As individuals approach 65, it's essential to prepare financially for retirement, considering how much savings one should have. Many turn to home equity, but it isn't sufficient for day-to-day expenses. Accessible funds, such as savings accounts and 401(k)s, become critical. General savings benchmarks offer guidance in achieving a comfortable retirement. The article outlines various strategies, including the importance of working with financial advisors, the value of delaying retirement, and assessing personal progress through available quizzes and tools to ensure adequate preparation.
It's critical to have accessible money in savings accounts and 401(k)s for comfortable retirement, as home equity alone won't cover day-to-day expenses.
The major life milestone of approaching age 65 requires careful financial planning, with benchmarks providing guidance on the savings necessary for security.
Following general savings benchmarks can help people prepare for retirement and achieve long-term financial peace of mind based on individual situations.
Working with a financial advisor and taking steps to delay retirement can significantly impact your preparedness and financial strategy for retirement.
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