Nobody lives forever—and you certainly don’t want to work forever either. If you haven’t saved for your retirement, it is always a smart idea to start now!
• First, to get on track for retirement you will have to do some legwork. Knowledge is the key! Find out how much you will be expecting from your Social Security benefit.
• The next crucial step is to develop a realistic retirement investment strategy. This can be done by listing all your expected monthly income; balance that with your estimated monthly expenses—and a review of all your current resources, income and assets.
• As far as investments, consider consolidating your IRAs. This will keep your retirement income easier to manage.
• It’s never too late to start saving—either on your own, or through your employer. If possible, calculate the maximum amount in all of your tax-deferred retirement savings (for example, your 401(k) plan and IRA).
• Pay off your mortgage, so your home will be free and clear by retirement. It never hurt anyone to spend a little more on his or her house to speed up ownership.
• Re-think your spending habits. Make adjustments so you save more—you may have to sacrifice some luxuries—buying expensive coffee every morning, or dinner every night.
• Carefully read and understand all the statements you receive from your pension fund, 401 (k), or IRA. This way, you can identify any errors before it’s too late. Make any necessary changes.
• Get professional help—find a financial expert or consider enrolling in a wealth management group (e.g., learn the basics of investing, money management, etc.).
• Depending on your financial situation, you may have to delay retirement, or consider working part time.
Proper planning today could fill in the gaps in your retirement income—and give you some extra spending money for your golden years.
Related articles
- The Basics of a Traditional IRA (turbotax.intuit.com)
- IRA Basics (ally.com)
- 10 ways to get the most out of your IRA (marketwatch.com)
- IRA Basics : Contributions & Distributions (ally.com)
- 10 Important Ages for Retirement Planning (money.usnews.com)
- TurboTax – The Golden Years Guide to Tax-Free Retirement (turbotax.intuit.com)
- How to Prioritize Saving in a 401(k) and Roth IRA (money.usnews.com)
- Saving for a Comfortable Retirement (money.usnews.com)
- Subtle 401(k) Mistakes Many People Make (money.usnews.com)
- The 6 Most Reliable Ways to Save For Retirement (myretirementblog.com)
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