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Getting ready for a long retirement

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Dennis P., age 66
Arnold, Calif.
Not retired
Married, two adult children
"Why give up my income when I enjoy what I'm doing?"

Dennis's Tips

  • "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."

Take the Next Step.

Let's talk about the retirement you want.

Call 877-673-7970 for your complimentary retirement consultation.