Financial Stability in Your 50′s
Case Study on James and Anne, both are 57, married with 3 children. Annual Household Income of $120,000. Mortgage: $20,000. College tuition expense: $15,000 a year for 6 more years. They have 8 more years until they retire.
If your are like James and Anne you would want to pay down your debt as quickly as possible so that you can invest as much as possible into your retirement accounts over the next 8 years.
In your 50′s you are in your final working years. You are close to the next stage of your life which is your retirement years. These are the years you should increase your savings substantially and reduce your debt to near nothing. The more you are able to save before your retirement years, the more compounding will work to your advantage.
Going into retirement financially strong can make the difference between an average retirement and a great retirement. Have you decided is you will you work part-time or work on a hobby in your retirement years? If so, will that need to be financed? Have you included that expense in your planning?
Plan today so that your retirement is what you have dreamed of during all your working years.
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