Retirement planning can seem overwhelming even if you’ve already had a full career in which you had been contributing to your own retirement. If you are in your 50s and approaching retirement, there are still critical steps that you can take to get on the right track. These include:

  • Focus on starting today rather than worrying about having a lump sum to invest in the future.
  • Contribute regularly to a 401(k).Red pen on checklist
  • Meet an employer’s match if you are still working.
  • Take advantage of catch up contribution offers if you are aged 50 or older.
  • Build your nest egg with an IRA if you have not already.
  • Automate your savings.
  • Decrease your spending.
  • Set a goal to help you keep your target in mind.
  • Delay social security as you grow closer to retirement age.

The older you are when you file for social security benefits, the greater your annual payment will be up to age 70. This can have a significant impact on your ability to save for retirement as well as have additional funds while you are in the retirement process.

Talk to our estate planning lawyers more to learn about the connection between retirement and estate planning.

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