How to Refresh Your Retirement To-Do List

Are you missing out on critical investment opportunities that can improve your retirement options?

If you’re between 5 to 10 years away from retiring, you may be wondering whether you’re financial planning strategy is on the right track. Aside from planning your estate and managing your assets, there’s a lot to consider in your 40s and 50s to ensure a comfortable retirement. To help you get started, your local Minnesota Financial Advisors have a few tips on how to refresh your retirement to-do list:

Pay Off Your Debt:

Whether you’ve accumulated debt from credit cards or you’re still paying off a mortgage or car loan, getting out leads to a comfortable retirement. Imagine if you were to enter into your retirement years with debt left over. The interest rates alone could impact your savings and plans for the future. To help you address this issue, create a balance sheet that documents the amounts you owe and your monthly interest rates. You can begin paying down debt on the smaller balances first, but it’s highly recommended that you start with the higher interest loans. For the biggest impact, avoid making the minimum payments and instead plan how you can make larger payments to pay down your debt faster.

Create an Emergency Account:

It’s important to have an emergency fund in place at any age. If you’re approaching your retirement age, having access to additional funds can help you avoid future financial strains, in the event of an injury or health condition . It’s recommended that you save at least three-to-six months’ worth of living expenses. This should also include healthcare expenses that your company currently covers, as you will no longer have this employer-provided benefit in retirement.

Determine Your Retirement Goals:

Perhaps you’ve been contributing to your 401(k) and/or Roth IRA plan for years, and you’re making good investments. Aside from saving for the future, have you given much thought to where you’ll be after you retire from work? Will you live in the same state? The same home? Do you plan to open a business after retirement or travel abroad? It’s important to consider your long-term retirement goals, so you can better determine how much you need to save and how much you should invest now. The trick to successful retirement planning is being realistic about your goals and choosing the best course of action to achieve them.

Consult with an Independent Planning Advisor:

Whether you’re planning to retire in the next five years or even the next 20 years, it’s important to consult an experienced financial advisor. Advisors help you plan your estate and manage your assets. In addition, a financial advisor can help you learn more about opportunities that may benefit your investment portfolio and provide you with the type of retirement lifestyle you deserve.

To find Minnesota financial advisors near you, contact Focus Financial today. Our experienced team will provide you with knowledgeable financial management guidance to keep you on track with your retirement goals.

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