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Planning for a Financially Secure Retirement

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Being financially secure in retirement takes planning that begins early and never really ends. Run through our checklist for a quick look at age-appropriate tasks.

Ages 40–49
  • If you haven't already, create a will.
  • Take advantage of employer matches to 401(k) retirement plans.
  • Strike a balance between paying for your kids' college and saving money for your retirement.
  • Make sure your parents are managing their finances wisely. You'll have more to save for your retirement if your parents can be self-supporting in their later years.

Ages 50–59
  • Update your will if major life events occur, such as births, deaths, marriages, divorces or a move to another state.
  • Save aggressively for retirement. Take advantage of so-called "catch-up" plans that allow you to increase contributions to retirement plans.
  • Look at your current spending and estimate whether your retirement needs will be met by income from Social Security, savings and withdrawals from your retirement plan.
  • Shift to a more conservative investment strategy as retirement nears.

Ages 60–69
  • Consult with a financial planner at least five years before you retire to verify that you are on a sound financial track.
  • Make sure your will and estate planning documents reflect your current wishes.

Ages 70–79
  • Live within your retirement budget so you don't outlive your assets.
  • Decide whether your current home will meet your needs as you grow older.

Ages 80+
  • Discuss finances and other important issues with a trusted advisor.
  • Tell close family members where you keep vital papers and let them know your final wishes on important matters.
  • Update a health care power of attorney, which allows you to designate another person to make medical decisions if you are incapacitated, and a living will, which deals with end-of-life situations.

Did You Know?
Certain charitable gifts can provide you with security in retirement and support for UT Austin thereafter. Contact Gift Planning Team at 512-475-9632 or for more information about donation options best suited to your goals and stage in life.

Copyright © The Stelter Company, All rights reserved.

The information on this website is not intended as legal or tax advice. For legal or tax advice, please consult an attorney. Figures cited in examples are for hypothetical purposes only and are subject to change. References to estate and income taxes apply to federal taxes only. State income/estate taxes or state law may impact your results.

Phone: 512-475-9632 or
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