Life is always unpredictable and along this journey you have to incur various kinds of unexpected expenses from time to time. As a result, you may not be able to save as much money as would like to for your retirement years. When you were young, saving adequate money for your retirement was not so important because you had other financial priorities. However, when you attain the age of 40 or 50 years your saving habits become abundantly clear to you especially when you are reaching the twilight of your working years. Andrew Corbman, a reputed financial advisor from Ashburn and the founder of ASC Financial, Inc, says even at this stage of your life it is never too late to start investing in a financial secure retirement. To achieve this goal, you need to first consider the following tips:
- Start setting realistic financial goal from now
Mr. Corbman is a graduate in Finance from the University of Maryland and says at this age you need to review all your retirement investments schemesuntil day. Do you have enough money to sustain the kind of lifestyle you would like to lead during your retirement and pay for the medical expenses which may arise during this period? This includes taking a good look at the contributions you have been making constantly to your workplace’s 401(K) plans. If you find any shortfalls, make the necessary deposits to this social security retirement scheme immediately. If find that the money you are likely to receive may not be adequate start saving and invest the amount in a lucrative retirement investment scheme immediately.
- Taking the help of reliable financial experts
Andrew Corbman goes on to say that at this stage, it is prudent on your part to hire the services of a proficient investment professional to help in such a situation. Such an expert will careful review your present situation and analysis your immediate realistic financial goals to ensure they are attainable. You need to remember that this specialist may advise to opt for retirement investment scheme which ensure you get a regular return after a certain period. This is because you are not in a position to take the same financial risks as a person who is 20 years old.
- Try a delay your retirement if possible
You may find the investments you presently have are not enough to ensure you live a financially secure life during your retirement. In situation, try to delay your retirement until the age of 70. Nowadays, many people opt to continue working in their place of employment as long as possible rather than retire at the age of 60. This is because they can earn the same salary and be eligible to additional social security benefits in the long-run. Another option is to search for a part-time job that can help you to increase your income during your retirement years without taking a toll on your health.
Andrew Corbman clarify that for people above the age of 40 take the above steps into consideration can go a long way in ensuring their lead a financially secure retirement life.It is prudent to consult experts and professionals in financial planning and investment to help you in the above regard always.