If you find yourself in the position of needing to make up ground when it comes to retirement savings, don’t despair. It’s not too late to start saving and investing, and there are several steps you can take to help ensure that your retirement savings goals are met. Let’s look at some tips for preparing for retirement when there is little time left.
Stay Focused on Your Goal
The first step in preparing for retirement when time is limited is to stay focused on your goal – to save as much money as possible over the short period of time available. This could mean making a conscious effort every day to put away 20 percent or more of your income into tax-sheltered plans and personal savings. Staying focused will also help you reduce expenses where possible, which can also go towards boosting your nest egg. Invest Wisely – Making sure that your investments are part of the solution rather than part of the problem is essential when trying to save for retirement in a short amount of time. To help maximize returns, consider diversifying holdings and keep an eye on fees; however, be careful not to take risks you can’t afford or trade too often. Retire Later – One way to make up ground quickly is by pushing back your retirement date even if it’s just a few years later than what was originally planned. Working longer may sound daunting but it gives you more time to save money and less time during which you need withdrawals from your nest egg once retired. Additionally, working longer allows you access to higher Social Security benefits due to delayed claiming options that increase monthly benefits by 8 percent per year until age 70.
By taking advantage of the tips outlined here, you can make up ground quickly even if time is running out before retirement arrives. Remember that it’s never too late to start saving, so don’t delay any further – get started as soon as possible and focus on achieving your goals! With careful planning and dedication, retiring with enough funds saved up is still achievable even with little remaining time before leaving the workforce!
As always, if you ever have a question about this or any of the topics that I have shared, do not hesitate to click the link below to schedule a personal one-on-one strategy session with me. Schedule time with Vince .
“Always Be Outstanding and let’s make yesterday jealous of today.”
Vincent A. Virga
Advisory services offered through Madison Avenue Securities LLC (MAS), a Registered Investment Advisor; MAS and PFS Wealth Management Group are not affiliated companies. MAS does not provide legal and tax advice. Seek competent legal and tax counsel for your specific needs.