“Little” Tips for a 60 Year Old’s Retirement Plan
“Yo Bo! No Sheep?” Well, peep this; before you get your weep on, report those animals missing and then focus on not losing the money you need for your retirement. Look Bo Peep, you’re over 60 and let’s face it, you may not be able to hold onto to your livestock, but you can sure find ways to hang onto the money you’ve worked for all these years as a shepherdess. And as a side note; next time use GPS trackers to locate your fluffy friends!
We, at Achieve Financial Group, are going to grab a horse and buggy and meet you in the nearest meadow. You see, the word in the herd is that you’ve been sleeping on ways to save more for your retirement. We don’t want you to get fleeced, so we’re going to share a few ways that people your age can get the most out of their retirement savings plan.
- Save More – You’ll need a sizeable pension to sustain you once you retire. If you only have about $200,000 when you retire, it may not be enough. You should have around $900,000 to live off from age 65 to 95. You can save much more if you reduce your consumption and increase your savings.
- Evaluate Your Asset Allocation – Adjust your equity allocations to a sensible level and avoid the temptation to take too much, or too little, risk in equities.
- Postpone Retirement – If you wait longer to retire, you’ll be able to increase your savings and give yourself significantly much more money when you decide to stop working for good.
- Delay Taking Social Security – The initial amount that you receive from social security will increase about 8% for every year that you wait to retire. In fact, the initial dollar amount can double from Social Security if you wait until age 70 to start taking benefits, instead of age 62.
So, Bo Peep, we’re sure you’re not trying to pull the wool over our eyes, but it’s obvious that you need some additional job training and a good night’s sleep. So, when you do finally retire, you won’t be counting sheep, you’ll be counting all of the money you’ve managed to save for your post-work years.