People nearing retirement with little to no savings can still take proactive measures to bolster their finances. The article outlines essential steps: assess your current financial status, set realistic retirement goals based on desired lifestyle, leverage your earning potential by pursuing raises or new jobs, commit to maximizing savings in retirement accounts, and invest wisely. Importantly, delaying retirement can also enhance savings, making these strategies vital for improving financial stability as one approaches the golden years.
To reclaim control over your finances after 55, start by engaging in proactive financial management—know where you stand and set realistic retirement goals.
At 55, you still have opportunities for income growth; consider a job switch, raise, or side hustle to boost your savings for retirement.
Prioritize saving by maximizing employer-sponsored retirement accounts or opening an IRA to leverage tax advantages and increase your retirement savings potential.
Delaying retirement can significantly enhance your savings and Social Security benefits, making it a strategic move to consider for a more secure financial future.
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