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Planning for Retirement in Your 50s

Planning for retirement in your 50s requires slightly different tactics than at younger ages. With retirement right around the corner, it may be necessary to start moving money around and/or increasing your monthly retirement savings allotments. Keep reading to review some simple tips that may come in handy when planning for retirement.

Make Retirement Saving a Priority

Typically, retirement savings only make up a small portion of an individual's savings plans. At different times in your life, you may be putting more towards a down payment on a home or getting the kids through college. Hopefully, the majority of these high-priced events are behind you now – a fact that should make it easier to turn your focus to retirement.

To start, take a look at your current retirement funds and crunch some numbers to determine if you are on track to meet your retirement goals. Now that you are closer to the finish line, you may have a better idea of where you want to retire and how much you can expect to spend monthly once you stop working. If you haven't figured this out yet, then making use of an online retirement expense calculator may be a good idea.

Take Care of Any Debts Before Retirement

If you're playing catch up on your retirement fund, then the best course of action may be to focus on paying off debts before investing in stocks and/or retirement funds. This is especially true with credit card debt, which carries high levels of interest. Remember, the sooner you pay down that debt, the less you'll end up paying in the long-run for interest. Ultimately, this will free up more money for retirement planning.

Other Tips for Retirement Planning in Your 50s

Beyond these two major recommendations, there are a number of smaller things you can do when planning for retirement in your 50s. For example, you might consider consolidating all retirement plans into a single account. This will make it easier to manage and keep track of how much money you currently have squirreled away. You might also want to review your retirement portfolio to ensure you are satisfied with the level of risk you are currently carrying. To minimize the potential for major losses, you might want to move some funds into lower risk stocks, bonds or mutual funds.

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