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According to the Social security administration, 95% of people will not be able to retire comfortably. Unfortunately, this stat could have been alleviated by most people from some simple and thorough planning for the costs they will be faced with after retirement.

Of course, food cost is one of the biggies that most people overlook when planning this important stage. Most people get so caught up in planning for their housing, cars, and other larger expenses, they forget about this everyday, seemingly trivial expenses. Obviously, as I’m sure you are aware of now, food costs can really add up if you’re not careful.

In planning for these food costs for retirement, first of all, sit down and figure out exactly what you spend on food every week now. Now figure out how much that figure is per month, and then per year. You should already be doing this process now in keeping track of your expenses, and most people do a very poor job of tracking their expenses before retirement as well. However, that’s another story for another day.

Once you’ve gotten this figured out, now simply multiply that number by about 25 or 30 (usually safe) and you’ve got about how much money you will need for your food expenses when you retire. Of course, this number isn’t perfect, depending on how long you live once you retire. Obviously, you don’t know this, so you have to at least do what you can.

Once you know this, that’s great, but you also have to take into consideration your other expenses as well. In your retirement planning process, every expense must be accounted for; without this clarity, you can never achieve your retirement goals, whatever they may be. Unfortunately, it’s this same lack of clarity that stops most people from having enough money when they retire.

In this process, there is a lot of great retirement planning software that will make this stage much easier. Also, you might try doing a quick internet search for retirement planning calculator, and you will get up literally millions of results. There are many financial companies that will offer you these calculators for free so that you use them and hopefully get hooked on ultimately hiring that company and their services. Whether you do this or not, you can certainly still benefit from the free software available.

Now, once you know this info, you need to figure out how you plan on getting that money to live on. For most people, this will be achieved thought the stock market, whether it be mutual funds, savings bonds, foreign currency exchange, futures, or regular stock investing.

Of course, you can also invest in real estate and other assets as well. If you aren’t financially educated and don’t know how to tell a good investment from a bad one, you’ll either want to read books and educate yourself, or hire a financial advisor to tell you the best investments to put your money into. Obviously, becoming financially educated yourself is certainly preferably, because you will have the opportunity to spot investment opportunities on your own.

Remember, nobody else will ever care as much about your financial situation as you, so being able to do this is invaluable. However, the most important part at this state is to either use your own or somebody else’s expertise to help you find the top investment vehicle to help you achieve your goals.

Once you’ve done these planning food cost for retirement and other expenses steps, and decided on the right investment vehicle to get you there, you are well on your way to achieving your goals. Now it’s simply time to take action.

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Pension release is a provision in the UK that allows you to withdraw money from your pension scheme prior to full retirement. Eligibility for this procedure requires in the very least that the person is over 50 and has a UK pension plan. Other factors will be assessed on application before you can be deemed fully eligible to receive a tax free cash sum and/or income. For the most part, people go through with the process of releasing their pension funds as they may require some money now but not have reached retirement yet. Alternatively, an individual may be thinking about retirement and want to look at their options.

By taking pension benefits early, the applicant will reduce the amount of money they will receive in retirement, but it is a way of getting money out when you need it. A total cash sum of just over 25% of the full pension fund can be acquired in the first year after applying to have a pension unlocked. Nearly all of this is tax free. The money can be taken as Income immediately or left until a later date where it will be taxed as earned income.

A pension release applicant need not release all available cash benefits from their pension fund, and it is advisable not to do so if you do not need it all. Only take out what you need. If all the money allowed is unlocked, an applicant must be aware that the rest of your pension fund must be used to provide an ongoing income. This money can be taken immediately or it can be deferred (as from April 2006) leaving the pension fund available to take another time. The main advantage of taking less than the maximum available cash sum is that the undertaken money will stay invested in your pension.

Pension release also works by taking just an income without any cash sum immediately, and there different ways to do this. An annuity can be bought – in this case the pension fund is handed over to an insurance company and they pay back a regular income for the rest of applicant’s life. The annuity market is a very competitive place and rates vary between companies. By doing some investigation and research, it is possible to substantially increase your pension income by purchasing an annuity from the company with the best rates.

The alternative to buying an annuity is to leave the pension fund invested and draw an income directly from it. This avoids handing over the pension funds to anyone else, but there are disadvantages that need noting.

As a best practice, advice should be sort before deciding to release money from a pension fund. It is important to make sure that the implications of releasing pension funds is fully understand before any decisions are made. Pension Release Experts can help with quotes for unlocking pensions according to the individual pension scheme.

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1. Look into available 529 Plans. 529 college savings plans are state plans. They allow you to save money for college in a way that offers tax advantages, similar to a 401K retirement savings plan. These plans differ from state to state. They also depend upon a variety of factors, such as your location, your child’s age and the risk level you choose. Generally speaking, these plans are fairly easy to get into and provide a secure place to keep college savings.

2. Start saving for college as early as possible. This will allow you to save a little at a time instead of having to save large chunks at one time.

3. You’ll also want to involve your child in the savings process. Encourage her to set aside a bit of her allowance or babysitting money, for example, to contribute to her college fund. Discuss interest rates and the various ways that money saved is able to grow. You may also want to consider a situation in which you will match the money that your child invests in her college fund.

4. Look into stocks, which may offer the best return for your savings. By investing in stocks you are taking a risk, but the pay off can be potentially higher than many of your other options. Many investors say you should always have some of the college savings in stocks.

5. It also helps to keep in mind that college savings does not mean you have to save the full amount for all four years of college. You child should be able to get scholarships or other aid that can help make the difference. The college savings should cover the basic costs at least for the first couple years.

6. Take the time to shop around and look at different options. Talk to a professional, too. You should develop a good, strong plan before you start saving so that you have it organized and you know you are on track with your savings goals. Make sure you are informed before you jump into any savings plan.

There are a lot of things to consider when saving for college. The most important thing is that you are, indeed, saving for this important time in your child’s life.

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