Money issues are important at every stage of your life, but they're particularly critical in your mid-50s and beyond. As you approach retirement, you're trying to determine how much longer you can work and how much more you need to save to hit your target. And once you've retired and have to rely on social security and distributions from your retirement plans, keeping on a budget is even more important. Fortunately, our Money Over 55 expert is here to help. From tax planning to Social Security to retirement budgeting, Certified Financial Planner Dana Anspach can guide you on every important money decision you'll need to make later in life.
Most people have a specific retirement age in mind, but the truth is that once you hit your mid-50s, retirement could be right around the corner. Maybe you'll take a look at your accounts and realize that you've hit your savings target ahead of schedule. Plus, you never know when job loss or health issues could force you into retirement sooner than you expected. The point is, a planned retirement age of 65 could quickly turn into 61, so once you get within 5 years of likely retirement, it's time to start doing some serious planning.
Whether you're approaching retirement or already there, you've got some big decisions to make. The biggest retirement decisions have to do with timing -- when to take social security, for instance, and when to actually retire. And while you're still in your saving phase, you'll need to decide whether to rollover your 401(k) into an IRA -- and how to invest those funds if you do.
The last thing you want is for taxes to eat up all of your hard-earned retirement savings. Fortunately there are a number of ways to pay less taxes in retirement, with tax-optimized strategies for taking money from Social Security and your retirement accounts.