Retiring in the Next 10 Years? 7 Things to Do Now


Retiring in the Next 10 Years? 7 Things to Do Now

Posted by Infinite Wealth Advisors, LLC
12 months ago | July 31, 2023

If you’ve reached your fifties, you might be feeling like it’s time to kick retirement planning into high gear. Whether you dream of traveling the world, spending time with family, or pursuing hobbies, taking the following steps can help you achieve your retirement goals in the next decade.

Set Clear Retirement Goals. Start by envisioning what you want your retirement to look like. Determine your desired lifestyle, hobbies, and potential expenses during retirement. Having clear goals will guide your financial planning and motivate you to stay on track.

Create a Realistic Retirement Budget. Based on your retirement goals, develop a detailed budget outlining your expected expenses during retirement. Consider factors like housing, healthcare, travel, hobbies, and other living costs. Creating a budget will give you a target for your retirement savings.

Maximize Retirement Contributions. Contributing as much as possible to retirement accounts such as 401(k)s, IRAs, and Roth IRAs can significantly boost your savings over the next ten years. Aim to maximize your contributions each year, especially if your employer offers a matching contribution to your retirement account.

Explore Additional Income Streams. Consider exploring side gigs or part-time work to increase your income over the next ten years. The additional funds can be directed towards your retirement savings, accelerating your progress.

Diversify Your Investment Portfolio.Review your investment portfolio and ensure it aligns with your risk tolerance and retirement goals. Diversifying your investments can help protect your savings from market fluctuations while potentially providing higher returns.

Consider Downsizing and Debt Reduction. If you still carry significant debts or live in a home larger than your future needs, consider downsizing. Selling a larger home and paying off debts can free up extra funds for your retirement savings.

Seek Professional Financial Advice. Consult with a financial advisor to develop a personalized retirement plan. An advisor can help you navigate investment options, create tax-efficient strategies, and ensure you’re on the right track to achieve your retirement goals.

Retiring in ten years may seem ambitious, but with careful planning, smart financial decisions, and a focused approach, it is achievable. Time is of the essence, so start your retirement planning journey today to secure a comfortable and fulfilling future. Call us to schedule an appointment, and we’ll help you establish a comfortable retirement timeline.

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