Have you thought about your retirement income? or do you avoid it, thinking there will be time in the future to consider retirement preparation and planning. Do you assume that retirement finances and savings will all be taken care of by the government?..... Then THINK AGAIN!

With all the medical advances of today people are living longer, and if we consider the total life expectancy of the average healthy person it could quite easily be said that retirement will represent a good 30% of our lives. Thinking along these lines, isn't it then a reasonable assumption that a lot of thought and planning would be used to ensure that we are financially covered, regarding retirement income for those twilight years?

Clear Your Debts.

The biggest boost anyone could have when going into retirement is to be financially free; easy for me to say, I know! but consider this fact; what is the point of having regular savings stashed away somewhere earning that astronomical x% interest when you have re-payments to meet for whatever loans you took out that are costing you 2, 3, or 4x% to pay off. In short, first pay off the debts, cut out the unnecessary luxuries, and get free from being dependant on others.

Debts Paid? Now Start Saving.

Contrary to popular belief, it is never too late to start saving, but do it wisely, make your money work for you, after all you've worked all your life for it! Don't hoard your savings under the mattress or in the jar on the top shelf. It needs the warm, friendly environment of some financial institution to help it breed and multiply! Whatever you can afford to put by on a regular basis plus what's left over at the end of the month is a good start, you'll be amazed how it all adds up.

Check Your Taxes.

If you are still in employment and pay your taxes on a monthly basis, DO NOT OVERPAY! Some people have the mind-set that if they overpay, then at the financial year end they will hopefully receive a hefty rebate, this could be the case, but who will have earned the interest on your monthly over payments? Got it in one, uncle government! Find a good tax advisor. Pay what you have to, but invest the rest!

Check Your Insurances.

Are you paying too much on insurance? Shop around, compare one against the other, ring them up and ask for better terms, if you don't ask, you don't get! Invest any savings you make into your future retirement plan.

Do Your Research.

Spend some time researching for your future retirement. Seek out companies that operate investment policies whilst in retirement, also look for companies that offer investments aimed at retirement. Seek financial advice about getting involved with venture capital trusts, individual savings accounts, with-profit bonds and stock market bonds.

Take The Money.

Consideration should be made as to when and from where you take your distributions. You may want to start with Social Security funds then move on to IRA and other taxable investments. The thing to remember here is to ensure that you can cover all of your monthly outgoings, reduce your taxes and in the process, save as much money as you can.

Take Stock Of Your Income And Expenses.

We all live in a world of luxury! Look in any dictionary, the definition of luxury is "thing giving comfort or enjoyment but not essential" I REPEAT "not essential" look around you and be honest! I don't think I need to say any more on this, except, if you take stock of your outgoings on inessential items alone, then you will be able to control your spending in these areas and invest more into retirement.

Company Retirement Plans.

In short, take advantage of them. If your company offers a retirement plan then join it and if possible make maximum contributions. With company contributions and the benefit of pre-tax contributions it is well worth taking part.

In conclusion; and to coin a phrase "Tempus Fugit" = "time flies" so don't put off until tomorrow what you can do today!