Planning ahead for retirement means setting long- and short-term goals, while deciding how they will be met, within the framework of a changing financial picture. As your golden years approach, consider these factors to better position yourself to enjoy your retirement years:
- Regardless of your age, you should maximize contributions to your 401(k) plan, Individual Retirement Account (IRA), or other retirement savings vehicle.
- Take a hard look at your lifestyle. Some people assume they will be able to afford the same lifestyle they had during their working years. Since it’s not unusual now to spend 25 to 30 years in retirement, plan to ensure your retirement assets will be sufficient to last decades beyond the normal retirement age.
- Personal savings are an important piece of the retirement puzzle, and therefore should be part of your overall financial planning strategy.
Regardless of when you plan to retire, be sure your goals and expectations are realistic. Reviewing your retirement savings and your objectives with a qualified financial professional can help determine if you’re on track for your financial future.
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