Every Retirement Plan Can Benefit From a Fresh PerspectiveYour Early 60s (Late Career) Retirement Planning Suggestions:
Get educated on Social Security! There are actually many claiming strategies that you should consider. For example, there are numerous implications if you "retire early" or if you delay retirement.
Discuss with a financial advisor when to withdraw money from your tax-deferred retirement accounts, such as employer-sponsored retirement plans and traditional IRAs. After age 59 ½, you can withdraw some funds without penalty but all withdrawals are usually subject to income taxes.
Under IRS rules, you must withdraw a minimum amount from 401(K), traditional IRAs and certain other retirement savings plans by April 1 of the year after you reach age 70 Â½ and each year after that. There is an exception to the rules for someone still working for the employer who sponsors the plan.
Always Seek the Assistance of a Registered AdvisorA successful retirement depends largely on the steps you take during different stages of your life. Here are some rough guidelines.
Your 20s and 30s (Early Career)
It usually makes sense to contribute to IRAs, 401(K), Keoghs, 403(b) and other retirement savings plans while meeting other goals, such as buying a home or starting a family.
Obviously, keep your debt from credit cards and other sources manageable.
If you don't already own a home, consider if this is a good option for you. While a home purchase can be expensive, it also can be an excellent investment and source of tax breaks.
Ask your licensed financial advisor to discuss investment options with a higher potential return. These are the years you might consider the extra risk associated with aggressive investments.