If retirement is a few years away, there’s a short list of moves that can protect the savings you’ve built. Cherry Dale, vice president of financial education at Virginia Credit Union, shared six of them, and several take less than an afternoon to set up. First, make sure you’re contributing enough to your employer’s 401(k) to get the full match. That match is part of your compensation, and skipping it means leaving money behind.
Second, if you have a health savings account, max it out. HSA funds roll over year to year and grow tax-free, which makes them a stealth retirement account for many households. Third, visit the Social Security website, create an account, and check your benefit projection once a year so you know what to expect. Dale also says to be skeptical of unsolicited calls, texts, and emails, since scams aimed at older adults are common and convincing.
Finally, factor inflation into your monthly retirement income. What your dollar buys today may not buy the same later, so build that into your planning and sit down with a financial planner to review and adjust your portfolio. For Suncoast households on fixed incomes, these checks can reduce stress and protect what you’ve saved.
Which of these six steps have you already crossed off your list?
