Although much easier to say, retirement should be a time for rest, relaxation and enjoyment rather than a time for worrying about financial situation. If you are looking for the former, then a quick and proactive retirement plan is key.

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Try the following: I'm a retired baby boomer: 6 bills I cancelled this year wasted money

Especially a generation is closest to retirement or already there: baby boomers. In 2025, baby boomers will celebrate birthdays between 61 and 79 (which means they were born between 1946 and 1964).

According to the Lifetime Income Alliance (ALI), 2024 is the beginning of the "Peak Zone 65", the biggest surge in Americans in retirement age at the 65-year-old in U.S. history. By 2027, more than 4.1 million Americans will be over 65 years of age each year, and more than 11,200 a day.

But while millions of baby boomers will retire this year, many may not be financially prepared for retirement. As the 2024 Peak Generation Impact Institute highlights, 52.5% of peak temporary workers are $250,000 or below, and will mainly rely on social security as a source of retirement income. what else? Only 14.6% of the peak baby boomers have assets of $500,000 or less, and most will struggle to meet their financial needs.

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That being said, the trend groups of minority groups can retire comfortably.

According to SmartAsset, if you are a Boomer and have taken these five financial actions, you may have enough savings to continue retirement.

1. You maximize your retirement plan: Maximizing your retirement account is often crucial throughout your career to maximize your long-term financial stability as much as possible. Whether it’s the 401(k) your employer brings, or your Roth IRA, making sure that you contribute the most every year is equivalent to saving more when you enter the golden year. For 2024, the 401(k) contribution limit is $23,000 and the Roth IRA contribution limit is $7,000.

2. You made a chasing donation over 50 years old: Retirement Account Chase Contribution Mat Your retirement savings exceed annual IRS limits and allow further complexity. In 2024, the 401(k) catch-up contribution limit is an additional $7,500 and the Roth IRA catch-up contribution limit is an additional $1,000.

3. You use a Health Savings Account (HSA): Healthy savings account allows your money to grow. When adding a high insurance plan, your withdrawal is tax-free and can be used to cover eligible medical expenses and Medicare premiums.

4. You used a brokerage account: Investing funds in assets such as stocks, ETFs and mutual funds through a brokerage account is a wise way to promote wealth. Investing early and often releases financially safe retirement in the coming years.

5. You purchased annuity: Annuities are another option for retirement income, which includes fixed income and stock market assets and provides tax growth for your investments. When you enter retirement, you can withdraw income as needed, or make your balance a guaranteed income (such as a pension). You will be tax-free and you just need to pay taxes on the interest you earned.