I’m five to ten years away from retirement

You can see retirement on the horizon and you begin to imagine all the things you’re going to do. Maybe you’ll travel. Maybe you’ll volunteer. Maybe you’ll start a second career. Now is the time to start thinking about the things you will need to have in place to make sure your retirement is what you envision.

 

 

Reallocate – It’s important to periodically revisit your investment mix to make sure you’re earning what you need, without exposing your retirement nest egg to excessive risk.

Super-charge your savings – Your 401(k) or IRA may qualify for “catch-up contributions” if you are over the age of 50. This opportunity may allow you to make even more tax-deferred contributions for your retirement.

Consider a Health Savings Account (HSA) – If you have the option of a high-deductible health plan, an HSA may be the right choice for you. An HSA allows you to build a health care expenses account you can use to cover medical expenses into retirement. And HSAs give you three ways to save on your taxes: the money you contribute to your HSA is tax deductible, it grows tax-free and certain withdrawals are tax-free if they are for qualified medical expenses.

Leverage home equity – After living in a home for some time, you have most likely built up equity. You can leverage this equity to do everything from home improvements to consolidating debt payments.

Revisit your insurance* – Make sure your policies are relevant and will still be applicable with your changing needs of retirement.

Take advantage of your silver status – If you’re over 50, there may be special accounts available to you with privileges that save you money and provide extra conveniences.

*Insurance is not a deposit, not FDIC insured, not guaranteed by the bank or any of its affiliates and not insured by any federal government agency.

The information provided in these articles is intended for informational purposes only. It is not to be construed as the opinion of Central Bancompany, Inc., and/or its affiliates and does not imply endorsement or support of any of the mentioned information, products, services, or providers. All information presented is without any representation, guaranty, or warranty regarding the accuracy, relevance, or completeness of the information.