Retirement in Sight – August 2017

August 16, 2017

Address These Retirement Planning Priorities After 50

When you turn 50, you start to think practically about the steps of your retirement transition. A to-do list emerges of tasks to try and accomplish, as well as things to consider.

Now is the time to pour all you can into your retirement savings. As an example, say you direct $15,000 annually into your workplace retirement account from age 55 to 65. If it returns 6%, you’ll see $48,000 growth off those $150,000 in salary deferrals. An additional $198,000 sounds nice, but keep in mind that your annual contribution ceiling rises to $24,000 starting at age 50. Contribute $24,000 annually to that retirement account returning 6% across those ten years, and you will have an added $316,000 for your “second act” including $76,000 in growth. Whittling down your debt should also be a goal. About 30% of seniors have outstanding home loans, and the average household headed up by seniors age 65-69 carries nearly $7,000 in monthly credit card charges. Are your investments too bullish? It may be time to reduce the amount of equities in your portfolio. Thanks to the recent rally on Wall Street, there may be a higher percentage of your invested assets in stocks than you assume, and that could expose you to more risk than you prefer.1

How Can You Actively Age?

The Centers for Disease Control and Prevention says that less than a third of adults aged 65-74 are physically active. Adhering to a fitness routine may be half the battle. What can you do to make working out less like work?

One, find an activity you truly enjoy – hiking, yoga, Zumba, softball, pickleball, what have you. Think about what motivates you most to exercise, keep it top of mind, and link it to that activity. Another way to make a sport or workout even more enjoyable: listen to some music, podcasts, or audio books, safety permitting. Finding others to join you may help dedicate you to it, and so can scheduling time for it. Importantly, you should talk to your doctor to see what kind of exertion your body can take on and how the sport or fitness pursuit you embrace corresponds to the pursuit of your fitness or weight loss goals. On another note, you can also look for other ways to incorporate more walking and movement into your everyday life.2

On the Bright Side

If you wait until age 70 to collect Social Security, you will have a monthly benefit 132% larger than the one you would collect at age 62.3


Kent Butcher may be reached at 918-747-5585 or


1 – [7/16/17]
2 – [1/19/17]
3 – [4/27/17]

This material was adapted from MarketingPro, Inc. content and does not necessarily represent the views of the presenting party, nor their affiliates. This information has been derived from sources believed to be accurate. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty.

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