Want to close out the year on a financial high note? Then use the last couple months of the year to get your finances in order. A little year-end financial housekeeping lets you potentially lower your current tax bill and prepare your investments and budget for a successful new year.
The average retirement age in America differs from state to state, ranging from 62 to 65, according to the U.S. Census Bureau. The decade before retirement – your 50s – isn’t time to coast like a teen suffering from senioritis. You should still be pursuing your dreams – and taking important steps to financial freedom.
Although we all share many common financial goals (eliminating debt, building wealth, etc.), the financial challenges we face are dependent upon our personal circumstances. A case in point is parents, who are challenged with saving for their retirement while also saving for a child’s college education.
Both financial goals are important and require a significant amount of money. They are also uniquely interlinked, as tuition bills often come due around the time most people are nearing retirement – a time when every dollar counts.