Predicting what your life will look like several years down the road is an exercise in squishy figures, so it’s no wonder many people in the mid-stage of retirement planning may not have a realistic view about how much money they’ll need to fuel the retirement lifestyle they have in mind.
-Franklin Templeton Investments
You’ve probably heard of the term “sandwich generation,” a time at mid-life when many individuals find themselves caring simultaneously for their children and their aging parents. It’s a time when investment dollars can get squeezed out by day-to-day and unexpected expenses, a mortgage and possibly even a college savings plan. In this second of our three-part “Investing for Retirement” series, we take a look at some retirement savings strategies for individuals coping with these mid-life challenges as they themselves begin to look toward transitioning into retirement.
Some key takeaways:
- Live below your means if possible. Pay down debt.
- Your retirement must come first. There is no loan for retirement.
- Retirement planning can be a tricky and emotional business. Count on your advisor to be your objective planning partner.
- Consider rebalancing your portfolio regularly. Remember: market cycles change.
