How to plan for retirement

When we reach a certain age, retirement plans filter into our thoughts. Gina Lucas, financial education specialist with the University of Missouri Extension Center, says it’s never too early to start financial planning , and it involves three simple steps.

She says the second step is determining how much money you will have at retirement including social security, pensions, IRA and other retirement assetts.
The third step is to combine these two figures.

Lucas says if the numbers don’t match, you can bring them closer by working longer before retirement, putting more money away each working year and scaling back anticipated retirement needs.

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