Did you know that more than half of current workers have not planned for retirement!
So, we ask the question: Baby Boomers – Are You Retirement Ready?
According to recent surveys, 48% of pre-retirees do not have a financial plan! If you are one of those 48%, you need to get going.
Here is a time line of when and what you should be looking at to get on target for a comfortable retirement.
10 Years Out:
You should take a good guess at what your retirement life is going to be like.
- How much will you need for a budget?
- Revisit your tax diversification (you may need to see a professional on this one… pick a Certified Financial Planner (CFP) or Financially Oriented Lawyer).
- Reallocate your portfolio to fit your future needs.
5 Years Out:
You should probably start to get your behavior changes in order to fit your upcoming lifestyle and budget.
- Pay down as much debt as possible.
- Diversify your assets to a more conservative and safe planning effort.
- Get a handle on your retirement pension options and work with your CFP or Lawyer.
1 Year Out:
It’s getting close!
- Determine which costs/expenses will be in the retirement phase and what you have now. Adjust your budget and expenses.
- What are your pension options (Probably a 5 Year Out item as well, revisited here).
- If you are 65 at retirement, you will need to review your Medicare options and supplemental plans that may or not be available.
According to Ameriprise Financial for Pre-retirees:
- Pre-retirees with a plan have saved more for retirement.
- Many say they need a greater understanding of how taxes impact income in retirement.
- Top concerns are healthcare expenses, protection from market volatility and spending their
- money too quickly.
- May work in retirement to increase their income.
Again we ask, Baby Boomers – Are You Retirement Ready?
It comes quicker than you think!
Related Post: A Comfortable Retirement