Are You Ready for Retirement?

“It’s never too early to start planning for your retirement.”
While retirement planning may seem daunting, it’s critical to be certain that you have enough savings set aside for your golden years.
According to the Federal Reserve, 26% of non-retirees say they have nothing saved for retirement. Zero.
CNBC’s recent article, “Make these 6 moves now to be financially prepared for retirement,” provides the steps you should take right away to start building your retirement savings.
1. Put on your thinking cap. Picture as accurately as you can what your ideal retirement will look like—and what it will cost. Use an online retirement savings calculator to help you see if you’re on the right spending and savings path.
2. Get a checkup. Get educated about Medicare and weigh the alternatives for long-term care, such as long-term care insurance.
3. Be sure your estate plan is up to date. See your attorney and be sure that all your estate documents work with the laws of the state where you’re retiring. Look at any possible concerns about estate taxes. Keep beneficiary designations up to date because, regardless of what’s said in your will, beneficiaries listed on specific accounts, such as IRAs, will inherit those funds.
4. Think of charities now. With more time on your hands, consider selecting a cause or two. You can lend a hand or make a donation.
5. Review your portfolio. You may have your money primarily deposited in a target-date fund that keeps your investment mix of stocks, bonds, cash, and other assets appropriate for your retirement time horizon. However, it’s a good idea to make certain that your asset allocation is where you want it. Remember that portfolio growth and market shifts can change your allocation at any time, and the closer you get to actual retirement—or if you’re already there—the more conservative an allocation you’ll want to have. You should also monitor the account fees you’re paying in funds and consider lower-cost alternatives.
6. Get professional advice. If you’re not already working with a money and tax expert, consider it.
Reference: CNBC (November 11, 2019) “Make these 6 moves now to be financially prepared for retirement”