October is National Retirement Security Month. If you’re still working, what can you do to help yourself achieve security during your retirement years?
For starters, contribute regularly to your tax-advantaged accounts, such as your IRA and 401(k). And put in enough to your 401(k) to earn your employer’s match if one is offered.
Also, look for ways to potentially boost your retirement income. If appropriate, you could delay taking Social Security to maximize your monthly payments. You also might consider investment vehicles that can provide you with lifetime income.
Here’s another tip: Budget for health care costs, which could reach several thousand dollars a year during your retirement. You might also want to consider obtaining some type of insurance to protect yourself against the costs of long-term care.
And to really feel secure during retirement, make sure your estate plans include measures to help protect your finances if something unexpected were to happen to you. Review these plans with your legal and financial professionals, and possibly your tax advisor, too.
Taking these and other steps may free yourself to help you enjoy what may be one of the most rewarding times of your life.
This content was provided by Edward Jones for use by Daniel Pellerin, your Edward Jones financial advisor at 189 East Main Street Suite G, in Newport, (802) 334-6261.
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