Fete Lifestyle Magazine June 2022 - Travel Issue | Page 30

Photo Credit Kelly Sikkema

If you and your partner are in your late 40’s to mid 50’s, now is an important time. Those of us who are within 5-10 years of retirement are in what we call the “retirement red zone.” The decisions we make now will impact the rest of our lives, especially our financial lifestyle. No matter what. This is a period of change, which tends to be different from the earlier stages of financial life.

For example, as retirement nears, your financial priorities may change. Your basic living expenses may decline as you pay off your mortgage or other debt. You and your partner may be empty nesters, or you may have fewer children living at home. Your target retirement timeline is drawing closer, and now holding onto what you’ve saved up is more important. With the markets at an all-time high, but still very volatile, you may want to consider looking at strategies to preserve your hard-earned savings, so you maintain your spending power in retirement and have a comfortable lifestyle.

Why Should I Lock in My Financial Gains?