December 08, 2021 | Posted in:

Retirement planning – it’s never too early or too late to start

One day you’re interviewing for your first job and the next you’re a few short years from Social Security. Whatever life stage you are in, there are relatively painless ways to build a decent retirement nest egg.


Getting Started in your 20’s and 30’s

In your twenties and thirties, save enough in your employer’s 401(k) to qualify for the company match, build your portfolio and save for college if you have children. As you move into your forties, balance your investments and plan your goals with a financial advisor.


Getting Started in your 40’s and 50’s

What if you’re in your late forties or early fifties and are far from your goals? Here are some strategies:


  • Think about downsizing.

    Selling your home can enable you to move to a residence with a smaller tax burden, lower costs and a more favorable cost of living for seniors.


  • Continue to work, even part time.

    If you love your job, putting retirement off for five years can boost your retirement funds tremendously, particularly your Social Security benefits.


  • Pay down debt.

    Being debt free will provide much more disposable income which can be placed in a retirement account. Attack credit card debt first.


  • Beware of midlife money blunders.

    Do not look for the hottest investments. The closer you are to retirement age, the fewer years left to recoup investment losses.


Develop a Personalized Plan

The above are just a few high level suggestions, but no two financial scenarios are alike. The good news is that, no matter where you are in life, taking the first step will get you closer to where you want to be in your retirement years. Contact us for a one-on-one meeting with an Alloy Silverstein financial advisor to discuss implementing a personalized financial plan.


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