Too many of us find that the years sneak up on us and we have not planned properly for our financial future. What if you are in your 50s and you have nothing saved for retirement? Is it too late to start? The simple answer to that question, is no. With the help of a qualified financial advisor and a solid plan of action, it never has to be too late.
Starting Out in Your 50s? Financial Strategies for Retirement Success:
Although you may have arrived a little late in the game, you still may have the opportunity to save enough money to retire.
- Don’t Tap into your 401k –If the company that you work for has a 401k plan, this may help you save up enough money to retire. Even if you find yourself in a tight spot financially, don’t be tempted to cash out your 401k. If you are low on income and trying to pay off debt or in need of emergency funds, your financial planner can provide you with other solutions and strategies for success that will be tax and penalty free.
- Retirement Plans –Not every business provides their employees with a way to prepare for retirement. You may have to find a way to provide for yourself. Mutual funds or investing in annuities may be the right option for you. The key to retirement success involves looking at your own unique financial situation, your debt to income ratio, equity in your home, and other factors. Your financial planner will help you to look at all of your options and come up with a plan that takes your individual risk tolerance, your age, and your current financial situation into account.
- Investment Options – In order to increase the amount of money you place into your retirement fund, you may need to take a look at your current investment strategy and consider additional options. Again, this is where a qualified financial advisor comes into play. Just by diversifying your portfolio or considering additional investments, you may be able to raise your percentage of annual returns. Over the course of a ten year span, this can provide you with exactly what you need for retirement.
Using a Financial Advisor To Plan For Retirement
An experienced and qualified financial advisor is your best source for smart retirement planning, especially when you are starting out late in the game. When looking for a financial advisor, be sure to
- Help you create a detailed plan to best save for your retirement.
- He or she will look at both your income and your expenses and recommend whether you should downsize.
- Your financial advisor will help you choose your investment strategy, determine how much to place into your individual retirement fund, and help you to remain focused on your financial goals.
- Your financial advisor should also be able to answer any questions you have about changes in your situation, such as health emergencies or a change in marital status and how to adjust your investment strategy accordingly.
Even in your 50s, it is possible to start saving for retirement. Begin the process today by making an appointment with your financial advisor.