The biggest thing to remember if you haven’t planned for retirement is that it’s usually not too late to begin. Don’t make the grave mistake of choosing not to plan if you don’t have a plan in place by the time you reach the late 50’s/early 60’s mark. If you haven’t saved enough or at all, there are a few things you can do to help make the transition into retirement a smooth one.
You may want to consider working longer. Working to the full retirement age will ensure that you can receive the full Social Security benefit you are entitled to based on your work history. This will give you a bit longer to build up your savings. While you’re saving, remember that retirement is fast approaching. Consider saving at least 30% of your salary for retirement if you are in your 50s.
It’s a good idea to review your investment portfolio at this time. You never know what retirement holds, and it’s helpful to get a full view of the picture in order to know which assets can be the most liquid should you need them. Of course, you should also consider your health and possible health care needs in retirement so you can plan accordingly.
If you’re in your 50s or 60s and don’t have a retirement plan in place, it’s not too late. Contact the financial planning professionals at FCG to get started.
