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Catching up on retirement savings in your 50s

For the last few weeks we’ve been talking about how everyone needs to work toward financial freedom. It’s a worthy goal at any age, whether you’re 20 or 60.

Right now though I’m going to talk about an age that’s close to my heart, and that’s the decade of your 50s.

If you haven’t done it already, now is the time to set up a plan for financial freedom and retirement. They aren’t the same thing, but as a financial planner, I want BOTH for you.

At this point, you have anywhere between 5 and 15 years until traditional retirement age of 65. It’s not a ton of time, but you can still make some progress toward achieving financial freedom, which means less reliance on a paycheck, and more reliance on your own money to support your lifestyle.

While you’ve been in the workforce for close to 3 decades, your 50s are when most folks start establishing a relationship with a financial planner. Why? You’ve probably accumulated some savings and investments, and you definitely want to make sure you are on track to retire comfortably.

For someone who’s in their 50s, one of the most important things to consider is whether you are saving enough for retirement. Most people are not, to be honest about it. I like to call this the CATCH UP DECADE. And the government even allows folks who are 50 and older to put more money into retirement accounts. Guess what they call this? Catch up contributions.

Like many people you may be catching up from years of lower earnings, career changes, raising a family, or all of the above. That’s okay, but it’s time to make a plan to CATCH UP.

While everybody’s different, we see this type of scenario all the time. So if you are wondering if you are behind on retirement savings, or know you need a plan to catch up, give us a holler here at Corner Post. Our number is (940) 325-9800.

CERTIFIED FINANCIAL PLANNERTM John R. Berry may be reached at (940) 325-9800.