People who start planning for their retirements when they are young have more time to save money for this vital period. If you are young, you might not think you need to start planning for retirement yet, but you should. Starting now may give you a jump start on your plans, and as a result, you could end up with a lot more money saved. If you want to get started, meet with a retirement planner. The planner you meet will help you start planning by doing the following things.

Help You Determine How You Want Your Retirement to Look

One of the first things a retirement planner may do is ask you questions about your retirement goals. What age do you plan on retiring? What do you want to do when you retire? Do you want to downsize, move, or travel? These are a few of the questions a planner might ask during your initial consultation.

The purpose of these questions is to determine how much money you might need for retirement. When you retire, you will no longer have income coming in each month. You must rely strictly on your investments and possibly a small amount from Social Security. To meet the lifestyle you desire to have for this time, your planner must know the type of life you want to have.

Create a Plan for Saving Money

Based on the answers to the questions about your retirement goals, the planner must determine how much money you will need to have in your accounts by retirement. From there, the planner will help you create a plan for saving money. He or she will calculate the amount of money you must save each year to achieve your goals. The planner may also break this down into a monthly savings amount.

Offer Suggestions for Investment Accounts

Finally, the planner can help you determine what types of investment accounts to use. Diversifying your accounts is essential, as this protects you and decreases risk. Finding high-interest bearing accounts is also helpful. Your planner can give you many choices and options and recommend specific accounts and investment types to you. Ultimately, though, you get to choose where you put your money.

If you meet with a retirement planner and follow the advice you receive, you will be on your way to building hefty retirement savings. To learn more about this, contact a retirement planner in your area.