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U.S. News and World Report published a great list of money moves you need to make 5 years BEFORE you retire. These moves can make a huge difference in your quality of life if you’re one of the millions of Americans getting ready to retire in the next few years. The Huffington Post says Americans are not remotely financially ready for retirement and noted a study by the Center for Economic and Policy Research which advised “For Americans ages 55 to 64, net worth, the equity they own in their homes, and the value of other assets they own are each falling at precisely the time in their lives when they should be rising.”
HuffPost said:
Net worth for the middle 20 percent of soon-to-be-retired Americans has fallen every year since 2004, and it is now just under $170,000. (The median is $165,700.) That might seem like a lot, but it’s just enough money to live at the median U.S. income of $52,000 for a little over three years. And when most of that wealth is tied up in a home, it’s unclear how many of those in their upper 50s and early 60s plan to stay afloat without working or selling their home for what could easily be 20 or more years of retirement. – Ben Walsh, Huffington Post
Best Financial Moves Before Retirement
Here are U.S. News & World Report’s 7 best financial moves you can make before retirement:
- Take advantage of your last chance to improve your retirement portfolio
- Make sure you arrive at retirement debt-free
- Look for other ways to trim your living expenses
- Plan to reduce the risk in your portfolio
- Start working on a post-retirement career or business
- Plan to delay your retirement by a year or two
- Make getting and staying healthy a lifestyle
What does this mean for you and me? It means we need to save, save, and save more. Additionally, we need to keep ourselves in the best health possible. Financially, we need to keep in mind that we need more than home equity to feel good about our retirement future. “Homeownership should not be a retirement plan” says Ben Walsh of the Huffington Post. And we agree!
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