Can you be too old to save for retirement? Is there a certain age where retirement saving and retirement investing are out of reach?
Well a recent survey stated that 2,000 American’s believe you can be too old to save for retirement. In the same survey, 40% of workers believe they will not have enough money for retirement.
So how can a person balance saving for retirement, shorter time frame before retirement starts, and investing those dollars for retirement?
Let’s talk about saving for retirement when you are older. Maybe you are doing retirement planning at 50, retirement planning at 55, or retirement planning at 60. How can you save for retirement when you are older?
1. Increase your retirement contribution in your 401k, 403b, IRA, or Roth IRA.
Increasing your retirement contribution to your qualified retirement accounts like a 401k or IRA is the easiest way to save more money in your retirement accounts. It’s also the way you can allow compound interest do its work.
2. Work until your full retirement age to maximize Social Security
This is probably the most unpopular option, but it’s the easiest way to increase your retirement savings if you are older. If you work until 66, 67 or 70 and wait to claim Social Security benefits, then you are going to get a bigger Social Security check. This will allow you to take less money out of your retirement savings and retirement investments because you are getting more from Social Security.
3. Invest extra retirement dollars into a Brokerage account
Investing in a non-retirement brokerage account allows an individual to save for retirement without the stipulations or rules that come along with 401k’s and IRA’s.
4. Budget and Create A Retirement Income Plan
I know this sounds like Dave Ramsey, but you need a budget. And you need a Retirement Income Plan. How can you walk into retirement without some sort of plan? If you want a tactical retirement income plan built for you, contact us here: https://yourfinancialekg.com/
Retirement income strategies and retirement income planning are two big pieces to anyones retirement planning calculator. Whether you are wanting to know strategies for “retirement planning at 30”, “retirement planning at 40”, “retirement planning at 50”, or even “retirement planning at 60” understanding how much retirement income that you want versus how much you need gives you a roadmap to follow to and through retirement.
Here at Pearl Wealth Group, we run a trademarked retirement investment and retirement income plan for individuals and families who are wanting to retire called “Your Financial EKG™.” What we are trying to visualize is how long a persons retirement savings are going to last throughout retirement. If you are looking for early retirement planning tips or trying to saving for retirement in your 50’s, You Financial EKG™ is a great tool to help you understand where you are retirement planning. Retirement planning and retirement income strategies shouldn’t be complicated. They should just be done right.
**Free Retirement Download: The Roadmap to Retirement:** 📊 https://yourfinancialekg.com/#download
**To schedule your virtual retirement and investment consultation with Drew, please select a day & time that works best for you: https://calendly.com/pearlwealthgroup/discoverycall ** ☎️
❌ **Please make sure you talk with your CPA, Financial Advisor, Retirement Planner, or Investment Advisor Representative, before implementing any content from this channel. All videos are for informational and educational purposes only. None of the content, comments, responses, information, or any other item on this channel constitutes financial advice or recommendations. Please call Pearl Wealth Group at 813-807-5060 to go through your Retirement Income, Retirement Investments, or Retirement Plan in more detail.** ❌