Start saving early, contribute consistently to retirement accounts, and take advantage of employer-sponsored plans. Regularly reassess and adjust your savings goals.
Factor inflation into your retirement planning. Invest in assets that historically outpace inflation, such as stocks, and periodically adjust your retirement income goals.
Include healthcare costs in your retirement budget. Consider purchasing long-term care insurance and explore health savings accounts (HSAs) for potential tax advantages.
Consult with a financial advisor to align your investments with your risk tolerance, time horizon, and financial goals.
Develop a comprehensive retirement plan that includes savings goals, investment strategies, budgeting, and an estate plan. Regularly review and adjust the plan as needed.
Consider working part-time or gradually transitioning into retirement to maintain income and benefits.
Diversify income sources, including personal savings, pensions, and investments. Maximize contributions to retirement accounts to supplement Social Security benefits.