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Retirement planning at age 50, plus a retirement hack baby boomers are implementing
If you’re within fifteen years of retirement, it’s time to get serious about planning for your future. At the end of this article, you will learn about a budget retirement hack that millions of Americans are doing to lower the cost of living while retired.
The sooner you start saving, the more comfortable your retirement will be. Here are a few tips to help you make the most of your time left to plan:
-Start by evaluating your current financial situation. Determine how much money you’ll need to live comfortably in retirement and whether or not you’re on track to reach that goal.
-If you are behind on savings, consider increasing your contributions to catch up. If you have other debt, such as a mortgage or credit card debt, focus on paying that off as well. Retiring debt-free is a wise decision.
-Investing is another key component of retirement planning. Work with a financial advisor to develop an investment strategy that will help you reach your goals.
-Don’t forget about Social Security! Make sure you understand how much income you can expect from Social Security and when you should start taking benefits.
