Steps on When to Retire

With baby boomers, Melody Juge, contributor with, says that they don't have enough money to retire, which brings on a lot of stress.  With so many moving parts and everything's an unknown, it can be overwhelming, she says.

For some people, Juge says it's important to have some targets.  For example, if you want to retire at age 62 but you're not ready, Juge likes to create a plan that shows what they'll get at age 62, what they'll have at age 66 and what age 70 may bring.

Social security benefits are becoming a bigger part of one's retirement because they have been saving enough money and with all of the market crashes, it's been affecting their portfolios dramatically, Juge says.  For social security, Juge recommends getting a third party opinion.

Juge says that corralling your investments is important.  People really odn't know how much money they have.  They usually focus on their 401k or pension but they may have more money sitting elsewhere.  When corralled all together, Juge says to take a look at what's available and project it forward for the 10-15 years or so that you have left in planning and how you're going to invest that money.  "There are often times some positive surprises," she says.

It is also very important to get professional help, Juge notes, because "investing money for the accumulation stage is completely different than doing retirement planning."  Continuing with those same habits doesn't lead to good results, Juge says.

Melody Juge  Source:

Melody Juge


Melody Juge is a contributor with and to read further on the article she wrote on the 3 steps to retirement, click here.  Melody Juge spoke with Retirement News Today, providing online, on-demand retirement news video content.  Retirement News Today is a featured network of Sequence Media Group.

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