Whether employees are getting close to retirement or still have some years to go, they need to periodically check on how their retirement savings strategies are working and make sure they're following the best path to preparing for retirement.
Using generally accepted best practices for retirement saving, plus help from a Kiplinger report, along with questions from Morningstar, we created this list of checkpoints for employees.
With this list in hand, as well as a retirement plan and diligent saving, employees will be better equipped to stay on the straight and narrow as they save for retirement:
|15. Don’t choose a retirement date based solely on your age.
If you have it in your mind to retire by age 70, you might find ill health driving you out sooner. That could put you short on retirement savings—and you’ll also need retirement assets for a longer period of time. Conversely, you may have wanted to retire by age 62, but find yourself needing to boost those retirement savings because of a spouse’s ill health or a market downturn.
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