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How’s Business? Plan ahead for retirement

We have all experienced the high of earning our first paycheck. Nevertheless, we all strive to one day retire. It seems that day has been set back by a higher cost of living coupled with falling retirement plans that have hurt nest eggs. In speaking with investment professionals, perhaps it is not a pipe dream to retire on time.

Many finance pros continue to invest fearlessly. One finance professional said, “You can’t become an ostrich in these economical times and hope that things will just go away and the economy is going to miraculously get better overnight.” In other words, risk is a part of life and shying away from continuing to invest in the hopes something phenomenal will change will not help your portfolio grow faster.

A general consensus is to spend smarter overall. One of the best ways to keep and increase your nest egg is to not take money from it but put money into it. But this does not mean we do not all look to tap into our investments at some point in our lives — that is what they are there for.

Look for ways to shrink expenses. Save on simple things like lowering your thermostat or using more energy-efficient lighting. Do not eat take-out often and look for sales when you shop. It sounds like a little, but it adds up over time.

Finally, look to redefine your homestead. This means it is OK, that as you are approaching retirement, to think about selling your home and downsizing. The overage monetary proceeds from the home sale can be put into fixed investments that pay scheduled dividends. Your monthly overhead will drop dramatically.

So How’s Business regarding retiring on time? I do not think there is any right or wrong way to know when it is time to retire. Some people like to work and others are counting the hours for that whistle to blow. At the end of the day, it does not matter what category you fall into because at some point we all want to call it a day. If you tweak your budget and do not let this economical downturn throw you out of sync, you will fare well when you decide to retire.

Contact Joe Palumbo at 516-297-4034 or at

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