7 Things You Need to Know to Have Enough Money When You Retire (No Matter How Old You Are Now)
Do you worry you'll never be able to retire? It's never too late to get started -- no matter how old you are. Follow these 7 tips to have the great retirement you want and deserve.
If You're Around Age 50...
The first 2 tips are for those 15 years away from retirement.
Make Catch-Up Contributions
Once you hit age 50, your 401K plans and IRA allow you to make extra contributions you couldn't make before.
Find Lower Investment Fees
Try to choose funds with lower investment fees. Saving just one half of a percent makes a big difference over a decade.
If You're 55...
The next two tips are for those 10 years away from retirement.
Some places have a much lower cost of living than others. Consider moving to a city where you can rely on Social Security.
Lower Your Investment Risk
10 years away from retirement is not the time to take chances. Talk to your adviser about income oriented investment strategies.
The next 3 tips apply to you if you're 5 years away from retirement.
Delay Your Benefits
You can delay taking Social Security until you reach 70. For every year you delay, you get up to 8% more per year when you do take Social Security.
Delay Your Minimum Distributions
You can delay distributions from your 401(k) if you work at a part time job and continue to make contributions.
Consider Retiring Abroad
The cost of living is much cheaper in many other parts of the world.