60s & Beyond Best Practice: Maximize Savings
Focus on paying yourself first through your company sponsored retirement plan or an individual retirement plan. Fully fund your company sponsored retirement plan if you can. Take advantage of all employer contributions, raise your contribution annually, and invest appropriately according to your risk tolerance and time until retirement.
- Review annually anticipated income and expenses for upcoming retirement years.
(click here for income/expense worksheets)
- In your early 60’s using your estimated retirement income, test drive your frugal lifestyle for one year. If this does not work, you still have time to make adjustments.
- Graph: Power of Compound Interest
- Graph: Benefit of Matching Contributions
- Investor Risk Tolerance Questionnaire
- Calculator: 401(k) Savings
- Calculator: How much do I need to fund my retirement?
- Calculator: How much should I save each month?
- Simply Invest: Smart Investing Made Easy
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