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How to Plan For Retirement

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Ready or not, retirement will be here for all of us one day.

For this week's Face the State, I sat down with Chris Abts, the founder of Cornerstone Retirement.

I asked him what is the biggest mistake people make regarding their retirement. "People don't correctly factor in inflation and sometimes people take more risk than they should or don't realize how long they will live. Those are some of the basic things, but it really just comes down to not having a plan."

Abts said ideally you should be putting at least 10% of your paycheck into retirement. He said if you aren't able to do that and many people can't, at least start somewhere.

From there, as you get older, increase your retirement funding, along with your wages.

I asked Abts how can a person plan for market corrections, like we saw in 2008. He said give your retirement plan the stress test. "It's going back and looking at your portfolio and say what's the risk of my portfolio, what are my fees, what's the rate of my return and does that tie in with my income needs and does that tie in with my risk exposure, meaning your risk exposure needs to be in line with your risk comfort level."

To watch the entire interview, tune in for my weekend show Face the State. It airs Saturday at 3:30pm and Sunday at 6:30am and 4pm.

Written by Chris Ciarlo

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