April 29th 2024.
When this article was first published on October 10, 2014, many people who were approaching retirement age were feeling uncertain about their financial preparedness. It's a common concern for pre-retirees, but luckily, there are steps that can be taken to work towards a secure retirement. To get some expert advice on the matter, BLACK ENTERPRISE turned to Certified Financial Planner Ivory Johnson, the founder of Delancey Wealth Management. Johnson shared some valuable tips for pre-retirees who want to get on the right track towards a comfortable retirement.
One of the first things Johnson suggests is taking a good look at your debt. Having a significant amount of debt can be a red flag that you're not quite ready to leave the workforce yet. According to Johnson, having a large mortgage that will extend into retirement can be a major burden on your finances. This is especially true if you've taken out money from your home for things like education expenses. That's why it's important to assess your debt and see if there are any areas where you can cut back. After all, every dollar that goes towards debt payments is a dollar that could have been saved for retirement.
Speaking of savings, Johnson emphasizes the importance of having an emergency fund in place. If you haven't already started saving for unexpected expenses, now is the time to do so. In fact, Johnson believes that if you're not actively saving, then you're not ready to retire. Living paycheck to paycheck is a clear sign that you haven't been setting aside enough money for your future. This begs the question, how will you be able to afford all of your expenses once you're no longer working?
To help with this, Johnson suggests setting a goal for yourself. What do you want to prioritize in your retirement? Do you have a specific age in mind for when you want to retire? It's important to figure out your goals and priorities so that you can work towards them. And if you're not sure where to start, Johnson recommends seeking the help of a financial planner. They can help you come up with a realistic plan that will allow you to achieve your retirement goals.
For more of Johnson's retirement advice, be sure to check out part 2 of his interview. And if you're interested in learning about a retired black judge who recently filed a complaint against American Airlines, click here for more related content.
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