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Question for the Money Doctors

Question submitted on Oct 23, 2018.

Question

I have been on a job for 13 years that does not offer a retirement plan. I have the 401k plan. I am 54 years old with no retirement plan. How do I get started. am sure that I will be working well pass 62 years of age if God's will

Answer

Great question. 

Most companies no longer offer the pension plans that guaranteed the retirement of the previous generation.  As a result, many people feel like you do and ask, “How do I know if I can fund my lifestyle in retirement?”

You need a roadmap for the next decade outlining the steps you should take to prepare for your eventual transition to retirement.  These types of financial planning services are best obtained from financial advisors who will act in your best interest.  I would search for a CPA/PFS who is local and schedule a free face to face consultation on retirement planning.  These folks will take information about your existing assets, ability to save, and your expectations for retirement age.  They will use those facts to develop a written plan to help you achieve your goals.

Lord willing, you may be able to retire earlier than you expect.


For additional information visit http://www.360financialliteracy.org/

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