The Phases of Planning for Retirement – Mid-Career

If you haven’t started saving for retirement, it’s not too late. You still have time to catch up, allocate and make contributions that will leave you feeling comfortable when considering retirement.

Catching Up

If you’re late getting started on retirement savings, the IRS gives you a chance to make up for lost time with catch-up contributions. You must be 50 or older in the year in which you plan to make the contribution and you must anticipate contributing the max amount allowed for regular employee contributions in your plan. To learn more about the IRS allowable limits, visit the Contribution Limits for current information.

Asset Allocation

Your money should be distributed with two mains things in mind: your time horizon (year you will need money during retirement) and risk tolerance. At this stage in your career, your time horizon is shorter than when you first started working. This is probably a good time to move some things around and decide if you need to scale back the amount of risk you are taking. Just keep in mind diversification is still important. Spreading your wealth around to different funds make you less susceptible to heavy losses associated with having all your money in a single asset.

An Ongoing Process

It’s important to remember that retirement planning is an ongoing process and that on a regular basis you should:

• Review your investment experience
• Reassesses your investment goals and retirement needs
• Consider risk tolerance and make changes to your assets accordingly
• Increase contributions if you are able.

Although it’s important to keep your money fluid by moving it around, you should avoid withdrawing early. Instead, come to TitleBucks ®. We can help you get the bucks you need to stay on track. Just fill out the form at the top of this page to get started.

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