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55 and thinking about Retirement

August 24, 2020

Not Ready for Retirement? It's not too late to plan for your future.

The experts say to have at least seven times your salary saved by the time you’re 55.

But if you haven’t gotten there, there’s still time to dial up your retirement savings.

First, define what you want your retirement to be.  If you want to live a life of travel, that’s going to take more savings than a quiet life playing golf on Sundays.  Those same experts say you’ll need 65% – 75% of your current salary to live comfortably in retirement, but much depends on what you want your retirement to be.

Second, redefine your budget. There are several budgeting apps available which make it easy to set and follow a budget. Trim excess spending where you can now and put those savings into your retirement funds.

The last decade or so before you reach retirement age can be especially crucial for retirement saving. By then you’ll probably have a pretty good idea of when you want to retire and, even more important, still have some time to make adjustments if you need to.

Start by increasing your 401(k) or other retirement plan contributions if you aren’t already maxed out. Not only are such plans an easy and automatic way to invest, but you’ll be able to defer paying taxes on that income until you withdraw it in retirement.

Speaking of investments, don’t take your eye off the ball. Monitor your investment portfolio, no matter how big or small, and invest wisely.  Balance your portfolio so it suits your comfort level with risk and pay attention to it.  You’ll enjoy watching your money grow as you dream of leisurely days in your future.

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