If you plan on retiring at 65 years old, chances are you’ll need your retirement savings to last you around 15 to 20 years – at least.
Saving for retirement can be daunting whether you’re still in the middle of your working career, nearing the end or already retired. The good news is, however old you are, there are always ways to create a more comfortable retirement for yourself.
The earlier you start planning for retirement, the better. Even if you think retirement is a long way off, it’s important to think about how much money you will need, what kind of retirement lifestyle you want to lead and how you can give yourself a head start.
When you are in your 40s and early 50s, it’s easy to push your retirement to the back of your mind. Things like paying off your mortgage, sending your kids to school and looking after elderly parents can seem like more pressing commitments. However, taking time to plan for your retirement will make it easier for you in the long term.
Good steps to take in your 40s and early 50s include:
If you’re in your late 50s or early 60s, it’s not too late to start making a positive move towards a more secure retirement. This is a great time to work out a retirement plan and figure out how you want to transition out of work.
Steps to take as you move towards retirement include:
If you are already in retirement or considering your options, there are still some things you can do to make your retirement more comfortable. Considering that your retirement may last 20 years or more, financial decisions you make now can still impact your future.
Things to consider if you are over 65 years old include:
Planning for your retirement can be daunting, whatever age you are. Make sure you seek professional guidance and financial advice when making decisions about your future.
The team at Lawrence Group helps busy business owners, working professionals and couples approaching retirement work towards a comfortable retirement that aligns with their goals. Give us a call today for a free initial consultation.