Moderate Support • Late Career/Retirement • Goal 4:
Plan for Financial Needs in Retirement
Action step 1.
Evaluate savings plans and needs for the future.
You may need to reevaluate existing savings plans and budgets to stay within your financial means after retirement. Planning for future expenses and developing a safety net for unexpected ones can provide financial security.
Resources
Action step 2.
Plan for income sources.
There may be options for additional income sources as you age, depending on multiple factors. Exploring any qualifying pensions or retirement funding like 401(k)s could help provide an income source. If your cost of living requires more funds, you may need to consider taking on a part-time job.
Resources
Words to know
Action step 3.
Explore and improve credit score.
By the time you retire, you have probably been building your credit score for decades. In fact, senior citizens tend to have the best credit scores of any generation. However, that doesn’t mean that you can completely let down your guard regarding credit.
Staying on top of your credit history can help you avoid fraud, borrow emergency funds, cosign a loan for a child or grandchild and navigate other life changes.
To maintain or build a good credit score, make sure you pay bills on time, pay down any credit card debt and don't close credit card accounts with a long, solid history.
