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Use this risk tolerance questionnaire to find your risk tolerance and consider following the guidelines on how to allocate your money. However, if you invest too conservatively, you run the risk of not earning enough to reach your goals or even losing out to inflation. Be careful with this one because if you invest more aggressively than you're comfortable with, you may find yourself bailing out during the next stock market downturn and turning a temporary paper loss into a permanent one. Use this as an opportunity to accelerate your savings. However, you're probably closer to the peak of your career earnings and you might also have fewer expenses if your mortgage and other debts are paid off or if you're in an empty nest. If you're getting closer to retirement, the reality is that you don't have as many years to catch up or for your money to compound. Many retirement plans also have a contribution rate escalator feature to gradually increase your contributions automatically. You probably won't even notice the difference in your paycheck but after a few years, you may be saving more than you ever thought you could. Not only do you have more years to spread out the additional savings, your money will also be compounding for longer and at a potentially higher rate of return if you use this time to invest more aggressively.Ĭan't find the extra savings? Consider starting with what you can do now and then slowly increase your contributions each year. The younger you are, the less you'll likely have to save to get on track. Depending on how far behind you are and how much time you have until retirement, you have several options: What if you run a retirement calculator and you find you're not on track? Don't stock up on cat food just yet. Will your mortgage and other debts be paid off? Are you planning to relocate or downsize? Do you plan to spend a lot of money on travel and expensive hobbies or spend more time relaxing at home? What expenses do you expect in retirement? Start with your current expenses and create a projected retirement budget based on how you see those expenses changing.

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