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Be sure to keep your health in mind.
One of the scariest retirement topics is healthcare. Many younger people assume that Medicare will cover all of their post-retirement healthcare costs, but this simply is not the case.
You’ve seen the scary statistics, now do something about it.
The good news is that there is still time to do something about your retirement savings situation, even if you think you’re too old to have a meaningful impact.
If you have a 401(k) or similar retirement plan at work, you can contribute over and beyond the amount your employer is willing to match – up to $18,000 for 2016. If you are 50 or older, you can stretch that by an additional $6,000. And, remember that increasing your 401(k) contributions will lower your taxable income for this year – an added bonus.
If you don’t have a plan at work, or simply want more control over how your retirement funds are invested, a Traditional or Roth IRA is a great way to save up to $5,500 per year ($6,500 if over 50).
Since we’ve spent so much time discussing scary retirement statistics, let’s finish with three good ones.
Contact our team at Ambassador Advisors to discuss planning for these common retirement costs. Let our professionals help you avoid becoming one of these statistics, and instead, build a lasting legacy for you and your family.
Original article by Matthew Frankel via The Motley Fool January 26th, 2016
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