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Do These 5 Things If You Want To Retire In 5 years From Now


As you move to the peak of your career, you need to be aware of your savings and investments. Do you have an ideal mix in your investment portfolio? Enough income if you want to retire from your work life? Here are the five essential steps you need to take now if you are on the cusp of retirement.

1. Saving and Investing: Real numbers work well

Why it’s key • Guessing numbers isn’t practical when keeping track of your accounts. According to the Employee Benefit Research Institute’s Retirement Confidence survey conducted on 2015, 40% of retirees reported that their spending was much higher than expected.

Take action • This is something you can do yourself by checking your accounts and noting your balances. Should you not have the time or do not want to do this, there are many financial advisory companies that will assist you. One company, Fidelity, offers useful budget worksheets online for consumers and also has websites available to help retirees meet their goals. You can check if your projected income will cover your projected expenses with the T. Rowe Price retirement income calculator.

2. Work: Find A Career Coach

Why it’s key • unfortunately, for individuals who are 55 and older, the unemployment rate is often lower compared to any other age group. It is hard for this age group to find new jobs and often take a salary cut.

How to do it • Find a field that targets your best qualities.  It is wise to ask friends and family to see if any positions are hiring or find a recruiting agency or career coach to help you find a job that best suits you.

3. Debt: Decide Whether You Should Be Mortgage-Free

Paying off your mortgage early is important for many wishing to retire.  Check to see if paying off your mortgage would benefit you in the long run.

4. Lifestyle: Plan your Retirement Home

Why it’s key • Without any doubt, housing costs are your biggest retirement expense. Downsizing or relocating can reduce that burden.

How to do it • Plan your retirement budget. Decide if downsizing would be a smarter move or if it benefits you to simply pay off the mortgage.

5. Planning: Automate and Simplify Your Finances

To efficiently manage your finances, roll scattered 401(k)s into a single IRA. Keep all your assets with one firm that will lower your fees. Close any extraneous credit lines and automate whatever accounts you can.

Once you accomplished these five smart moves, you’re on track to financially stable retirement.

If you have any questions related to your financial goals, please visit us at United Financial Counselors. We provide a range of financial services such as first-time homebuyer counseling, credit counseling, budget counseling, foreclosure prevention counseling, and pre & post-bankruptcy counseling.

If you are interested in any of our services, please click the ‘Contact Us Now’ form and fill the required fields and a counselor will contact you shortly.

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