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Pavone says that while starting earlier is better, it's never too late to begin saving for retirement."If your company has a retirement account, enroll. If they don't, open an Individual Retirement Account, or IRA. By maxing out your retirement contributions, you are building a solid financial foundation for your future," she shares.
However, Pavone notes that deciding when to take Social Security is a personal decision."There is no one-size-fits-all answer for how or when to turn on Social Security retirement benefits," she says."There are many factors to consider: desired retirement age, expected lifespan, lifestyle goals, anticipated expenses, just to name a few."
If you feel you'd rather not retire until those debts are cleared, you can set financial goals that will support more financial freedom in your senior years. For instance, you can work to pay off your mortgage faster or sell a vehicle that you no longer use as often to enter retirement debt-free or less heavily burdened.Before you quit your job, it's also important to consider the emotional implications of retirement.
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