Will I ever be able to retire?
If you’re wondering whether you’ll ever be able to hang up your spurs, you’re not alone. The financial markets’ recent dismal performance has left most people’s retirement accounts a shadow of their former selves.
But there are ways to get back on track.
Try socking away more of your current income. Having been a financial adviser for 19 years, I encouraged each of my clients to set aside 15% of gross income for retirement. The number that you choose is entirely up to you but this number may prove beneficial no mater your age.
If you’re 50 or older, take full advantage of “catch-up” contributions for your 401(k) plan and IRA.
Make sure not to leave any employer matching contributions on the table. It’s the closest thing you’ll find to free money! That is assuming that you’re not full-time in the cash flow industry and are still working for an employer with 401 (k) benefits.
And think about postponing retirement a bit. Even a few extra years on the job can make a huge difference.
The links below offer strategies for rescuing your retirement, as well as resources to put those new plans into motion.