Closing the gap: our economists agree that homeownership and retirement planning are a potent pair when it comes to building net worth

Black Enterprise, June, 2005 by Donald Jay Korn

[check] Boost your retirement savings contributions.

[check] Review your potential estate tax liability with your financial adviser, attorney, and tax professional.

WHEN YOU REACH AGE 55

[check] Review your retirement fund asset allocation to accommodate the shorter time frame until you start accessing money from your retirement plan.

[check] Continue saving for retirement.

WHEN YOU RETIRE

[check] Carefully study the options you may have for taking money from your company retirement plan. Discuss your alternatives with a financial professional and tax adviser.

[check] Review your combined potential income. Afterward, reallocate your investments to help provide the income you need while still providing for some growth in capital to help beat inflation and fund your later years.

* KEEP IN MIND THAT WITHDRAWALS MADE PRIOR TO AGE 59 1/2 ARE TAXED AS ORDINARY INCOME AND MAY BE SUBJECT TO A 10% FEDERAL PENALTY.