
Learn about investing and set up an automatic savings program. Take full advantage of 401 (k), 403 (b) or other retirement savings vehicles at work. If you have children, you can start investing for their education during this time. Lastly, the right risk management tools will assist you to help protect your assets.

As your salary and income increases, consider tax-advantaged investments and savings plans that will allow your deferred savings to compound without current taxation. Determine exactly how much you’ll need to reach your financial goals. Review your investment allocations frequently – your assets should be well diversified and poised for potential growth.

Maximize your retirement savings by deferring greater amounts of salary, if possible. As retirement approaches, it may be appropriate to switch a portion of your invested assets to low-risk investment vehicles designed to produce income – albeit making certain that your assets are invested to help outpace inflation. Protect yourself and your family, long-term care insurance may be an option for you. Pay off your debts: investigate paying off your mortgage. Lastly, have a plan for how you want to enjoy your golden years.

Have you determined the rate of return your portfolio will need to generate for your retirement? Which retirement savings accounts will you draw available income from, and in what order? How satisfactory are your insurance plans? Are you thinking of working or starting your own business? Have you examined your potential tax situation in retirement?

Are you planning to make your money last for 20, 30 or even 50 years? Are your invested assets allocated to help keep pace with inflation? Have you requested a retirement distribution analysis so you’ll know how much to withdraw annually in income? Are your Social Security Benefits subject to income tax? Do you understand your health care options?