9 Steps to Take Before the End of Your Career

Retirement

9 Steps to Take Before the End of Your Career

Posted by Infinite Wealth Advisors, LLC
2 years ago | June 8, 2017

Senior couple on pierOnce you enter your 50s, you might feel as though you’ve entered the home stretch of your career. Sure, you’re probably going to work another ten years or so, but often by this age the difficult career-building steps are behind you. You’ve gained experience in your field, you’re comfortable, and now you’re ready to cruise along calmly until retirement.

So does that mean you’re done with setting and achieving goals? Well, not really. It’s just that your goals have shifted from career-building, to making the decisions that will lead to a comfortable retirement. Throughout your 50s and early 60s, you need to address these goals as you think about retirement.

Get out of debt. You’ll enjoy your retirement much more if you aren’t saddled by debt. This is the time to create a strategy to aggressively pay off credit cards and other loans.

Set a retirement goal. Where do you want to live? How do you want to spend your time? Begin to focus on your specific dreams.

Bump up retirement plan contributions. If you’re already making the maximum contribution to your tax-advantaged retirement plan(s) at this point, you’re in great shape. But after you reach age 50, consider including the extra “catch-up” contributions that the IRS allows. Currently, those aged 50 or older can contribute an additional $6,000 to their 401(k) plans each year.

Set a budget, and stick to it. Right now, you might be tempted to enjoy the fruits of your labor. And you should! But each time you receive a raise, consider how a portion of that can help you address your retirement goals.

Estimate your Social Security benefits. Social Security is only one part of your retirement income, but you should know what to expect. We can help you create an account on the Social Security website, review your work history, estimate benefits, and report any errors in your record.

Draft or update your will. These days, many people are living twenty, thirty, or more years after retirement. But because a Will helps to protect your spouse and other beneficiaries in the event that something happens to you, consider this important step as you plan for the future.

Think about long-term nursing care. This isn’t the fun part of retirement planning, but it’s certainly realistic. Most people will need nursing care at some point during their retirements. It’s time to investigate your options, become familiar with what is available in your area, communicate your wishes to close family members, and consider how you would pay for a nursing or assisted living facility if the need arises.

Investigate your insurance options. Establishing a secure retirement income is only one part of the overall planning process. You also need to protect your assets carefully, so consider your insurance options as you transition into retirement.

Set an appointment with us. Working closely with us throughout your 50s, and beyond into retirement, can help you stay on top of all the important decisions you will face.

Have questions? Need assistance?

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Call 877-281-8282 or email kevin@infinitewealthadvisors.com to speak with an agent.