ATLANTA, Feb. 1, 2022 - CERTIFIED FINANCIAL PLANNER™ Anthony D. Criscuolo wants to clear up a common misconception. Retirement is not a point in time. It is a stage of life.
"Given current trends in health and longevity, many of us can expect to enjoy 20 years or more after we retire," Criscuolo said in a recent article for Palisades Hudson Financial Group LLC, where he is a senior client service manager. "Regard retirement as the beginning of a chapter just as much as it is the end of one."
Between the ages of 55 and 72, you can still make adjustments to ensure your retirement plan is on track. Consider increasing your monthly savings, and take advantage of catch-up contribution rules for individual retirement accounts and 401(k) plans. And if you haven't gotten started, it isn't too late. Saving in your 50s and 60s still beats failing to save at all.
Some savers may want to consider strategies including converting a traditional IRA to a Roth IRA or adjusting a portfolio's overall asset allocation. A fee-only financial planner can help you to evaluate your situation, Criscuolo says. A professional can also help you to balance the relative risks of inflation and stock market volatility.
Other retirement planning steps include getting familiar with rules governing your various retirement accounts; boosting your Social Security benefits in your final working years; and making sure your spending is on track.
Beyond getting retirement plans in order, Criscuolo suggests that readers between 55 and 72 take the opportunity to evaluate other areas of their financial lives. Consider revisiting your health and life insurance needs, planning for changes to your tax picture, and brushing up or creating a will or other estate planning documents.
In addition to the CFP® designation, Criscuolo is also an IRS Enrolled Agent. His advice has appeared in leading publications including Forbes, The Wall Street Journal, MarketWatch and Reuters. Criscuolo is a regular contributor to Palisades Hudson's newsletter and the author of several chapters in the firm's two books, "The High Achiever's Guide to Wealth" and "Looking Ahead: Life, Family, Wealth and Business After 55." He serves clients across the country from his home base in Atlanta.
Contact: Amy Laburda, amy@palisadeshudson.com
SOURCE Palisades Hudson Financial Group LLC
