Retirement planning is a lifelong process that entails myriad of factors to consider. Planning early is the key in order to have financial freedom during your retirement years. According to financial analyst Robert Stammers, “Investment management is about the probability of you reaching your financial goals.” In addition to this, experts also recommend these steps you can take during each decade:
It is recommended to begin to fund a Roth IRA, start paying off your credit cards and student loans.
Experts recommend building an emergency fund, increasing your contribution in a 401k plan and start creating your own portfolio.
One of the key strategies is to continue boosting your retirement savings and maximizing your 401k contributions.
Experts suggest reviewing your options on long-term care, increase contributions in your 401k plan, consider where you want to retire and eliminate any of your outstanding obligations.
As your retirement nears, develop a budget and make necessary lifestyle changes. You can start taking Social Security at 62 and you can enroll in Medicare once your turn 65.
Optimize your retirement withdrawal and have a backup plan if ever there’s a downturn in the market.
Be careful where your money is going and put yourself first since you’re living on a fixed income.