In your 50s, retirement is starting to feel more real, and you have a clearer picture of what you want your retirement to look like. Your income may be at a career high, allowing you to catch up with retirement savings, if necessary. - Focus on what you still need to do to make retirement a reality.
- Pay close attention to how your investments are performing.
- Fine-tune investments for optimal growth and appropriate levels of risk.
If your nest egg looks like it might be falling short of your retirement goal, these savings strategies may help you: - Increase your 401(k) contributions. This company-subsidized pre-/post-tax savings program is a smart way to sock money away with every paycheck. After age 50, increased contribution limits mean you're allowed to add up to $20,500 annually to your plan.
- Cut spending. This tried-and-true method of accumulating wealth will never go out of style. Instead of buying that big-screen television or eating out every night, invest your newfound savings in an IRA.
- Postpone your retirement. Many employees have discovered that early retirement simply isn't an option for them — even those who have been saving faithfully and are fully vested in the company pension plan. By putting off your retirement for even a year or two, you'll have more income to contribute to your nest egg.
- Find out what your Annuity Retirement Plan (pension) benefits will be when you retire by visiting http://resources.hewitt.com/abbott.
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