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Taking Stock of Your Financial Future
Financial Planning Doesn't End as Retirement Nears By Laurie L. Dove
Get Professional HelpOnce you have an estimated budget on paper, choose a retirement date the exact day you plan to leave your traditional career, regardless of whether you plan to work part time afterward.
Then, meet with a financial planner. A qualified professional can help you determine if what you have saved or plan to save will see you through retirement. A financial planner can help you determine what your assets will be worth and estimate how long your retirement assets are likely to last during your life expectancy.
If it appears you'll fall short of your goals, consider increasing your retirement contributions to 15 percent or more of your income.
Once you have reached the age of between 50 and 60 it is a good time to evaluate your investment portfolio. "It's important to make sure you have well-diversified, well-thought-out investments," Avey says.
Now also is the time to start thinking about how you'll receive your retirement assets. Will you take a lump sum distribution or an annuity? Because the order in which you withdraw your funds can have a significant impact on taxes, it may be wise to consult a tax advisor or financial planner before making this decision.
And if you continue working during your "retirement" years, continue to save about 10 percent of your income. It's a great way to safeguard against unexpected expenses.
Planning wisely will allow you to enjoy a relatively stress-free retirement and a transition to a new career regardless of pay. You've earned it.
