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Taking Stock of Your Financial Future
Financial Planning Doesn't End as Retirement Nears By Laurie L. Dove
With many older adults continuing to work well into their 80s, the days of socking away money until reaching a leisurely retirement have changed. Today, "retired" seniors continue to pull in paychecks and are likely to contribute to retirement savings plans even as they pass retirement age.
Entering into your 50s or even 60s is the right time to really focus on building retirement assets, say financial experts. Often, someone at, say, age 55 is at the height of his or her earning potential and has children who are out on their own. Using the extra money once spent on your children to beef up retirement savings can be a great way to plan for a career change; by saving more now, you can plan on working at what you love later even if it doesn't pay as well.
That way, even if you continue working once you retire from a long-time career, you won't have the added stress of wondering if you'll be able to pay the bills.
For an accurate estimate, think about the lifestyle you plan to have during retirement. Will you travel? Have a vacation home? Take up an expensive hobby? Keep in mind that some costs, such as medical prescriptions, are likely to increase, and some costs, such as those associated with working, are likely to decrease or go away altogether.