As you near your 50’s its a great time to start to think about leaving your full-time job and retiring. Retirement is just around the corner and it’s important to know what your future needs will be both financially and physically. A lot of people in their 50’s have a hard time even knowing how to plan for retirement let alone grasp the concept of it happening in life.
According to a Vanguard study in 2016, between the ages of 55-64 half are prepared mentally and financially and half are not and have less money than they had hoped for. Whatever a person has saved will have to be combined with a source such as social security. You have to combine these and make them stretch over the remanding years of your life. Determine where you want to be and establish where you are at now in your life.
When making your financial plan really take time to put down everything in great detail about what you want and what you are expecting. The success rate for those who take time to plan vs the people who dont take time to plan is higher. Remember to keep these points in mind:
-Take time to save your savings
-Check up on your investment portfolio
-Only use healthcare savings if you need it
-Time for Long term care insurance