Retirement Planning – Develop a Plan…

Mid 40s & Over: It’s not too late to start saving – develop a plan that works for you…

1. Boost your overall Savings
2. Tighten your Budget to invest the Savings
3. Consider a second job
4. Adjust your Retirement Timeline

Boost your overall Retirement Savings

As a general rule of thumb, target a retirement income of roughly 70% to 80% of the amount you are living on in the months before you retire. Calculate your retirement to see where you lie.

Fully fund your employer’s retirement plan and your IRAs. If you are age 50 or more, take advantage of the “catch-up” contribution.

Tighten your Budget to invest the Savings

If you don’t have a budget, establish one. Use our calculator to figure out your spending habits.

Consider consolidating your credit cards.

Reduce discretionary spending on things like eating out, expensive coffee, and cable.

Refinancing your mortgage might be a possibility.

If necessary, move into a smaller house or forego certain activities, travel, or large expenditures.

Consider a second job

Again use the extra income to invest in your retirement.

Adjust your Retirement Timeline

Consider retiring later in life. This will give you more time to save. Many retirees supplement their income by holding a part-time job or pursuing the opportunity for self-employment.

Note: Concepts listed above are only suggestions. See a State Farm agent for help with your personalized retirement plan.