How can estate planning take care of my family when I'm gone?

The most important step in estate planning is writing a will. If you don't execute a will, state law will determine who gets your property, and you may not agree with their choices. If you still have children at home, a judge may decide who will raise them. In your will, you can make these decisions yourself.

How can I save money on my retirement?

Finding an affordable place to retire means more than watching your expenses. You need to be aware of the tax climate. Some states are more attractive to retirees than others: for instance, forty states offer various tax breaks to retirees, seven have no state income taxes for all residents, and eight give property tax relief to homeowners over 65.

Can I retire early?

The key to early retirement is planning and knowing exactly what your needs are. As a first step, start keeping a detailed record of all your expenditures. Eventually you will have a clear understanding of what your financial needs will be after you retire. Next, create a plan to build the funds required to support those needs. You might want to hire a financial adviser to help craft and implement the plan.

What's a smart tip for retirement planning?

Employees lose billions of dollars each year in free 401(k) money by failing to contribute enough to earn company matching funds. If your employer provides matching funds, make sure you put in enough to get the maximum amount. Don't miss out; and once the company matches your contribution, that money stays in your retirement plan, even if you change jobs.

How much of my paycheck should I put towards a retirement fund?

It all depends on your age, your asset base and how much money you want to have at retirement. An easy way to figure out how much to save is to come up with an annual income you want when you retire. Then subtract anticipated retirement income, such as social security and other retirement plans. Lastly, convert the final amount to an annuity to see how much money you will need "in the bank" when you retire to support that level of income.