Retirement Planning – It Is Never Too Late
If you are closing in on retirement and think you haven't saved enough gold for the golden years, here is some advice. Although some of it may be painful, it is ALL useful to one degree or another.
Believe it or not, delaying social security is acutally recommended by the Department of Labor's agency the Employee Benefit Security Administraion (EBSA). The EBSA says by delaying accepting benefits, you will be ahead because when you do accept them, the check will be larger. Do the math to be sure this is true in your case.
Retire later. If your particular job and/or retirement plan lets you work longer than your planned retirement date, this may be in your best interest. Calculate the amount of your retirement check had you retired and add your social security and other income checks to it. If this amount is higher than your working check, retirement may be the answer. If not, recalculate your retirement date.
Sell assets not producing much income or growth and invest the proceeds into income producing assets. This will require a little home work but it is your money you will be maximizing so a little home work should not be an inconvenience.
Reduce expenses and funnel the savings into your nest egg.
Concentrate on increasing the amount you put away in your tax sheltered accounts as well as your regular savings accounts.
While this advice may look piece meal, I'd bet if you used it as your blueprint to increasing the money you have in the bank, you'd see it would work like a charm.
