We shared some ideas about how you can play catch-up in an wide-ranging interview with Nancy Dahlberg of the Miami Herald. The article was part of a special Herald section on retirement, health and fitness.
Start with a mental picture of what you want your retirement to look like.
Not enough to make ends meet? Many soon-to-be-retirees consider part-time work to help fund expensive health premiums until they are old enough to claim Medicare.
For most people, delaying Social Security benefits can also give your income a big boost.
You can pad the nest egg even more by stuffing money into smart retirement plans like Individual 401(k)s, which allow business owners to contribute and deduct up to $61,000 per year.
Other tips: invest for long-term growth – after all, your retirement could last 30 years or more. Own a home? Ask yourself if downsizing could put more spending money in your pocket.
Whatever your vision, you may find that a few smart moves and a little advance planning can turn your retirement from an uneventful afterthought into an exciting life encore.
Nancy’s final advice? When planning for retirement, make sure you “think beyond the dollar signs.” It’s your life, so plan to enjoy it!
See our article on “Understanding Your Time Horizon” in retirement