There’s more to retirement planning than just funding your 401(k) or IRA. One of the chief reasons why people engage a financial planner is to know if, and when, they can retire. Just the thought of retirement can cause anxiety and many feel overwhelmed and unprepared. Listed below are some retirement planning mistakes that one should avoid.

When it comes to retirement planning, it is an ongoing, dynamic process. However, there are some important ages in your retirement journey which matter more and are more important than the others. Thinking about money the rest of your life can be daunting, but instead of doing it all at once, break it down and compartmentalize the process and journey of your retirement planning according to the following five age milestones to make it a little easier on yourself.

Retirement plans may be going the way of the dinosaur but the younger generation of today should be aware of the fact that saving more for retirement is the wisest thing to do. Listed below are the simplest, no-nonsense and easy-to-understand retirement savings plans and accounts that one can choose:

The 401(k), the IRA, the 403(b), the 457 Plan, the Solo 401(k), the Simple IRA, the SEP IRA everyone is familiar with or has heard of Uncle Sam’s shorthand for popular retirement plans offered to the working populace of the country. while plans can be broadly divided into Individual plans (Rollover, IRAs, myRAs, Spousal IRAs, Roth IRAs and the usual traditional IRAs), Defined/Employer-sponsored retirement plans (Thrift Savings Plans, 457(b)s, 403(b)s/TSAs, Roth 401(k)s and the usual 401(k)s), and the Self-employed retirement plans (Simple IRAs, Solo Roth IRAs/Solo 401(k)s, etc.).

A person’s life may be counted in years and decades; however, the hard work an individual endures over their life time is for various reasons that is a basic necessity of life. When a youngster steps foot in a workplace for the first time in his or her life, there are a million things running through their heads.

Retirement planning becomes a little more complicated when you are a married couple as there will be double the financial considerations to be made and your values and priorities may diverge at a period of time in the future and all of these can affect your retirement plan. It is very important that you identify a retirement calculator that enables you to account for each of you as individual beings.