Learn how to plan for retirement in your 50s. I often get questions from my retiring clients about what they should do to prepare for retirement. Although everyone is different, here is a checklist of items you may consider:
How to Plan for Retirement in Your 50s – Increase Your Savings
“Catch up” by contributing more to your 401 (k) and IRA accounts. Once you turn 50 the IRS allows you to contribute more to your retirement accounts than you were able to contribute in your earlier years. One way to do this is to setup an automatic contribution so it happens every time you get paid. If you are unsure about how much more you can contribute you may consider meeting with a qualified fee only financial advisor or financial planner.