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Make Some Hard Decisions

  • Help your grown children succeed on their own: Don’t sacrifice your retirement for their current needs.  It won’t be a gift to them if you need their help in retirement.

  • Estimate your resources for retirement: Get serious about gathering information about retirement savings from your different jobs, and estimate what they’ll be worth at retirement.  Be conservative.

  • Check your investment risk, and make any adjustments you or your professional advisor think are necessary.

  • Use a 403(b) and “catch-up” limits to achieve rapid growth of your savings.

  • Research long-term care insurance and decide if this needs to be part of your plan.

Work Longer

  • Think about what you would enjoy doing part time in retirement to supplement your savings.

  • Delay Social Security benefits: The longer you wait to draw Social Security, the larger the monthly benefit.

  • Consider downsizing your home:  Look beyond just the size of your living space and consider moving to a lower cost-of-living area.

  • If you don’t have a pension, consider annuitizing a portion of your savings: This will provide a monthly benefit that can guard against a downturn in market-invested savings.