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By : Raam Dhakad
KYD - Personal Finance
Today's economic climate is likely to make you second guess your retirement plans. For this you will need to plan ahead and maintain the lifestyle.
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Many factors ring alarm bells today, high inflation means it costs more to live every day, and over time, high inflation eats away at your savings.
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The combination of more spending and less money for them makes people feel like many things are out of their direct control.
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While there isn't much you can do about the economy or the markets, there are things you can do to help improve your situation.
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It is normal human behavior to ignore problems and hope they will go away. Whenever you plan for retirement, make sure to assess your assets.
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Know where you stand financially when making a retirement decision, then use that data as a starting point to help you know when to retire.
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If you know you're not going to live long, it's best to start as soon as possible. But just because you can get Social Security payments at age 62 doesn't mean you should.
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A common problem retirees face is appealing to relatives, friends and charities for financial help.
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The request may be direct or more insidious, but the result is that someone you care about or relate to wants you to give them some of your retirement money.
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If you have enough to live on now and into the potential decades of your retirement, you can choose to help them.
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