If you’ve been saving for retirement since your early 20’s, then you’re well on your way towards securing your future financial security. But for some approaching forty or in their 40’s, the lack of a retirement plan is an all too clear reminder that the clock is ticking and propelling you closer to retirement age. Without a retirement plan, you may find your golden years less enjoyable and more of a financial struggle. According to GoBankingRates.com, eighty percent of forty year olds are behind on their retirement savings. Thankfully, it’s never too late to plan for retirement. Here are 3 smart tips for planning for retirement in your 40’s.

1.) Put yourself first: Many potential Arizona retirees struggle with the decision of where to put their money. And with everything from paying for your daughter’s wedding to funding for your children’s college fund, it’s easy to forget how important saving for retirement is. Just remember that prioritizing funding for your retirement plan is the most important thing you can do for yourself. Family can always find alternative options to pay for their needs, but you may not have the financial resources you need for retirement.

2.) Know your numbers: Not sure how much money you need to retire comfortably? You need to know your numbers, as in what age you plan to retire by. Some experts argue that you should be shooting for eight times your ending salary; others say you should be building toward $1 million, and some even say you need closer to $2 million. Once you know the age you want to retire, then you can start building your retirement plan around that number and determining what works best for you. In addition to free retirement calculators online, there are a vast number of resources and investment professionals who can assist you with creating a retirement plan that works best for your needs.

3.) Eliminate your debts:Saving for retirement isn’t exactly easy when you’re still paying off the debts you collected in your 20’s. Everything from high-interest credit cards to student loans to unpaid medical bills are taking precious dollars that could be funding your retirement savings. If you don’t work on eliminating or lowering your debts now, you may compromise your retirement later.

If you’d like more retirement planning tips or if you’re looking for an Arizona retirement community to enjoy retired living, Contact Sharon Mason today and let me help you find the community that fits your dreams!