Retirement is Always on the Horizon

Regardless of age, retirement is a topic that should be priority.

It is never too early to plan out the retired life you dream of. In fact, earlier is better!

Below, you will find retirement tips across all ages:

3 tips for ages under 50

1. Get your creative juices flowing

This is the period of time to get your mind thinking about the life you desire upon retiring.

When you’re done working, it would be nice to already have your plan set.

Maybe you want to start a business or travel. Whatever it is, it is never too soon to visualize it.

As you have begun thinking about your future retirement lifestyle, this is the step where you calculate how much you need to fulfill your plan. To make this easier for you, websites such as ameriprise.com have created platforms like Retirement Planner. You are not on your own when it comes to determining your retirement investments, as expert financial advisors are widely accessible.

2. It’s time to save

After calculating the cost of your retirement, the chance that you may need more money is very high due to rising costs. With this, it is important to be saving during your earning years at every opportunity possible. Strive to save, at minimum, 15% of your gross pay. You can do this by increasing your retirement savings with every pay raise before getting used to the higher paycheck.

3. Allocate strategically

It is crucial to determine the best way to allocate your investments among the varying kinds of assets. These include but are not limited to stocks and bonds. This process of spreading your investments across these variables can help ease the hardship of big market fluctuations.

A great way to do this is to put fixed amounts into your investments on a regular basis, regardless of market circumstances.

3 tips for ages 50-64

1. Fluff up your retirement lifestyle

Now that you are getting closer to your retirement, this is the time to start adding details and goals into the life you dream of when you retire. You should have a pretty set-in-stone idea of what you want your lifestyle to look like, so now you are on your mission to think this into reality.

2. Don’t forget about your health care costs

Health-related costs need to be considered when planning for retirement in order to determine a coverage plan. A great method to come up with the money for expenses is to start a health savings account prior to retirement. Some employers offer this as part of their health plan, however, you do have the ability to do this on your own if you purchase individual health insurance.

3. Re-evaluate how you’re investing

At this stage, your priorities and goals may have shifted. Therefore, your investment strategies may have changed over time, but you need to keep the same end-goal in mind; saving as much as possible.

3 tips for ages 65 and up

1. Review your plan

This is the time to review and ensure you are meeting the standards for the retirement lifestyle of your dreams. Making any necessary adjustments to align with your goals is vital in this step.

2. Stretch your retirement savings

A proper spending plan and withdrawal rate tailored to your situation is important in taking out the right amount of money for your expenses. Of course, be sure to have a backup plan for any possible unprecedented emergency expenses.

Another way to prolong your savings is to avoid shifting a large portion of your assets to cash and fixed-income investments. During retirement, you have less time to recoup after downfalls in the market, so you want to have a plan that isn’t completely vulnerable during times of inflation.

3. Get ready for the long run

A lot of the time, people only think about their early retirement years when they envision the activity stage. It is super important to think about how you’d also like to spend the years later in your retirement and balance your spending to accommodate everything that’s to come.

Both before and during retirement stages, you should be checking in with your goals and finances frequently.

Priorities and situations can change in a whim, so you need to be able to adapt no matter the circumstance.

You are not in this alone. If you need any help at any point in your planning, navigate a financial advisor who would be happy to assist you in meeting the needs of your retirement dreams.