Follow this advice for saving and planning for retirement and the unexpected.
Many of us have put together a retirement plan, while others are just beginning, considering various savings plans, pension programs and investment strategies to ensure our senior years are comfortable.
- Change your retirement date You will be able to accumulate more of the funds you need to finance your goals. A delayed retirement also lets your current investment assets remain intact and compound over a longer time.
- Work part time Life expectancy is expanding and many retired people are taking on part-time or consultancy jobs anyway. Be open to the idea to keep your cash flow at the levels you need without depleting your assets.
- Reallocate your portfolio You may want to re-evaluate your risk tolerance. The greatest potential for long-term growth, and potentially the riskiest, is in the stock market. So you may want to consult a financial planner and adjust your thinking about what percentage of money you have invested in stocks, bonds and cash.
- Liquidate non-working assets
You may have a second home, real estate, boat, antiques, art collections, collectibles or other assets that can be readily turned into cash.
As you get closer to retirement consider trimming your spending and your fixed costs. A mortgage commitment or expensive car lease may be in the way of your planned retirement. It pays to look at the "what ifs" and figure out what your priorities are and what is and what is not dispensable.
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