FRESNO, Calif. (KFSN) — It’s never too early to plan for the future, but when it comes to retirement readiness, experts say the 5-7 year window ahead of your retirement date is crucial to getting your ducks in a row.<\/p>\n
Portfolio Advisors CEO and Senior Financial Advisor, Tina Mistry, says this is the time to maximize your benefits.<\/p>\n
“Maximizing your 401k, making sure you’re inching up your contributions, those are really important things to make sure you’re maximizing because upon retiring, you won’t have those savings vehicles available to you,” Mistry said.<\/p>\n
While doing so, check the allocation between stocks and bonds in your retirement accounts. Make sure it’s a level of risk you’re comfortable with.<\/p>\n
“Heaven forbid you retire, you hit a bad period in the market and then you’re potentially drawing money out of your portfolio or your stocks when stocks are low,” Mistry said.<\/p>\n
Mistry says this is also a time to ensure you have an emergency fund.<\/p>\n
“So upon retiring, if an emergency expense comes up, having about 3-6 months of everyday expenses readily available in cash,” she said.<\/p>\n
It’s also time to consider your health and understand what your benefits look like when you retire.<\/p>\n
“If you retire, some organizations offer additional coverage when you retire,” Mistry said. “It depends who you work for, but if you retire before 65, you may be paying higher premiums because you’re not on Medicare yet.”<\/p>\n
Explore health care facilities near you, and learn the costs associated with the potential for a higher level of care and the process.<\/p>\n
“It’s helpful to compare what in-home care would cost versus moving into a care facility,” Mistry said.<\/p>\n
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