Retirement Tips to Act on Right Now if You’re 55+
If you are 55+, you still have plenty of time to increase your retirement savings. This time period between turning 55 and retirement is crucial as you now see retirement in the near future and have a better idea of when you plan to retire. You also may stand to consider living expenses such as moving into 55+ communities . Here are some retirement tips you’ll want to act on right now if you’re 55+. Max Out Funding on Your 401(k) Your 401(k) is an easy and automatic way to invest. One of the best parts about it is that you don’t need to pay taxes on any contributions until you withdraw while retired. Since your 50s and 60s are typically your highest-earning years, it is the perfect time to make sure you are maxing out on contributions. Consider an IRA Whether or not you have a 401(k) through your work, you may want to consider opening an individual retirement account or IRA. IRAs can be either a traditional IRA or a Roth IRA. These two options have different tax rules and con...