Retirement may feel a long way off, but the truth is it’ll be here before you know it. You shouldn’t wait to begin your retirement planning until you’re ready to stop working. In fact, the earlier you put a retirement plan into place the more prepared you’ll be when the day comes. Here are some common money moves to make before you begin your retirement.

Contribute to a Retirement Account

Unless you regularly contribute to a retirement account, it may be difficult to retire when you’re ready. Avoid any unfortunate surprises by contributing to a retirement account on a regular basis. Put a portion of your paycheck into an account that will earn interest over time. You’ll also be able to contribute more as you age to play catch up if you’ve fallen behind. 

Assess Your Finances

It’s a smart move to regularly assess your finances to be sure you’re on track toward a healthy retirement. Work with an advisor who is knowledgeable in financial planning Wyckoff NJ to set up and maintain a smart fiscal strategy that will allow you to retire when you’re ready. 

Eliminate Debt

You don’t want to worry about paying off your debts while in retirement, so make a plan to eliminate as many outstanding loans as possible while you’re still working. This will give you more discretionary income in retirement and ease some of the stress that people often have when they’re trying to pay off debt while on a fixed income.

Plan for Long-Term

While everyone dreams of having a long, healthy retirement, the reality is that isn’t always possible. It’s smart to have a backup plan if you become ill or need regular higher-level care when you’re retired. Work with an insurance advisor to develop a long-term care plan so you’re prepared if the unexpected happens and won’t be worrying about how you’re going to afford care if you need it.