Donavan Group Consulting in Singapore and Tokyo, Japan 6 Tips for Keeping Your Retirement | Page 2

Many people purchase insurance coverage when their children are young or if their spouse depends upon their income.
But if your children are financially independent and no one else relies on your income, consider dropping unnecessary
coverage, says Ryan McPherson, a managing member of Intelligent Worth.
"There's little need to pay for policies that have outlived their purpose," says McPherson. "Saved premium dollars can be
directed toward retirement savings or paying down debt."
5. Evaluate Your Health Care Coverage
Part of keeping your retirement plan on track involves preparing for big expenditures such as health care. In fact, health
care can be one of the most expensive parts of retirement, says Mark Painter, founder of EverGuide Financial Group.
"Make sure you have your health care covered, both in terms of health insurance and also potentially long-term care," says
Painter. "You want to spend your money enjoying retirement and not simply paying medical expenses. It will be a lot
cheaper to look at coverage at age 50 than when you are 65 or 70."
6. Create a Get-Out-of-Debt Plan
Debt and retirement don't mix. Start developing an action plan now to eliminate credit card bills and other expenses
weighing you down.
"Come up with a plan now, while you have plenty of time to execute it to get out of debt," says Hylland. "Maybe you're an
empty nester and can downsize your home and mortgage, or consolidate credit card debt and pay it off, or get rid of a car
with a long and expensive loan. Create a plan today to get your debt eliminated as soon as possible."
No matter your age, you still have time to create an effective retirement savings plan. Find out if you're financially
prepared for retirement and put these tips into action.