Investment Opportunities for Fifty-somethings

By: Jim Hanna
By: Jim Hanna

Turning 50 is a milestone birthday. It’s also an age at which many individuals become very serious about retirement planning. Two of the most common questions clients begin asking are: • How do I use my retirement savings to replace my paycheck? • How long will my money last?

Investment opportunities for fifty-somethings

 

Turning 50 is a milestone birthday. It’s also an age at which many individuals become very serious about retirement planning. Two of the most common questions clients begin asking are:

 

·    How do I use my retirement savings to replace my paycheck?

·    How long will my money last?

 

If you are an early fifty-something, now may be a good time to do the following:

 

·         Prepare a retirement budget and identify your taxable, tax-deferred and tax-free sources of income. Then begin creating a strategy that allows you to take withdrawals in tax-efficient and effective ways to enable you to keep more of your hard-earned dollars.

 

·         Consider consolidating your retirement accounts where it makes sense. Doing so may make your financial life easier – both now and in retirement.

 

·         Make catch-up contributions to your retirement plans and health savings accounts if your children have graduated from school and you have freed up more of your disposable income — especially if your portfolio has not performed as expected over the past few years.

 

·         Consider whether taking in-service distributions would be right for you. There are many pros and cons to this strategy, so seek guidance from your financial advisor.

 

If you are age 59½, you are now eligible to take distributions from traditional, rollover and SEP IRAs without penalty. Consider whether or not doing so makes sense for your financial strategy and goals.

 

For help financially planning for your retirement, consult with a qualified financial advisor. He or she can help you identify your dreams for retirement and create a plan to help you financially reach them.

 

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James C. Hanna, CFP®, MBA, Financial Advisor, Certified Financial Planner ™ practitioner.  Advisor is licensed/registered to do business with U.S. residents only in the states of Kansas, Missouri, Colorado, Nebraska, Oklahoma, Texas and Indiana.

Brokerage, investment and financial advisory services are made available through Ameriprise Financial Services, Inc. Member FINRA and SIPC. Some products and services may not be available in all jurisdictions or to all clients.

© 2011 Ameriprise Financial, Inc. All rights reserved.

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