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Many people tend to put off retirement planning until the last minute, but financial planners emphasize the importance of early preparation for a successful retirement.
Retirement can be more challenging than anticipated, especially when it disrupts established work routines and social networks.
Despite this, too many individuals delay retirement planning. Jennifer Belmont Jennings, an attorney at MGD Law wealth and estate planning, advises starting early for better results.
Here’s some advice for retirement planning at different stages:
Ten years from retirement
By this point, it’s crucial to have an estate planning attorney, tax professional, and financial planner to guide you. Focus on ensuring your savings are on track and consider increasing contributions to your retirement funds.
Five years from retirement
Start considering your financial needs in retirement and explore tax-efficient ways to help your children and grandchildren financially.
Two years from retirement
Begin to shift to more conservative investments, plan your withdrawal process, and sort out your health insurance. It’s also a good time to test out your retirement budget.
Ultimately, it’s best to start retirement planning early, even from the beginning of your career, to make smaller, more manageable adjustments over time.
Rodney A. Brooks is the former deputy managing editor/Money at USA TODAY. His retirement columns appear in U.S. News & World Report and Senior Planet.com. He has written for National Geographic, The Washington Post and USA TODAY. The author of “Fixing the Racial Wealth Gap,” Brooks has testified before the U.S. Senate Special Committee on Aging. His website is www.rodneyabrooks.com.
Your use of any financial advice is at your sole discretion and risk. Seniorplanet.org and Older Adults Technology Services makes no claim or promise of any result or success.
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