About To Turn 50? Check Out These Retirement Tips From Financial Advisor Donald Dirren
Phoenix, AZ - ( NewMediaWire ) - December 2, 2020 - As you approach 50, it’s normal to have some anxiety about what the future holds. Retirement is on the horizon, and you’ll want to make sure that you’re fully prepared to enjoy your golden years after a long career of hard work. Check out financial advisor Donald Dirren’s top tips on how to move forward with confidence that you’ll be ready for retirement.
First, it’s time to get real with yourself when it comes to how much you’ll need for retirement, according to Donald Dirren. By this point in life, retirement isn’t too far off, and you should have a realistic idea of how much money you’ll need each month to live comfortably. Take a look at your savings and retirement accounts, and begin to decide whether you need to make changes to how you’re saving to be fully prepared to retire on time.
Donald Dirren recommends getting rid of debt as well. When you’re in retirement, the last thing you want bogging you down financially is lingering payments. Work now to pay off credit cards, auto loans, and even your mortgage. Every time you get closer to having debts paid off, you’re getting rid of bills you’ll need to pay as you enjoy your retirement, according to Donald Dirren.
Its also important to begin thinking about Social Security, according to Donald Dirren. While you can’t receive Social Security until age 62, it’s a good idea to think about how much you’ll get far earlier. Following trends and knowing how Social Security will fluctuate over time can help you to be prepared for changes in this aspect of your income.
If you have side hobbies or talents, Donald Dirren recommends putting them to good use. This can be a great way to boost your retirement savings while also setting yourself up for work that you may want to continue after you retire from your full-time job. Donald Dirren says that the goal is not to have to continue a side hustle into retirement but to have it there as an option if you decide it’s something you’d like to continue.
Donald Dirren also recommends reaching out to a financial advisor if you’re not sure what changes you need to make to retire comfortably. Retirement isn’t something you need to manage on your own – a qualified financial advisor can give you tips and tricks that can help you to make the most of what you’ve saved, and to help guide your future financial decisions as your career comes to a close.