In My 50's

Sometimes referred to as your prime earning years, your 50s often usher in more income and fewer expenses. Now’s the time to start thinking about strategies to transform extra cash into a reliable source of retirement income.

The 50s are a crucial time to get ready for retirement. Here’s how:

• Consolidate retirement plans—Consider rolling all tax-deferred retirement plans and accounts into one rollover IRA.
• Increase your saving—Up your savings rate to 20% or more.
• Catch up on your IRA—Once over 50, you qualify to make "catch-up" contributions to your retirement plan.
• Re-allocate some assets—Consider gradually shifting your asset allocation to less risky products and accounts.
• Protect your assets—Consider protecting your future retirement income with an annuity.
• Plan for the inevitable—Insurance can help replace pension or Social Security income should you outlive your spouse.

At every life stage, a Wealth Management client advisor can help you stay on course.