Regardless if retirement is just around the corner, or 100 miles down the road, it is never too late to plan. You’ve heard this before, right? Every time you see a commercial relating to retirement, or have a conversation with your spouse you are probably like most American: “I’ll start my retirement game plan tomorrow.” Retirement planning and implementation can be as frustrating as losing those few extra pounds you gained over the winter. Well, stop delaying and start acting. Below are 3 things to consider when planning for retirement.

1. Your first consideration should be the broad-strokes of the life you want to live during retirement. This includes, perhaps the most important aspect of retirement, how much of your current income do you need to replace during retirement. Some experts say 75%, some say 100%. Some even go as high as saying one needs to replace 135% of their salary with various sources including: Social Security, 401k, and IRAs to name just a few of the sources. The question being, how comfortable do you want to be in your Golden Years?

2. Another “broad stroke” is considering where you want to live and your monthly reoccurring expense. Do you want to live in Florida, or do you want to move north? Are you going to live in your current home, or are you going to downgrade (or upgrade for that matter)? Do you need a new car every year, or do you drive your vehicles into the dirt? These little “nit-noid” items may seem like minutiae, but when you know how much you spend a month it will help you know how much you need a month.

3. Lastly, determine if you want to leave any of your money to family. Some individuals leave very generous estates to family members. Others spend every dime and go on to leave their family with debts that must be settled. Be very careful of your assets today as they may become burdens tomorrow.

All of the above must sound truly fascinating to a 25-year old (heavy irony intended). As a wise man once said: “Youth is wasted on the young.” We bet that if you ask 50 individuals what they wished they would have changed; we are willing to bet at least 40 of them would say: “I wish I would have started saving earlier.”

If you are lost in terms of retirement and tax planning and live in the Miami area, contact an accounting services consultancy to get a handle on your situation. Don’t forget, it is never too late.