It s never too late to start saving for retirement. Develop a plan with realistic goals and a budget to understand your spending and start saving, even if it s a small amount.
Utilize catch-up contributions and employer matching if you re over 50. Maximize your retirement contributions to benefit from potential employer matches and increased savings limits.
Avoid withdrawing from retirement accounts before 59½ to prevent a 10% penalty and additional income taxes. Seek alternative financing methods to preserve your retirement funds.
Funding children s education at the expense of your retirement can jeopardize your future. Remember, it's easier to get loans for education than for retirement needs.
Being part of the sandwich generation can strain your retirement savings. Discuss financial plans with your parents to prepare for potential support needs and avoid early withdrawals.
Maintain some equity investments to keep up with inflation and future expenses. Balance risk and reward in your portfolio with the help of a financial planner to secure your long-term goals.
Focus on paying off high-interest debt like credit cards and student loans before lower-interest mortgage debt. Maintaining a mortgage can provide financial flexibility and liquidity.
Review and update your estate plan every three years to reflect current wishes and changes in circumstances. Ensure your Will, Power of Attorney, and Advance Medical Directive are up-to-date.
Reassess life insurance policies every five years or after life changes. Ensure coverage meets current needs, update beneficiary designations, and adjust coverage levels as necessary.