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. Get Your 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.
Know Your 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 grow more 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. Settle Your 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. From theWife’s Perspective
Partnerships, Vacations, and Candy Bribes
There is an old saying that goes, “Behind
from frustrating to something worse. When it was our turn to go through the security checkpoint, the guards asked us to exit the car. What might ordinarily be a frightening situation for four young boys only seemed to titillate mine. They peppered the guards with a bunch of questions: “Is that a real gun?” “Aren’t you hot standing out here in the sun all day?” “Do you always have to wear a hat?” The frustration I was feeling before was replaced with genuine entertainment, laughter, and gratitude for my boys’ unyielding curiosity. I can only hope that curiosity doesn’t dwindle as the school year starts back up. Ethan, our 5-year-old son, is starting kindergarten this year, and he is dragging his feet as slowly as he can. His older brother Evan is starting second grade, and he has spent his entire summer trying his best to convince his younger brother how awesome school can be. Both their dad and I laugh so hard listening to Evan using his own experiences of receiving candy from teachers to sell Ethan on the prospect of kindergarten. Hopefully his endeavors will pay off soon!
every successful man there is a woman cheering him on.” While this might be true for certain people, in my life, my husband and I have found that our success stems from our partnership. We work together to ensure the success of Libman Tax Strategies, to deepen and improve our relationship with each other, and to facilitate an environment that fosters the growth of our four amazing boys. I have felt really fortunate because throughout our partnership, while there have been some unexpected bumps and twists, there have been far more ups than there have been downs. One of the ups occurred this June when Adam and I took the kids on a vacation to Mexico. While the vacation itself was an amazing experience filled with sunshine, sandy beaches, and warm ocean water, the journey to get there started off slightly frustrating. If you can imagine riding in a scorching car for five hours with four boys all under the age of 10, then you’ll know what I’m getting at! When we pulled up to the line of cars waiting at the border that separates California and Mexico, I initially thought the trip was going to go
-Maria Libman
4 • www.AdamLibman.com • Pay Less Taxes by Implementing Tax Reduction Strategies
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