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Retirement in Sight - August

August 23, 2017

Address These Retirement Planning Priorities After 50

When you turn 50, you start to think practically about the steps of your retirement transition. A to-do list emerges of tasks to try and accomplish, as well as things to consider.

Now is the time to pour all you can into your retirement savings. As an example, say you direct $15,000 annually into your workplace retirement account from age 55 to 65. If it returns 6%, you’ll see $48,000 growth off those $150,000 in salary deferrals. An additional $198,000 sounds nice, but keep in mind that your annual contribution ceiling rises to $24,000 starting at age 50. Contribute $24,000 annually to that retirement account returning 6% across those ten years, and you will have an added $316,000 for your “second act” including $76,000 in growth. Whittling down your debt should also be a goal. About 30% of seniors have outstanding home loans, and the average household headed up by seniors age 65-69 carries nearly $7,000 in monthly credit card charges. Are your investments too bullish? It may be time to reduce the amount of equities in your portfolio. Thanks to the recent rally on Wall Street, there may be a higher percentage of your invested assets in stocks than you assume, and that could expose you to more risk than you prefer.1  

On the BRIGHT SIDE
If you wait until age 70 to collect Social Security, you will have a monthly benefit 132% larger than the one you would collect at age 62.3


This material was prepared by MarketingPro, Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. This information has been derived from sources believed to be accurate. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty.
CITATIONS.
1 - fool.com/retirement/2017/07/16/5-retirement-questions-to-ask-yourself-in-your-50s.aspx [7/16/17]
2 - newsok.com/article/5549661 [6/5/17]
3 - money.cnn.com/2017/04/27/retirement/delay-retirement/ [4/27/17]
4 - todayifoundout.com/index.php/2012/08/from-1860-1916-the-uniform-regulations-for-the-british-army-required-every-soldier-to-have-a-moustache/ [8/11/12]

 

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