Real Life Retirement™ Services
Getting ready for a long retirement
- "Consider investing some retirement funds in a Roth IRA. Its helps lower your future tax rate."
- "A few years before you retire, set a retirement budget then test it out while you're still working."
- "Look at your expenses; lower the big ones, like your motgage, before you retire."
- Dennis scuttled plans to retire at age 66, he likes his job, and can continue saving.
- He has only really been able to save for the past 20 years, but is making up for lost time.
Dennis is paying down debt and maximizing 401(k) and IRA contributions before he retires.
"I didn't seriously start saving until recently. Early on, I couldn't save a lot, and retirement seemed a long way off. I've since paid off my mortgage—a priority in saving for retirement."
Working longer, but planning for a long retirement.
"Every year I work means one less year that I will draw down on my retirement funds. I'm maxing out my 401(k), participating in my company's stock plan, and collecting Social Security, which goes straight into savings.
When I turn 70 1/2, I'll have to start drawing down on my 401(k), and traditional IRA, so at that point I'll retire. I will draw down my accounts as slowly as possible, so I don't push myself into a higher tax bracket. I've converted some money from a traditional IRA into a Roth so I won't have to tap into it unless I need to. That money won't be taxed when I withdraw it, which is also part of the plan."
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We thank Dennis for sharing what worked for him. His words have been edited. Dennis has been compensated only for his time and travel to film the video. The information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. Examples provided are for illustrative purposes only and not intended to be predictive of future results.
The types of financial transactions mentioned may not be suitable for everyone. Each investor needs to review a transaction for his or her own particular situation. Data contained here is obtained from what are considered reliable sources; however, its accuracy, completeness, or reliability cannot be guaranteed.
All expressions of opinion are subject to change without notice in reaction to shifting market conditions. Examples provided,
including statistical simulations, are provided for illustrative purposes only and are not intended to imply future results you should expect to see. Past performance is no guarantee of future results.