Thursday, October 25, 2018
If you’ve been diligently working for about 3 decades and socking away money you may be close to seeing retirement, but here’s a few things to do before you quit.
- Take inventory of what your financial situation is at the current time. A snapshot of time gives you an idea how close you are and lets you take get an idea where you have to go and how much you have already. If you’ve only save 75% of your earnings you may need to catch up by saving more or work longer. Make sure to take advantage of catch-up contributions in your 401k.
- Consider staggering or coordinating retirement with your spouse. If one retires a little later you can draw less from the retirement portfolio at the beginning.
- Keep a good chunk still invested in stock. You will still need to keep your portfolio growing for years to come and stocks usually perform very well over the long term and keep pace with inflation. So consider keeping them but maybe rebalancing with more bonds or other safe investments. Or perhaps you may want to pay down debt so you have less interest on certain loans you have.
- Work also with your younger coworkers and train and mentor them so that they will be able to take your place when you retire and also try to learn something from them. You might keep in touch for years and have a friend you can talk to when you retire and leave the work force.
These are just a few quick tips to think about if you’re a few years away from retiring.