Our retirement and investment accounts were hammered this week. This piece has 7 quick tips for handling your retirement/investment accounts in a down economy:
"Every 7.5 seconds an American turns 62 – that’s over ten thousand people every day. By 2015 it’s estimated that baby boomer’s age 50 and older will represent 45% of the country’s population. And each one of them is counting down the seconds until they can say goodbye to that 9 to 5 job, kick back, and retire!
While planning for retirement can appear to be a stressful, daunting task, it doesn’t have to be that way. You don’t need to be up to your elbows in social security, pension, and savings.
In fact, according to Bill Losey, author, retirement guru and strategist, all it takes is 7 simple steps, which include:
1. Controlling your emotions
2. Increasing your annual savings and retirement contributions
3. Reallocating your 401k/403b to higher yielding investments
4. Retiring later
5. Lowering your investment costs
6. Hiring a retirement coach
7. Reducing your retirement income needs
Losey is author of Retire In A Weekend! The Baby Boomer’s Guide to Making Work Optional and cable network CNBC’s resident retirement planning expert."
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