From a financial standpoint, retirement can be a pretty daunting prospect. After all, when you’re used to working and collecting a paycheck, the idea of cutting off that income stream and relying heavily on savings may be enough to cause you some stress. After all, savings do, in time, have the potential to run out, so if that’s something you’re worried about, here are three important moves to make.
The more money you bring with you into retirement, the less likely you’ll be to run out down the line. As a general rule, it’s wise to close out your career with about 10 times your ending salary socked away in a retirement plan, so if you have some work to do in that regard, now’s the time to increase your savings rate.
If you’re at least 50 years old, you can make annual catch-up contributions in your retirement plan — $1,000 for an IRA and $6,500 for a 401(k). Taking advantage of those will help you end your time in the workforce with a more comforting sum.