By the time you turn 60, it's time to get serious about finalizing retirement plans. That doesn't mean you're ready to stop working or even slow down this minute. But it means that the end of your career may be getting closer, and that it's time to make sure you're in a good place to retire when you want or need to.
To that end, here are three things you should be doing now. Hopefully, you've been saving for retirement for a good number of years. But have you saved enough to maintain the lifestyle you want once your career wraps up?
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Continue » At 60, it's a good idea to see how much annual income you might get from your retirement savings and whether that number aligns with your spending needs. The first place to start is checking your IRA or 401(k) balance. From there, land on a withdrawal rate you're comfortable with and do the math.
For example, if you have $1.5 million in your IRA and want to use the popular 4% rule to manage your savings, that allows you to withdraw $60,000 a year plus inflation adjustments. You can compare that figure to your estimated spending to see if it suffices. If it doesn't, you'll know to spend the tail end of your career trying to save a bit more.
Of course, there's also Social Security to factor into your retirement income, which is why the next move on this list is crucial. Social Security ideally won't be your only income source in retirement. But those monthly benefits could play a big role in helping you keep up with your expenses.
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