ATLANTA - Baby Boomers are now starting to retire. As you see that financial deadline approaching, you might have a few big questions on your minds.
Like this: Do you hurry up and pay off that mortgage or do you double down on your 401(k) or other savings?
Justin Sullivan, a certified financial planner, with PNC gives us his top three ideas for retiring right and how to achieve them.
- Increase savings or mortgage payments
- Dump debt
- Save through refinancing and company retirement matching
Let's start, he says, with first looking at the remaining balance on your mortgage. Then, see what you will need to retire. You can do this two ways: work with a certified financial planner or use a free online calculator to determine your retirement savings goal.
That said, those options only coming after you squirrel away enough money for emergency savings. He says you ideally want six-12 months for emergencies. And pay down credit card debt before you end up on that fixed income.
Now you can consider ways to add to your pot by lowering your home loan interest rate by refinancing and make sure you are taking advantage of an employer match to your retirement plan.