The theme this week on the One Minute Retirement Tip podcast is: critical ages for retirement planning. Today we’re talking about why age 50 is so important:

• Catch up contributions for IRA, SIMPLE IRA & 401k accounts
• • Maxing out already? You want to take advantage of this
  • Catch up for IRA & Roth IRAs:
  • Catch up for SIMPLE IRAs
  • Catch up for 401ks
• Critical age for paying attention to asset allocation and beginning to dial back your risk.
• • Retirement is now 12-15 years away and it’s important to switch from growth-mode to smart growth mode, which involves dialing back your allocation some. 
  • Prior to age 50, I think its prudent to be as close to 100% stocks in your investment portfolio as you can handle. 
  • But at 50, it’s important to begin the process of gradually moving out of the stock market. For most people, I think an allocation of 75-80% stocks at this age is a good target to shoot for to achieve more conservative growth.

That’s it for today. Thanks for listening! My name is Ashley Micciche and this is the One Minute Retirement Tip. 

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Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance