’t at all unusual for his generation. Many of his friends and colleagues spent most of their working years at only one company.
That kind of loyalty-on the part of both employers and employees-seems to be a thing of the past. It’s much more likely these days for a worker to change jobs numerous times throughout his or her career. If you can’t count on your loyal years of employment being repaid with subsequent loyalty taking caring of you in retirement, then you’d better learn to rely on your own planning for your retirement years.
Also, in this uncertain jobs market, more people are discovering the joys and independence of being self-employed. Starting your own company, no matter how small, is one of the surest ways to reap the profits from your own hard work. Alternately, working as a consultant affords you more flexibility and empowerment than following someone else’s rules. Of course, in those situations, the burden of structuring a retirement plan falls completely on your own shoulders.
Thus, today’s workers need to be much more proactive as they plan for retirement. Without the security of long-term employment and pensions, individual Naperville asset management becomes that much more vital. The tax laws and regulations regarding 401Ks, IRAs, Keogh plans and more can be labyrinthine. It’s important to have good professional advice as you plan your investments. There is no one-size-fits-all answer for Naperville retirement planning. Your age, your comfort level with risk, your job situation and your family situation all impact the plans you should be making.
Retirement ought to be a time to relax and reap the rewards of years of hard work. A bit of work focused toward planning for those years can help you enjoy them to the fullest.