When it comes to retirement, we can all be at different stages in our lives. Those who are younger typically have many years before retirement, and they’ll have a different approach compared to someone who is 50 and has retirement within sight. Here are some considerations for those approaching their golden years, but who may still be 10 – 15 years away from retirement.
Review your asset allocation. If your retirement is around the corner, it might be time to take a closer look at your exposure to risk. Some investors may think about reducing their position within the stock market and consider less volatile options. However, it’s important to be thoughtful and balanced. Given medical advances, many Americans are living longer and longer. So everyone will need to plan accordingly — if needed, work with a financial advisor who can help with your specific situation.
Examine your healthcare to ensure you have adequate coverage. Medical expenses tend to increase as we get older, so if you need additional coverage, it’s probably easier to get insurance at age 50 than when you’re in your 60s.
Make sure your debt is in check. While you’re 50, you still have time to plan and work at getting rid of your debt. For example, you might think about downsizing your home or really tackling your credit cards. Either way, once you start retirement, it’s harder to eliminate debt.
At the end of the day, it’s never too late to get your retirement into better shape. The key is to plan thoughtfully and to take action.
The information on this page is provided for educational purposes only and is not tax, legal, financial planning or investment advice. Neither the information nor any opinion expressed in this section constitutes an offer to buy or sell any securities or advisory products. The information provided is general and is not information reasonably sufficient upon which to base an investment decision and should not be considered a recommendation to purchase or sell any particular security. You should not regard this information as a substitute for the exercise of your own judgment. Investing involves risk.