A lot of people are unprepared. You don’t have to be
Resolutions are often top of mind at the turn of the new year. Not everyone keeps them but thinking through and implementing a few steps could lead to a fulfilling retirement. You don’t even need to be close to this stage of life — you could be in your 20s and 30s, just starting your career.
Make contributions automatic Workers are better off setting up an account and having money automatically taken out of their paychecks, than if they were to do so manually. “Inertia is a huge issue with many people planning for retirement,” said Kent Fisher, senior wealth manager and founder of Southern Investment Management Collective in Chapel Hill, N.C. “They do not put their intentions to work in a timely manner.
Still, paying down debt by making small saving and spending changes could alleviate some emotional stress . Look to pay down the debts that have some of the highest rates, said Salim Boutagy, a financial adviser at Congress Wealth Management in Westport, Ct.Increase contributions by 1% Advisers typically suggest workers invest 10% to 15% of their salaries into a retirement account, but that isn’t always feasible. The goal, first, is to meet an employer match if possible, as that’s free money .
Take a ‘mini retirement’ Before resigning from your job and living out your retirement dreams, test it out, said Jake Northrup, financial adviser and founder of Experience Your Wealth. This is especially true if you plan on moving, whether it’s across the country or the globe.
Prep your current home Some retirees choose to downsize their homes. Individuals looking to do so may want to make a few cosmetic touches to their current home, which could help it sell, Boutagy said. Current and near-retirees may also want to work with their loved ones, or even consultants, to declutter their home.
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