When you were a kid, being “an adult” probably seemed light years away. Remember looking at a 30-year-old, and thinking how “old” they were? It’s a pretty amusing thought now, isn’t it?
The same principle applies to retirement. It might seem a bit far away still, but that time will arrive before you know it. With your forties and fifties being the busiest time of your career, this time might actually fly by faster than you expect!
So, you’re on the road to retirement, and one day you’ll look back and realize that road wasn’t as long as it appeared. Throughout your late forties and fifties, consider these 8 goals which will help you get ready for the next stage of your life.
A business succession plan. If you’re a business owner, you know that a succession plan is important. Will you sell your business, pass it on to your children, or hire someone to manage it? This decision will greatly impact your retirement plan.
Pay down debts. No one wants to enter retirement saddled by excessive debts. Use the highest-earning years of your career to pay off credit cards, loans, and even your home.
Increase your savings rate. Max out your retirement plan contributions each year. Make extra catch-up contributions after you turn 50, and consider other avenues for saving.
Define your goals. What do you want your retirement to look like? It’s easier to plan for a specific goal.
Estimate your Social Security benefits. A few years before you’re set to retire, sit down with us and get an estimate of your Social Security benefits. You need to know what to expect, before you factor the payments into your budget.
Look into your insurance options. Risk should not be taken lightly in retirement, when your career is finished. Protect your retirement savings against adverse events by investigating options like long-term care insurance. Medicare supplemental plans, life insurance, and so on.
Give your retirement budget a trial run. Before you make the leap into retirement, try living on your expected budget for six months or so (a year is even better). Taking this step can help you to identify any “problem areas” and make the necessary adjustments.
Schedule regular meetings with us. It’s best not to establish a retirement plan and then forget about it. Schedule regular meetings with us, so we can talk about your goals, assess your risk factors, plan for upcoming changes in your life, and more.
