3 Tips for Planning Your Retirement
If you’ve spent years, maybe even decades, contributing to your employee 401(k), kudos to you! That’s a great way to save for retirement. Now that you’re a little older, it’s time to put more thought and attention into maximizing your returns and making your money work harder for you.
It’s time to talk seriously about retirement. Mountain America Credit Union has our best tips to help you ask the right questions.
Plan your strategy
Write down what you want the next 20–30 years to look like. Marriage? Children? Vacation of a lifetime? A new business venture? Writing it down helps you formulate the steps it will take to get there.
Plan for emergencies
We all know that life takes unexpected turns from time to time. Building up a sufficient emergency fund will allow you to take care of these challenges without derailing your retirement savings. Aim to have enough money in this account to cover your expenses for three to six months.
Plan to take it for a test drive
As you near retirement, you’ll have a pretty good idea of what your fixed expenses will be for the next few years. Once you’ve taken everything into consideration and created a budget that will work, put it into action for awhile. You will likely find areas that need a little tweaking, or you may find that it works great!
When making your retirement plan, be sure to consider these additional factors, too. Make decisions on the following now to spare your kids or other family members from having to make them without your input:
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Life insurance
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Estate plan
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Dependent care
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Children’s education
Interested in more about retirement? Download our eBook, Finding the Right Path to Your Next Big Adventure. Learn more about:
- What questions you should be asking
- Why it’s so important to start early
- How to plan for emergencies
- What to do if you’re starting later in life
- How to manage your retirement income
