If you’re late to the retirement savings game – or if your portfolio took a big hit – what can you do?
If you’re late to the retirement savings game – or if your portfolio took a big hit – what can you do?
Experts say to stay in the markets, increase risk investments to try to gain ground, work longer before retiring and delay taking Social Security and drawing down investments.
Those are just some of the ways that financial planners are helping their clients prepare for retirement.
Planners have general advice, too, for those saving for retirement. Planners say working longer, taking on part-time work after retirement and scaling back living arrangements or plans such as big annual vacations are good places to start when rethinking the cost to fuel your golden years.
“I am optimistic, and I want people to be optimistic, too,” said Julie Kemp of Financial Planning Administrators of Wyomissing
Several factors such as longer life expectancies, a volatile investment market since 2008 and lifestyle choices have challenged many saving for retirement.
According to Kemp, retirement is a long-term process and should be viewed and planned for with that perspective in mind. Strategies should aim for a long-range plan, rather than short-term gains or losses.
“Retirement is definitely different today than it was for previous generations,” said
Edward J. Boksan, who is based in Allentown. Boksan is a financial services professional agent with New York Life Insurance Co.
For those whose portfolios took a significant hit when the economy tanked in 2008, Boksan said taking stock of what a client has now – and looking into the future – might
