Will you be ready to retire?
This simple, four-step checklist will help you plan for your best retirement.
1. Assess your current financial situation.
Take inventory—what assets do you have, and what retirement benefits are you entitled to? The best place to begin assessing your future savings and retirement benefits is by looking at both current and previous employer plans.
2. Determine your retirement lifestyle.
Whether you plan to retire early or well past age 65, you’ll probably need a substantial nest egg to maintain a comfortable lifestyle. Determine when you might like to retire. You can always modify your plan later in life, but you might not reach your goal if you wait too long to start saving. The earlier you plan to retire, the more money you’ll need to accumulate.
Find out how much you’ll need to save with these handy calculators.
3. Don't wait to start saving.
No matter what your current age, retirement savings should be a top budget priority. Compounding is a powerful tool with one requirement—time. The longer you allow your nest egg to grow, the more you’ll have when you decide to retire.
For effective, painless ways to increase your savings,download 52 ways to save.
4. Contribute to your retirement plan.
Even if you’re very close to retirement, contribute as much as you can to your plan. because you can invest pre-tax money, you may decrease your current tax liability. If you’re age 50 or older, consider making pre-tax catch-up contributions in addition to your regular contributions.
By following these steps, a retirement that fits your needs and goals will be within your grasp.
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