Boomer Retirement Savings Guide

1. Assess Retirement Goals

To calculate retirement funds, consider lifestyle, expected retirement age, healthcare bills, vacation plans, and other expenses.

2. Review Retirement Accounts

If possible, consolidate retirement accounts and assess performance, costs, and asset allocation. Roll over old 401(k)s into IRAs for better control and investment alternatives.

3. Maximum Retirement Contributions

Take advantage of 50-plus catch-up contributions. Increase savings by contributing the maximum to 401(k), IRA, or Roth IRAs.

4. Investment Diversification

Diversify assets across asset types to reduce risk and boost profits. Consider equities, bonds, real estate, and other assets that match risk tolerance and retirement timetable.

5. Manage Risk And Time Horizon

As retirement approaches, progressively invest in more conservative options to preserve money from market volatility. Adjust growth and stability to risk tolerance.

6. Healthcare/Long-Term Planning

Prepare for retirement healthcare costs. To preserve retirement assets and cover exorbitant medical bills, consider long-term care insurance.

7. Budgeting And Expense Reduction

Review current costs and budget for retirement. Cut wasteful expenses to save more and retire comfortably.

8. Social Security Benefit Delay

Delaying Social Security benefits until 70 can boost monthly benefits. Determine your ideal claiming age based on finances.

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