Many people view retirement as a shift from working full time to zero time. But it might be easier, both financially and psychologically, to move gradually into retirement, experts say.
"Most people assume that in retirement they have to go from working full time for 40 years to stopping cold turkey one day, but there is some benefit to doing it in phases," gerontologist Ken Dychtwald, CEO of Age Wave, a think tank on aging issues, tells
USA Today.
Some companies permit their older employees to work three or four days a week, he says. That allows for a "kind of a glide path instead of a hard stop."
The more planning you do and the earlier you do it, the better, experts agree.
"Start thinking about what activities are important to you — hiking, traveling, cultural events, family events," psychologist Kris Ludwigsen of Martinez, Calif., tells USA Today. "This could include what you've been doing and/or what you've always wanted to do."
CNBC offers several tips to enhance your finances for retirement.
1. "Aim to max out your 401(k), IRA and other tax-advantaged accounts." Workers 50 year or older can contribute extra to their 401(k) accounts in an IRA. So do it if you can.
2. "Strategize Social Security." The rule of thumb is that the longer you wait to collect on Social Security, the better, because that allows time for your benefits to build up. But if you need money soon, you may not have a choice.
3. "Curtail expenses." It always bears repeating that the less you spend, the more you can save.
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