The best time to start planning for retirement is when you are in your 20s, but there are still things you can do if you have not yet started in your 40s or 50s. At this age, you will not have as long to save money for your retirement, but there is still a chance you could make some wise moves that will help you have enough money to retire. Meeting with a financial adviser is a smart step to take, and here are some tips he or she might be able to offer to you.

Maximize Your IRA Contributions And 401k

When you reach the age of 50, you can contribute more to your IRA to help make up for a lack of contributions in your younger years. This means that instead of being able to contribute $5,500, you can contribute $6,500 per year. Maximizing your IRA is a great way to boost your retirement income.

In addition, if you have a 401k at your work, find out what the maximum amount is that you can contribute and start adding that amount per year. IRAs and 401ks are the best types of retirement plans, and maximizing them are great options.

Consider Working A Little Longer

A financial adviser might also suggest working a little longer than you had planned. If you hoped to retire by the age of 65, the adviser might suggest working until you are 67 or 68. Working just a few extra years can make an astonishing difference in the amount of money you can save for retirement. For an adviser to make this recommendation, he or she will look at several factors, which include your age, the amount of money you currently have saved, and the number of years you have left until retirement.

Think About Downsizing

If you own a big house and if the real estate market is in good condition, you might want to consider downsizing right now. If you can sell your house and make a good profit on it, you could invest in a smaller, more affordable home. This could help reduce your monthly expenses and could help you have more money available to invest in your retirement accounts.

Waiting until you are in your 50s to plan for retirement can make this type of planning a little harder, but it is never too late to start. If you would like advice about your financial situation, contact a retirement planner today.

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