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How to Recover Financially Before Retirement

To make a move toward recovering your financial stability, planning experts recommend the following:

Be realistic. Be prepared to revise your retirement assumptions to bring them in line with your financial realities. Catching up requires a rational assessment of your current situation and your future outlook.

70 is the new 65. Boomers who can should work until they are 70 if at all possible. The extra years of income will allow you to add more to your 401(k), maximize your Social Security benefit and reduce the number of years in retirement for which you have to save. Working part-time can help build up your retirement fund, and some companies like Lowes and Starbucks provide health care coverage for part time employees.

Keep saving. Now is not the time to splurge on spending, it is the time to save as much as possible. Review all your expenses to see where you can make cuts and channel those savings into your retirement fund.

Review investments. Be careful about taking on more risk in an effort to recoup past losses and cut costs where possible.

Consolidate debt and refinance. If you have some money in the bank, use it to pay off your debt as much as possible, especially credit card debt. Paying interest when there is available cash is foolish. With interest rates at all-time lows, refinancing your house can provide cash to pay off debts as well as reduce your mortgage.

If you need assistance with planning for your future in retirement, contact our Fort Myers estate planning law firm for your free consultation.
Categories: Retirement Planning
dorcey law firm
The Dorcey Law Firm, PLC - Fort Myers Attorney
Located at 10181 Six Mile Cypress Pkwy, Suite C, Fort Myers, FL 33966
Phone: (239) 330-6674
Local Phone: (239) 418-0169
Website: http://www.dorceylaw.com
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