Title 3
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Cut back on your debt. Load" here refers to more than simply financial terms. Having a large debt when your income isn't as high as it once was can strain both your finances and your mental health. You can lighten your load by making as many payments as you can over the next two years.
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Examine your assets, income, and budget. Make a budget that accounts for all of your monthly costs as well as all of your income streams, including Social Security and stock dividends. Consider cutting back on your discretionary spending.
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Make the most of your retirement funds For the next 24 months, take advantage of your employer's 401(k) match by contributing the maximum amount possible to both IRAs and employer-sponsored retirement plans, such as 401(k)s. The IRS has set a maximum contribution amount of $30,000 for 401(k)s and similar programs for individuals over 50 this year. There is a $7,500 cap on IRA contributions.
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Don't burn bridges and wrap up any loose ends. You could require these. As soon as possible, complete any outstanding tasks, document your institutional knowledge as much as you can, volunteer to assist with account transitions, and help choose and onboard a replacement.
Now is the moment, and it won't last long. In summary, if you intend to retire in 2025, you need ensure that your finances are in order prior to making this significant life change. You don't want to eventually run out of money.