Retirement is not just something that happens. From choosing investments to protecting yourself and your family from risk, you make financial decisions that may help enrich your life not only in retirement, but each step along the way. As you get closer, it’s a good idea to assess your progress and review your retirement dreams and goals.
Get Your Retirement Dreams Into Focus
What does your ideal retirement look like to you today? You may have new ideas about what you’d like to do and may even have a date in mind when you’d like to retire. Have your dreams and expectations changed? Before you can make sure you have the funds to retire, you need a clear picture of where you’re headed.
Make the Most of Your Investments
Just as you see your doctor or dentist every year for checkups; it’s also a good idea to review your retirement savings each year. You need to fine-tune your investment strategy to make sure you’re still on track to meet your goals.
Boost Your Retirement Savings
You may want to increase the amount you’re saving in retirement plans or save even more by going beyond what you save in a plan with your employer. If you’re behind your savings goal, take a look at catch-up strategies.
Manage Debt With Retirement In Mind
Start mapping out your income and expenses, creating a comfortable balance that leaves you the flexibility to enjoy life with only the amount of debt you truly need. Consider becoming debt-free by retirement. For example, consider paying off your mortgage before you retire. Doing so may eliminate a major monthly expense, but you need to balance that against any tax benefit you might be giving up.
By staying on track financially as you get closer to retirement, you are better prepared to create the future you want.