It’s never too early or too late to get yourself on a better course, and this page offers some retirement tips that everyone should think about. Whether you are a young person just starting out or 5 years away from retirement, these retirement tips can help you achieve your retirement goals.
- Are you maximizing your 401K? Are you taking advantage of catch-up contributions if you are 50 or older?
- Is your 401K investment mix too conservative or too aggressive?
- Are you contributing to a Health Savings Account (HSA)?
- Does your employer offer a stock ownership program at a discount?
- Are you being paid competitively?
- Are you saving money for retirement?
- Is your investment mix too conservative or too aggressive?
- Are your investment expenses too high? These might be advisor fees, mutual fund and ETF expenses.
Your Living Expenses
- Are you living beyond your lifestyle?
- Do you have too much credit card debt at high interest rates?
- Can you cut back on dining out, cable TV plans, fancy cars, vacations?
- Have you started saving early?
- Have you pursued all types of scholarships and financial aid?
- Avoid co-signing loans.
- Would starting two years at a Community College be a good alternative?
- Is it time to downsize? Cash could be used to invest or pay down high interest debt?
- Are you using the equity in your house to reduce credit card burdens?
Your Future Income
- When should you start your Social Security benefits? 62, 67, 70?
- Are you eligible for defined benefit plan from a current or past employer?
- What about a part-time job?
- Are you minimizing your tax burden?
- Should you move to a tax-friendly state?
- Do you have tax efficient investments?
- Do you have any capital losses that you can claim up to $3,000?