As your retirement begins to come into view, it’s time to ensure that your financial planning has been kicked into high gear and you make any necessary adjustments to ensure its smooth transition. It can come as an unfortunate and difficult surprise if you need to move into retirement sooner than you anticipate or if you or a loved one experiences a sudden incapacity or disability.
Taking care of these steps now will greatly increase your chances of being able to move into retirement sooner rather than later with peace of mind. The first thing you need to do is increase the focus on your retirement goals. Take a look again at your retirement plan to see where you stand. If you’ve somehow gotten off track, now is the time to get back on it whether it is with contributing more to savings, tighter budgeting or both.
Catch up contributions can be powerful because you can contribute additional thousands of dollars to 401(k)s or IRAs depending on the specific rules. Furthermore, if your circumstances are changing, make sure that you adjust your asset allocation as your life goals alter. As your investment time frame and overall goals change, your asset allocation may change too.
Plenty of financial experts suggest that you reevaluate your allocation of assets whenever you experience a major milestone in your life, or on a periodic basis. Now is also a good time to develop your social security retirement date strategy. Although social security is likely to make up only a small portion of your retirement income, it is still a crucial part of your overall strategy and it must be given ample consideration as to when it is most to your benefit to take your retirement from Social Security.
There are many different financial considerations that go beyond thinking about your basic living expenses. Whether you are thinking about part-time work, downsizing, or for different ways to manage your health care costs, engaging the services of experienced professionals in the field is highly beneficial to you because it will help to clarify your goals and expectations.