Basic Financial Tips For The Near Retiree

With today's unpredictable economy, and its potential effects on you and your nest egg

, it has become even more important to protect the assets you already have and take steps to guard it against eventual depletion when you retire. Here are some ways to shelter your funds and stabilize your personal finances so you won't run out of money after you've retired:

If your funds have dipped and caused unmanageable debt, you should stop further financial troubles by purchasing basic healthcare and life insurance, at minimum. Having these types of coverage should also be a given if you're married and have kids.

If you can't pay your bills, you won't be able to build an emergency fund, which is an important tool to protect your financial health. This fund can pay for foreseeable expenses that could pop up, which include replacing your household appliances or getting your car overhauled. At least a thousand dollars in a money market account or any other liquid account will help you, as you can avoid dipping into money you've allocated for the usual household expenses, which can put your funds in the red.

After you've purchased basic life and health insurance, as well as set up an emergency fund in a liquid account, contribute more to the 401K plan your employer sponsors. If your debt is still too large for you to put extra money in your retirement account, try to contribute enough to get your employer's matching contribution. Once you've accomplished this, you can supplement your emergency fund and get it to a total that equals at least half a year's living expenses.

It may be surprising to see that many people today still aren't doing what they can to protect their savings for retirement, although there are many tools and methods that are accessible to most workers. By buying life insurance policies and healthcare coverage, setting up an emergency fund, and contributing enough to get your employer's matching 401K contribution, you can stabilize your funds and save up enough to live on when you retire.

by: Carina Smith

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