Keeping on Track: Nearing Retirement

​​​With five to ten years until retirement, it’s time to evaluate your savings to date. You want to feel comfortable that you have adequately prepared for the type of retirement you are planning. However, it can be difficult to feel confident with your retirement plan if you are faced with insufficient retirement funds. This could result from a variety of situations, such as poor planning and saving, health concerns and high medical expenses, or financial obligations of being part of the Sandwich Generation (simultaneously caring for children and an elderly loved one). Use this time to save and invest additional funds that might help compensate for any gaps in providing for your retirement needs.

Some financial considerations for this period of time

  • Review your current budget and evaluate your investment strategy. Are there adjustments that need to be made in your portfolio to help you meet your retirement goals?
  • Consider what you might do if you were laid off from your job or presented with early retirement options. There are times when some employers encourage early retirement of more experienced workers due to higher salary costs and an assumed increase in health benefit claims.
  • Explore the possibility of part-time or alternative employment options during retirement to supplement your retirement savings. Plan ahead by participating in a training program or taking a college course to learn a new technology to prepare for future opportunities.

Take action and face your retirement with confidence

  • Review your investment portfolio and assets to address your changing tolerance for risk.
  • Anticipate the tax implications of retiring.
  • Revisit your retirement plan and expectations for retirement lifestyle and life expectancy. For instance, it is possible that if you retire at 60, you could live another 30 years or more.
  • Know how to protect yourself from investment fraud.

Contact Us

Phone: (608) 266-2139