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Understand One Method of Monitoring Your Retirement Planning Progress

Retirement planning is not easy, but it is an important and worthwhile objective. When you plan for retirement, you are following President Benson’s counsel when he said the following: “Plan your financial future early; then follow the plan” (“To the Elderly in the Church,” Ensign, Nov. 1989, 4).

There are a few key points that you should remember when planning for retirement. First, remember to plan for inflation. Changes in inflation can have a drastic effect on the amount of money you need to save for retirement. Watch inflation carefully and plan accordingly.

Second, recognize that once you retire, you may still live for a long time. Plan accordingly, and be prudent in your estimation of how long you will live after you retire.

Third, do not neglect your insurance coverage. Healthcare costs can quickly reduce a good retirement plan to nothing if you do not have sufficient insurance.

Fourth, monitor the progress you are making towards your goals and make changes to your plans and goals as necessary. Review and evaluate performance annually.


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