A search on any website about financial or retirement news
will usually turn up several articles geared toward the Millennial generation. US Media Studios takes time to share some retirement tactics for Boomers instead.
For the Baby Boomer Generation
Employees in their 50s and 60s spend most of their careers
working hard, working long hours, and socking away money in retirement
accounts. They know if or when they can retire. They know how much more they
need to save before they can retire. They have a solid understanding about
health care, social activity and perhaps even part-time work they might engage
in after full-time works ends.
It is also essential that career employees in their 60s know
that retirement account withdrawals are permitted and without penalty. If older
workers in their 60s are let go, they can withdraw and use some of their
retirement savings to help with expenses. There are circumstances, such as
unexpected medical expenses, which can force someone to dip into savings also.
However, it is best to avoid that and to continue to save as much as possible
before finally retiring.
US Media Studios reminds that employees in their 60s might
want to keep working until they have a good nest egg stashed way. Most 401(k)
plans have catch-up limits. Workers can contribute up to $23,000 a year. Roth
IRAs have a limit of $6,500. It’s best to diversify savings accounts so not all
of the savings “eggs” are in one basket. The best bet is to keep working as
long as possible or as long as one can afford to. Use retirement savings to
live from as a last resort.
