Golden Years Glory: 6 Smart Moves To Secure Retirement

“You must gain control over your money or the lack of it will forever control you.” – Dave Ramsey

Retirement is fast approaching for Nurses over 50, and the recent market volatility has left many wondering how to protect their savings and ensure they have enough to live comfortably. If you're nearing retirement and want to maximize your 401(k) savings, avoid these costly 401(k) mistakes that could derail your plans.

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1. Not Contributing Enough

One of the most significant mistakes Nurses over 50 make is not contributing enough to their 401(k). To make the most of your retirement savings, max out contribution limits and take advantage of the catch-up contribution for investors over 50.

In 2023, employees with 401(k)s, 403(b)s, most 457 plans, and federal Thrift Savings Plans can contribute up to $22,500. For those ages 50 and older, the 401(k) catch-up contribution is an additional $7,500, totaling $30,000.

To reach these contribution limits, consider cutting monthly spending, postponing discretionary large purchases, or picking up a side hustle.

2. Being Too Conservative

As retirement approaches, it's natural to become more conservative with investments to protect your hard-earned savings. However, playing it too safe can lead to missed growth opportunities and leave you vulnerable to inflation.

Instead of being overly conservative, consider a mix of stocks, bonds, and other asset classes to balance growth potential and stability. This approach helps ensure your savings don't lose purchasing power over time, which is especially important for investors over 50 who may be retired for longer than younger investors.

3. Failing to Rebalance

Market fluctuations can cause your portfolio to become unbalanced over time, with some investments outpacing others. Regularly review and rebalance your portfolio to ensure your investments continue to align with your retirement goals.

Rebalancing involves realigning the weightings of your assets in your portfolio, which may involve buying and/or selling assets. Seek professional help to rebalance based on current economic and market trends rather than just realigning allocations.

4. Pulling Money from Your 401(k)

Withdrawing from your 401(k) before retirement depletes your savings and stunts potential growth. Additionally, early withdrawals (before age 59?) can incur penalties and taxes as ordinary income.

Before tapping into your retirement nest egg, explore alternatives like home equity loans, mortgage refinancing, personal loans, or 0% APR credit cards.

5. Underestimating How Much You Actually Need

Many Americans underestimate their retirement needs, which can lead to financial difficulties later in life. As healthcare, transportation, housing, and long-term care costs continue to rise, it's crucial to revisit your retirement plan and save as much as possible during your remaining working years.

6. Not Getting Professional Advice

Taking control of your financial future and securing more income at retirement often requires third-party advice. Don't hesitate to seek help, regardless of your account balance or proximity to retirement.

Professional account management services, like 401(k) Maneuver, can help increase account performance, manage downside risk, and reduce fees that harm account performance. Connect your account to a secure platform, and let the professionals handle the regular reviews and rebalancing for you.

Take control of your financial future by avoiding these costly mistakes and setting yourself up for a comfortable retirement. Remember, it's never too late to make adjustments to your strategy and maximize your 401(k) savings.

Investing in your future is a priority, and by addressing these common mistakes, you can pave the way for a more secure and enjoyable retirement. So, take action today, seek professional advice, and make the most of your 401(k) investments. After all, a well-planned retirement is the ultimate reward for your years of hard work and dedication.

Are you ready to take control of your financial future and unlock the prosperity you deserve? Click here to?schedule a 15-minute call ?directly with Michael and begin your journey towards a financially rewarding life. When you schedule you'll receive a complimentary copy of Michael's groundbreaking book:

Michael Budnick ?is a seasoned financial planner, coach, and author with over 25 years of experience in empowering individuals to achieve their financial goals. As the author of three groundbreaking books, including?The 401(k) Survival Guide for Nurses?and?The Prosperous Nurse: Your Roadmap To Wealth, Health, and Happiness , Michael has made it his mission to provide valuable financial insights specifically tailored for nurses and other healthcare professionals.