By now I've given you an overview of the retirement planning process, and focused on how you can use the power of compounding in retirement accounts to help you reach a comfortable retirement.
Especially for the baby boomers, saving through 401(k)s, IRAs and other accounts is a necessity.
The problem is that many people choose not to use retirement accounts. They say that retirement is too far off, or that they don't like the restrictions of retirement accounts. I hope you've discovered that this is a critical mistake.
By saving early, you can take advantage of compound earnings which only kick after longer periods of time. Also, remember that retirement accounts give you a tax break right now, this year.
And don't worry about the restrictions associated with retirement accounts. In most cases your money is accessible, often with no penalty. At worst, you'll have pay a moderate penalty to access it.
Finally, keep checking the luhman.org web site to monitor changes in retirement accounts. In the past year there have been a number of significant changes in retirement accounts. And there will be more changes as politicians realize that the baby boomers will face a big challenge in retirement.
So good luck and thanks for your time. And remember to listen to our other audio tapes to help you manage your retirement money.