3 Steps to Retirement
The Road Map Every 55-Year-Old Should Follow
If you’re age 55 or older, it’s time to get serious about planning for your retirement. In fact, most industry experts recommend far longer lead times of 20 years or more! But don’t be discouraged! Even if you’re a late planner, there are steps you can take to ensure you get the most out of your retirement. Here are the three most important steps you need to take to secure your future. GETYOUR FINANCES IN ORDER The first place to start when preparing for retirement is your own checkbook. By gauging your overall financial readiness, you can identify whether your spending and lifestyle habits are in need of a course correction. You’ll need to consider all of your finances as well as your income tax rate, the rate of return on your savings, and any benefit plans you may have from your employer. If your financial readiness falls short of the income you expect to live off of in your retirement, it’s time to make some adjustments. Cutting back on day- to-day expenses, working a second job, and increasing your contributions to salary deferral programs are all great ways of boosting your readiness ahead of retirement. KNOWYOUR PORTFOLIO The stock market is a tempting gamble for those looking to jump-start their nest egg. However, investments with the highest returns also come with significant risk. The last thing anyone wants is to end up losing their principal right before retirement. That’s why most financial planners recommend investment strategies
that growmore conservative as you age. If you are thinking about investing—or have been doing so for some time— it’s a good idea to check in regularly with your portfolio and ensure that you are comfortable with the amount of risk you are incurring. SETTLEYOUR DEBTS Debts, especially ones with high interest rates, can chew through your retirement savings. If you can’t get it all paid off before retirement, consider moving your credit card debt and other loan balances to accounts with a lower rate to ensure you are paying as little in interest as possible. These tips provide a general road map to a more stable retirement. Your own goals and financial situation may provide unique challenges and opportunities on the path to your post-work life. To understand your best options, reach out to a trusted financial advisor.
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