Thinking of retirement may be hard for you but it shouldn’t. You should envision a future full of health, happiness, and prosperity. Forget about lap shawls and rocking chairs. But take note that the pleasure and comfort you hope to experience in your retirement years depends on the investments you make today. The changing facets of the American workplace calls for you to take control of your financial future. Invest wisely today with a long term focus and you’ll have greatly improved your chances of having a fulfilled retirement in the future.

Pension and Social Security are what Americans used to rely on to get them through their retirement years. These days, the trend has changed where people change jobs more often, leading to some of them foregoing pension benefits. Some rely on dual incomes and manage their own retirement funds through defined contribution plans.

Generally, to maintain your lifestyle after retiring, you need to contribute a large portion of your final salary each year. Most American’s sources of retirement income include earnings, social security, pension, and assets. It’s important you start saving early towards a retirement fund that you can invest any way you want. Social Security benefits have become less significant and the age at which you can begin to receive benefits is higher. Social Security benefits are calculated on your earnings, using certain variable factors.

Social Security represents about 36% of the total income a retiree receives. Yet one-third of retirees receive 90% or more of their income from Social Security. When planning your retirement, think of inflation since it has a significant impact on your retirement income. At an average annual inflation rate of 3%, the cost of living will double every 24 years. This means you need to take action to increase your annual income each year, even during your retirement, to keep up with the gradual increase of everyday goods.

Don’t rely too much on your Social Security and pension but instead build assets. With a New Standard self directed IRA account, how you choose to build those assets is completely in your hands. Invest your IRA into assets how you want, not as mutual funds want you to. Make sure your IRA is truly self directed, and go with New Standard IRA.