Financial planning - what you need to do to retire comfortably

Financial planning - what you need to do to retire comfortably

RICHMOND, VA (WWBT) - You've heard it all your life - you retire at age 65. But is that number now a myth?

Only 21 percent of Americans say they plan to stop working at 65, according to a new survey.

Financial Planning experts JoycePayne Partners in Richmond, Virginia says it's the most asked question: "What do I need to do to retire comfortably?"

Pensions are a thing of the past. Which means IRAs and 401Ks are the most important tool you have in middle America. Michael Joyce says Social Security should not be your only fall back. You need to plan now.

"It's extremely important to save for retirement. And doing it in a pretax way, with a 401k plan or a 403b plan or even with IRAs, is just a tremendous way to get to that financial independence," says Joyce.

If you are not contributing a percentage of your paycheck to some sort of 401K plan right now, you are not doing yourself any favors. At the very least, make sure you are getting your company match, if that is offered.

If you are older, contribute more; as much as you can. 65 is no longer the automatic age of retirement circled on the calendar.

Joyce says he sees plenty of folks working up until they are 70 and 75. It's not always for the paycheck; oftentimes, they do it for the intellectual stimulation.

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