If you’re planning to retire within the next 10 years, it’s important that you fully understand what your financial future is going to look like. Establishing a comfortable retirement takes time and is challenging for many people, but there are things you can do to solidify your finances and better prepare for the life you envision. Luckily, there’s still time to increase your savings if you’re 10 or more years away from retirement. To gain insight on your current financial situation, assess your savings, sources of income, investments, and assets then compare them to your retirement goals, retirement budget, and your desired retirement age. For a stronger understanding of your projected finances, here’s how to predict future investment returns to plan your retirement.
The First Steps of Retirement Planning
If you haven’t already started planning for retirement, that’s okay. It is possible to plan for retirement at age 50+. However, the earlier you start, the more your money will grow. Every dollar that you save can increase in appreciation through strategic investments and retirement planning. To understand how much you should be putting away, take these steps:
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