Once you’re in your 60s, it’s time to step up to plan your retirement. At this point in your career, you’re probably at or near your peak earnings, which makes it a great time to mix as much money as possible into your 401(k), IRA, or other retirement accounts. But now is also the time to start really thinking about what your retirement will look like. For years, if not decades, retirement probably seemed like a mythical event in the distant future.
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But once you hit your 60s, retirement is just around the corner for you. In addition to funding your retirement accounts as much as possible, it’s also time to start thinking about developing a social security strategy, planning a realistic retirement budget, and preparing for the changes that come with retirement. . To help you get started, here’s a resource guide full of information on things you’ll need to know about planning for retirement once you hit your 60s.
retirement planning
Even if you’re in your 60s, you still have time to jump-start your retirement savings. Understanding how much money you’ll really need in retirement, as well as some potential financial pitfalls you may face, can help you plan for a successful retirement while you still have time to make changes. Here’s a list of resources that should help you prepare for retirement while you’re still in your 60s.
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Social Security
It’s essential to map out your Social Security claim strategy while you’re still in your 60s. To make the right choice, you’ll need to consider a combination of factors, from the future size of your retirement accounts to the pros and cons of applying for Social Security early or late. Here are some of the basics of what you need to know about Social Security while you’re still in your 60s.
Retirement struggles
Even with careful planning, retirement isn’t always easy. When you cut off your main source of income by quitting your job, you’ll have to rely on your savings, Social Security, and any other retirement benefits you may have to fund your retirement. But understanding exactly the financial challenges retirees have faced before you can better prepare you to handle them yourself. Here’s a list of things you should know about the realities of retirement, along with some suggestions on how to manage them.
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This article originally appeared on GOBankingRates.com: Your Complete Guide to Retirement Planning in Your 60s