A Quick Retirement Check-Up at Age Fifty
A Quick Retirement Check-Up at Age Fifty
Once you hit age 50, you hopefully feel as though you’re on the path to a solid retirement plan… But are you? This quick check-up can help you assess your financial future and demonstrate any changes you might need to make.
How is your debt load? Are you on track to pay off everything before retirement, and are your monthly payments manageable? Is there any way to consolidate debts and free up additional income that you could stash for retirement?
Do you already contribute the maximum amount to your retirement plan? If you’re contributing the maximum amount each year, then congratulate yourself! If not, then at least increase your contribution rate each year.
Have you considered additional strategies to build retirement savings? Once you reach age 50, you can make additional “catch up contributions” to your 401(k). And if you’re already doing that, you can open and fund an Individual Retirement Account (IRA) to save even more for the future.
Have you estimated your future Social Security benefits? At age 50, it is possible that your highest-earning years are still ahead of you. But you can get some idea of your potential future benefits right now, by signing up for an account at ssa.gov. Knowing this information can give you some idea of what you need to do next, to establish additional retirement income.
Do you regularly read your 401(k) statements? And how much are you paying in fees? Have you considered ways to lower those fees, and keep more of your money?
Have you defined your retirement goals? It’s hard to reach a destination if you haven’t decided where you want to go. Do you have a concrete savings goal for retirement? Have you considered your future lifestyle, and how much it will cost?
We can help you perform this “check-up” of your retirement plan at age 50. Give us a call, and we can set an appointment to review your current financial status. Then, together we will decide what you need to do next, so that you can get ready for retirement in the next decade or so.