Golden years are different now than when my grandmother was my age. She lived on Social Security benefits because she didn’t do any retirement planning and didn’t have a pension plan. Few people planned on retirement in their 50’s. More people are focused on enjoying their golden years as early as possible now.
The perfect time to get a financial advisor and start either a Roth IRA or a traditional IRA is early in life. This is because it takes a lot of annual income to maintain a certain lifestyle.
We all know that there is no such thing as extra cash. There’s also no such thing as too much money. It takes some thought to reach your retirement goals before you reach full retirement age. The good news is this: your retirement funds can make early retirement a reality.
We all want to make sure that we have enough money in our retirement budget. We want to enjoy the adventures of life in our early 60s. A comfortable retirement for the average American covers student loans if you still have them. It also covers health insurance until you qualify through the Social Security Administration. Additionally, a good retirement budget covers zero credit card debt. And finally, it covers enough of an emergency fund in your savings accounts to make all of the monthly payments that you hadn’t eliminated with your pre-retirement income. Even after retirement, we pay income taxes. Retirement in the 50’s doesn’t mean those go away!
It should not take as much income to remain comfortable in your retirement years. But you will still have property taxes and it’s also a good idea to have long-term care insurance. Your financial situation may fluctuate some during these extra years. However, financial advisers and other financial experts can help you design an investment strategy to provide for your financial security. Depending on your situation, you may need legal advice. In addition, use online retirement calculators to ensure that you meet the retirement savings goal.
The first step and getting ready for your senior years starts when you write down your savings goals. Add that together with a certified financial planner and begin to design your individual retirement accounts. Some investment tools have contribution limits and you may need to make annual catch-up contributions up to the annual contribution limit.
One important consideration is do you want to have a part-time job. And another is will your investment tools (like mutual funds and other stock market equities) provide enough annual salary for you so that you do not have to have a side hustle?
Get all the expert advice before you need it because a tax advisor can only give tax advice for your future and can’t roll back time. Your individual situation is unique it is up to you to do your due diligence and find out how you can fund your long-term retirement.
After you retire it is almost impossible to eliminate outstanding debts because there is no extra money. It’s preferred to make your financial decisions And reach your financial goals a number of years before the last year of employment.
Thanks for Reading about Retirement in the 50’s!
Want to know more about us? Check out more info HERE. You can also check out more about our travels by going to our blog: The Rambling Russells.
