It’s almost time to leave the workforce. You’re likely full of mixed feelings but mostly ready to relax, but are you financially ready? Whether you’ve paid into an IRA, 401K, pension fund, annuities, social security or any combination of those you’ll need to have a good amount of money saved to enjoy life during retirement.
It’s suggested that in your 50s you have 6-7 times your annual salary saved for retirement and 8-10 times if you are in your 60s. Many Americans fall very far from this goal, with an average of $190,000 saved between ages 55 to 64. Even towards the end of your working life, there are ways to get yourself on track to live well during your retirement.
This NerdWallet Retirement calculator can be used to let you know how much work you need to do on your financial plans as you get closer to retiring. https://www.nerdwallet.com/investing/retirement-calculator.
Reworking your financial plan will help you not just survive in retirement but thrive and live the way you want. Having a solid savings opens a world of possibilities including traveling, buying vacation property and investing in luxury items like high end cars and boats.