Many financial experts agree that retirement planning and savings should begin as early in life as possible, and this is so that the individual can take advantage of compound interest, the time power of money and more. However, it is easy to put off retirement savings for another when retirement seems like it is in the distant future. This is even more true when there is a current need for the cash, such as to pay off debts, to pay the mortgage or to pay for the kids' college. While it may be easy and even common to put off retirement planning and saving for another day, many will have the unfortunate realization that they waited too long to start saving. For those who are getting a late start with retirement planning and savings, there are a few key steps to take to jump start these efforts.
So it is finally time to retire after having worked for many years. Many things to look forward to such as free time and less stress. But before leaving the current job, an employee should always write a retirement letter. Though not necessary, this is common practice and courtesy from the employee to the employer.
Like any appreciation letter, a retirement appreciation letter needs to be sincere. If the writer is not expressing sincere good wishes, the retiree will be able to sense it. The aim of the letter is to create happy feelings, especially for a person who is retiring from a job they may have held for years. People face retirement differently. Some cannot wait to get on to their next adventure, to travel or simply relax by their pool. Others are sad to leave their working years behind and may face retirement as a wasteland with nothing to do. They may receive lots of cards and congratulations when they retire, but a formal appreciation letter will be something to cherish.
If you need cash and are wondering how you will pay for specific expenses, you may be taking a closer look at your retirement funds and wondering if you should move forward with the option to borrow this money. This is often a preferred option over simply taking the funds out of the account altogether with no intention to repay them. With a closer look at the steps it takes to borrow the funds, you may be able to make a more informed decision about whether this is an option that you want to move forward with.
A recent study conducted by the federal reserve concluded that 19% of Americans from age 55 to 64 do not have any money put back for their retirement. If a person still has a few years before reaching retirement age there a few ways they can generate some additional income. What are some of the ways of creating extra retirement income?
If you are retiring from your job, use this retirement letter sample as template for your formal notification.