The Final Road to Retirement
May 15, 2019
If you are in your 50’s, you’re at a pivotal point on your retirement savings and planning journey. More than 63% of Americans retire between the ages of 57 and 66.* The most common retirement age is 62. As you approach that final stretch, it’s time to look ahead to make sure you are taking the right steps towards your dream retirement.
Here are a few tips to help ensure that your pre-retirement years are successful.
Assess your current financial picture and set your intentions
Ask yourself where your savings and investments currently stand. At this point, in your 50’s, you should be well on your way. Your goal should be to have at least 10 times your salary in savings when you retire. This figure tracks well with individual lifestyles and needs, but each person is different. You should also work towards limiting your debt, including a proactive plan to pay off major debts like your mortgage, sooner rather than later.
Ask for help
This is your final stretch towards retirement, so you want to be confident that you are making the right decisions and planning for everything. It’s so important to work with a professional that you trust to create and manage your financial plan. A trusted advisor will provide insight from experience, with personalized focus, attention, and peace of mind to confirm that you are on the right path or help to get you there.
Saving couldn’t be more important than it is during your final push towards retirement. If you’ve been making small contributions to your savings over the years, now is the time to put as much money as you can into your 401(k)s and IRAs, making maximum contributions.
Everyone’s circumstances are different, and for some, planning for retirement may mean reassessing your needs and realigning your goals. More and more workers are choosing to delay their retirement or ease into retirement by taking on a part-time job. You don’t want to jump into retirement if you’re not fully prepared. You’ll want to feel ready for any sudden changes or setbacks, and make sure that you are protected from substantial and unexpected medical expenses. When it comes to retirement, there is a lot to consider, and sometimes, giving yourself a little more time and flexibility to plan and save is the best course of action.
Connect with a wealth advisor
No matter where you are in life, we can help. Get started with one of our experts today. Contact us at 800-582-1076 or submit an online form.
This document is intended as a broad overview of some of the services provided to certain types of Washington Trust Wealth Management clients. This material is presented solely for informational purposes, and nothing herein constitutes investment, legal, accounting, actuarial or tax advice. It does not take into account any investor's particular investment objectives, strategies, tax status or investment horizon. Please consult with a financial counselor, an attorney or tax professional regarding your specific financial, legal or tax situation. No recommendation or advice is being given in this presentation as to whether any investment or fund is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors, or markets identified and described were, or will be, profitable.
Any views or opinions expressed are those of Washington Trust Wealth Management and are subject to change based on product changes, market, and other conditions. All information is current as of the date of this material and is subject to change without notice. This document, and the information contained herein, is not, and does not constitute, a public or retail offer to buy, sell, or hold a security or a public or retail solicitation of an offer to buy, sell, or hold, any fund, units or shares of any fund, security or other instrument, or to participate in any investment strategy, or an offer to render any wealth management services. Past Performance is No Guarantee of Future Results.
It is important to remember that investing entails risk. Stock markets and investments in individual stocks are volatile and can decline significantly in response to issuer, market, economic, political, regulatory, geopolitical, and other conditions. Investments in foreign markets through issuers or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical, or other conditions. Emerging markets can have less market structure, depth, and regulatory oversight and greater political, social, and economic instability than developed markets. Fixed Income investments, including floating rate bonds, involve risks such as interest rate risk, credit risk and market risk, including the possible loss of principal. Interest rate risk is the risk that interest rates will rise, causing bond prices to fall. The value of a portfolio will fluctuate based on market conditions and the value of the underlying securities. Diversification does not assure or guarantee better performance and cannot eliminate the risk of investment loss. Investors should contact a tax advisor regarding the suitability of tax-exempt investments in their portfolio.