Retirement planning at 50 and beyond is a great time to get serious. You’ve gained experience in life, and you might have assets at a level where the decisions you make have a significant impact on your quality of life.
At this point in your life, you may have figured a couple of things out. things you don’t care for so much, and you if you had kids, they’re out of the house or almost independent. some knowledge in whatever it is you do for is you might have more money than you’ve ever a 10 % loss in the markets, for example, hurts decades there are some important things that the first
Thing to watch for is catch-up contributions, contribution that allows you to put extra the irs sets maximum limits on how much you you can do a little bit extra and that helps year for example in your 401k or 403 b or thousand six hundred dollars per year as a you had back when you were 49 years old and your knees didn’t hurt as much. of course, this is assuming that
You have and put the catch-up contribution on top of but if you are really trying to maximize your the next thing to do is to look at your social security and pension benefits. because you might assume that you’re going really helpful to start figuring out how those if you’re eligible for social security, you’ll make sure that that is accurate because if your benefit is
Based on your 35 highest earnings good earning years are in there and that you keep in mind that you may be able to get some your current spouse, so if you’re widowed those potential benefits and you might also record if you are still married and there, by the way, i’m justin pritchard, and i help so, there will be some resources down in the another smart move is to manage
Your debts or make a strategy for them. plan to eliminate those debts and make sure limits so that you’re not digging yourself but what about so-called “good debts” in retirement? in retirement a lot of people really focus on getting rid of that loan before their retirement paying it off quickly out of your retirement funds can cause some problems. security, pensions,
And some withdrawals from debt comfortably, then again, it’s not the payment will eventually go away someday which speaking of expenses, how much are you going to need to spend? do that this video that’s going to pop up but basically you can look at your spending or you might look at an income replacement of what i’m earning now that might or might level of spending such
As $50 or $100,000 you can set a goal to start heading for once retirement income sources and your assets we’re setting your expectations so that you alert you to some potential shortfalls or than maybe you expected there are a lot of can do a decent job of getting you in the their limitations might be so they don’t necessarily to adjust all of the assumptions but again
Sort of close or if you’re way off on what is to refine your investment strategy so up great things to get you to the point where if you’ve been using high risk strategies of thing it’s time to ask yourself if that’s at this stage in life it is difficult to consistently and you might have more to lose now than you did previously. caution and maybe just say hey i’ve done a
At 50 it’s time to start thinking about long-term about it there’s a 70 percent chance that and that might include everything from somebody one assuming you have somebody at home who be physically and emotionally difficult and somebody helping you out at home who you know and paying those higher costs that are associated ways to deal with the costs and that might but those
Are kind of problematic so definitely look into them but consider some other alternatives other options include saving up assets and or maybe looking at your home equity as a that’s not necessarily a fun way to spend do is envision how you want your retirement that a lot of people skip it’s important to stop working you might have gotten a lot of and some of your identity
Out of your work that but for a lot of people that’s the case looking forward to in retirement is not going ideas on how you’re going to fill your time it more and number two there might be some physical health if you are retiring to something what can you do to find some meaning and some purpose during that time? if you did, please leave a quick thumbs up, thank you, and take care.