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The Closer You Get to Retirement, the More Focus You'll Need on Planning

Optimize Your Assets and Protect Your Income

Many people hit their peak earning years in their 50s and early 60s. It's the right time to take these steps to help protect what's important and ensure you're staying focused on achieving your retirement saving goals.

Contribute More

Make sure you're funding your employer's retirement plan as well as your Individual Retirement Accounts (IRAs). Once you turn 50, you're allowed to contribute even more each year.

Consider Your Retirement Income Strategy

Think about how long you could live and how much income it could take to get you through retirement. This planning is especially important now because if there are income gaps that need to be addressed, it's easier while you're still working and have income.

Protect Your Savings

Your retirement savings will be reduced if you dip into them for the costs of illness, injury or disability. Reevaluate your health and disability insurance.

Reevaluate Your Insurance

Review your life insurance policies with your agent to make sure you've provided enough for your family in case the unexpected occurs and check that beneficiaries are up to date.

Get the Most From Social Security

You can receive Social Security benefits starting at age 62, but waiting until you reach the full Social Security retirement age will allow you to take a higher retirement benefit.

Disclosure

Neither State Farm® nor its agents provide tax or legal advice.