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Pre-retirees in their 50s can still adequately plan for retirement 2010-05-12 As retirement age approaches, many pre-retirees may feel concerned that they haven't saved enough retirement income. "Folks who have just turned 50, or [are] about to turn 50, they are the ones who are really starting to feel stressed out," Southtown Financial's Nanci Pipo told ABC News. "They are looking at their 401(k) nest eggs and other retirement savings accounts and realizing that it's simply not enough," Pipo added. Americans in their 50s can boost their savings by investing the maximum in their retirement accounts, Profit Sharing/401(k) Council of America's David Wray told the news station. Investors can also begin taking advantage of catch-up provisions from the Internal Revenue Services which increases their investment on a tax-free basis. Retirees may also benefit from switching to alternative investments geared towards protecting current holdings rather than profit-building, F-Squared Investments CEO Howard Present commented to ABC News. Pre-retirees have many options available to help them build and stretch their retirement income. Exploring different types of investments and cutting back on unnecessary spending may benefit retirees financially in the long run.  |
