For people 50 years and older, a quickly approaching retirement leaves significantly less time to save and invest. Even though time may be working against you, here are seven tips to help you get your retirement plans back on track.
Make retirement savings your top priority
Make retirement a priority today and don’t let a new car or vacation lure you off course
Becoming debt-free in the quickest way to increase your capacity to save
Take advantage of the savings vehicle available
The 2001 Tax Relief Act resulted in higher contribution limits to several retirement accounts and permitted “catch-up” contributions for those nearing retirement.
Look at the option of a smaller home, car or other large expense so that you can save more towards your retirement goals.
Make sure your assets are properly allocated
If your 401(k), IRA or other retirement plan is heavily invested in growth stocks and/or other aggressive investments, consider reallocating to some less-volatile investments.
Consider tax implications
Look for tax-deferred and tax-exempt investments and take advantage of recent tax reform legislation provisions that apply to your situation.
Get financial advice
With less time left to boost your savings, consider enlisting the help of a qualified financial advisor who can help evaluate your current savings and your options to gain traction against your retirement goals
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This information is provided for informational purposes only. The information is intended to be generic in nature and should not be applied or relied upon in any particular situation without the advice of your tax, legal and/or your financial advisor. The views expressed may not be suitable for every situation.
American Express Financial Advisors Inc. Member NASD. American Express Company is separate from American Express Financial Advisors Inc. and is not a broker-dealer.
This communication is published in the United States for residents of North and South Carolina only; and this advisor is licensed only in the states of North and South Carolina."
Roy P. Janse
Financial Advisors, Inc.
IDS Life Insurance Company
1150 Haywood Road
Greenville, SC 29615
Phone: (800) 554-0805 x141
Fax: (864) 234-7139