As seen on The Rhode Show
If you are in your 50’s, you’re at a pivotal point on your retirement savings and planning journey. More than 63% of Americans retire between the ages of 57 and 66.* The most common retirement age is 62. As you approach that final stretch, it’s time to look ahead to make sure you are taking the right steps towards your dream retirement.
Here are a few tips to help ensure that your pre-retirement years are successful…
Assess your current financial picture and set your intentions
Ask yourself where your savings and investments currently stand. At this point, in your 50’s, you should be well on your way. Your goal should be to have at least 10 times your salary in savings when you retire. This figure tracks well with individual lifestyles and needs, but each person is different. You should also work towards limiting your debt, including a proactive plan to pay off major debts like your mortgage, sooner rather than later.
Ask for help
This is your final stretch towards retirement, so you want to be confident that you are making the right decisions and planning for everything. It’s so important to work with a professional that you trust to create and manage your financial plan. A trusted advisor will provide insight from experience, with personalized focus, attention, and peace of mind to confirm that you are on the right path or help to get you there.
Saving couldn’t be more important than it is during your final push towards retirement. If you’ve been making small contributions to your savings over the years, now is the time to put as much money as you can into your 401(k)s and IRAs, making maximum contributions.
Everyone’s circumstances are different, and for some, planning for retirement may mean reassessing your needs and realigning your goals. More and more workers are choosing to delay their retirement or ease into retirement by taking on a part-time job. You don’t want to jump into retirement if you’re not fully prepared. You’ll want to feel ready for any sudden changes or setbacks, and make sure that you are protected from substantial and unexpected medical expenses. When it comes to retirement, there is a lot to consider, and sometimes, giving yourself a little more time and flexibility to plan and save is the best course of action.
The opinions expressed in this blog are those of the author and may not reflect those of Washington Trust Wealth Management. The information in this report has been obtained from sources believed to be reliable, but its accuracy and completeness are not guaranteed. Any opinions expressed herein are subject to change at any time without notice. Any person relying upon this information shall be solely responsible for the consequences of such reliance. Performance is historical and does not guarantee future results.
Such information does not constitute legal or professional advice as all situations are unique and are based on individual facts and circumstances.