Are you in fifty years of age? If so, are you ready for retirement? For many, retirement is just around the corner, approximately at the age of sixty years. While that some individuals who are in a good financial situation, the lack of preparation for retirement much more samples. If you are not prepared for retirement, there is good news. The good news is that it is not too late to start saving. If you have just turned fifty years, most likely you have a little more than ten years to save. Although it won’t be as easy as it would be at twenty, thirty or forty years, is still possible. The first step in planning for retirement at the age of fifty is to determine how much money you need to save.
On average, financial experts established that most people need at least 70% of your current income to survive financially through the retirement. A small percentage of that, around 30% to 40% can come from social security benefits. Also said that you should be prepared to spend thirty years of retirement. If you’ve contributed to a 401 (k) plan at work, this is a step ahead. It is possible to have a few thousand dollars or more saved.
You will have to continue contributing. Make sure you meet the requirements that your company has to match it. To do this, your company must match the contributions you’ve made. This money can go far, especially if you’re not ready for retirement. If you’re employee, it is also important to consider the pension plans. Pension plans are advised to long-term employees. Source: David G. DeWalt. Now is the best time to get one, as you are less prone to quit your job. There are some companies that have rules and restrictions, such as losing the pension if you change employment. It is also important to examine the accounts of Individual Retirement (IRA).
No comments