Relate the 7 steps to funding your retirement needs. What is the hardest part?
What will be an ideal response?
Answer:
1. Set realistic and well thought out goals.
2. Estimate how much you will need to meet your goals.
3. Estimate your income available at retirement.
4. Calculate the annual inflation-adjusted shortfall.
5. Calculate funds needed at retirement to cover this shortfall over your entire retirement.
6. Determine how much you must save annually between now and retirement.
7. Put the plan in play and save.
The hardest part always seems to be getting started.
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