SOUTH SIOUX CITY, Neb. (KTIV) -- Typically the burning of something is meant to completely remove it.

Saturday, fire was a symbol of liberation.

"This retires flags that are no longer serviceable, it honors the flags where they have flown," said Post 307 Commander John Ludwick.

The ceremony proved important for South Sioux City personnel because of what it takes for one of their own flags to get to the point of retirement.

"These flags have served, not only here at home, but overseas, and wherever this flag goes, it gives people hope. So that's why we honor the flags here today and retire them properly," said Ludwick.

Even though the flags are physically destroyed, area veterans and service men and women continue to honor each of them.

"The flag still stands. It's still holds a special place, or it should have, in every American's heart. Because it is liberty, not just freedom, not just democracy, but liberty," said Ludwick.

Once the flags had been completely burned, the ashes were collected, buried at the Siouxland Freedom Park in South Sioux City, and commemorated with a plaque.

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My husband is 70 and I am 63. We both want to retire as soon as our son finishes college, if not before. He is currently a sophomore. We will have approximately $90,000 per year to live on (not including expenses for health insurance supplemental plans). Right now, were in excellent health and have been working to pay off debt and our sons education, which we pay as we go. I have even thought about taking the Social Security survivors benefit and working part time until Im 67. Is that a good option?

Also, wheres the best place to retire to live comfortably and to afford to travel?

Thank you!

L.B.

See:Im 60, my spouse is 45 can I retire if our expenses are $12,000 a month?

Dear L.B.,

Congratulations on your near retirement! It will certainly be something to celebrate, and that youve already figured out what your retirement income will be is a great start.

I want to focus my answer to your question around the Social Security component. Social Security is such a major factor in Americans retirement plans, but it can be challenging to know how exactly it works and when is the right time to claim benefits.

For example, in your question, you mentioned the survivor benefit, but thats not available to everyone. It may have been a typo, where you meant to say spousal, or it may be that you do qualify. Americans qualify for survivor benefits in a few scenarios, including if they are a widow or widower age 60 or older; a divorced spouse from a marriage that lasted 10 years and who did not remarry before age 60; or a widow or widower at any age caring for the deceaseds child under age 16. Either way, I just want to clarify that there are various forms of benefits associated with Social Security including survivor and spousal and by knowing the difference and which are applicable to your situation, you can find strategies that maximize what you receive.

Spousal benefits can be very confusing, said Kate Gregory, a financial planner and president of Gregory Advisors Inc. As a spouse, youre entitled to 50% of your husbands primary insurance benefit that hed receive at his Full Retirement Age (FRA, which in his case is 66 years old), but he has to have filed for his benefits before you can do so. Hes 70, which means he probably already has, since thats the latest a person can claim retirement benefits and well get to that in a moment.

Now heres where it gets tricky: if your own retirement benefit is higher than 50% of your husbands, youll get your own benefit not the spousal benefit. You dont get both. Youll have to file for retirement benefits and then the Social Security Administration will calculate the benefit for you, analyzing your own versus half of your husbands. Youll either get the equivalent of his half or, if yours is more, your own.

Heres an example, provided by Diane Wilson, founding partner of My Social Security Analyst. If his benefit at Full Retirement Age is $2,000 and your FRA benefit is $800, youd get half of his ($1,000). Youd technically receive a spousal benefit of $200, so that youre getting your benefit plus an additional amount of money to bring you to half of his. The rules are complicated and not easy to understand, she said.

But wait, there are more rules! If you claim Social Security earlier than your Full Retirement Age (in your case, 66 and a few months), you will get less than your full retirement benefit this applies even with the spousal benefit, Gregory said. And if you take the spousal benefit at your FRA and your husband took his benefit after his FRA, which would increase his benefits, youll still only get 50% of what hed get at 66, not whatever hes getting every month now. A beneficiary gets roughly 8% more in her retirement benefit checks for each year she delays claiming Social Security after her FRA, but that figure would not be factored into a spousal benefit. Comparatively, for each year before FRA, the benefit is reduced.

There are caveats, of course, such as if you havent earned enough credits to qualify for the Social Security retirement benefit, in which case, youd only qualify for the spousal. People born before 1954 have the option to file for their spousal benefits and then switch to their own benefit later to take advantage of the 8% delayed credit, but that wouldnt apply to you that could apply to your husband, though.

Also see: You can still claim Social Security spousal benefits even if your spouse is gone

And even after making these decisions, double check that your benefits are correct, said Avani Ramnani, director of wealth management and financial planning at Francis Financial. She once had new clients where the wife was receiving only 30% of her husbands benefit, because she was a few years older than him and had elected her benefit before he had elected his.

You mentioned claiming benefits and working part time. Thats definitely doable, but be aware you may be subjected to the earnings test, said Mike Miller, managing director of Integra Shield Financial Group. For every $2 you earn over $18,240 in 2020, your benefit is reduced by $1. The earnings test is inflation-adjusted every year, and applies for the years before the one in which you reach your FRA. Your benefit will also be adjusted to account for those lost benefits at full retirement age.

Does it make sense to work part-time and collect Social Security early? I would say no unless you need the income due to all the potential reductions in benefits, Gregory said. If you arent going to work, it makes more sense to collect while her husband is alive, especially if her own benefit is less than her spousal.

You also asked about where the best place is to retire and honestly, that depends on a variety of personal factors, including proximity to family and health facilities, taxes, cost of living, weather and entertainment. MarketWatch created a tool that helps readers pick desired qualities in a dream retirement spot maybe it will help you too! Also check out our Where Should I Retire? column that helps people answer this question.

Have a question about your own retirement savings? Email us at HelpMeRetire@marketwatch.com

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Im 63, my husband is 70, well have $90,000 a year in retirement how can we claim our Social Security benefits? - MarketWatch

FOX Business' Charles Payne and Nicholas Wealth Management David Nicholas answer a FOX Business viewer's question of whether to take this year's profits now and then jump back into the market once the election is over. They continue to answer other retirement investing questions on 401(k)s and dividend stocks.

The 4% rule answers a question every retirement investor asks at some point: How much can I afford to withdraw each year from my savings, so that I don't run out of money? While it's great for planning to have an easy answer, there's one big problem: The 4% rule may need to retire before you do.

3 THINGS TO DO IMMEDIATELY IF YOU HAVE NO RETIREMENT SAVINGS

A financial advisor named William Bengen first published the4% rulein the 1990s. He identified his now-famous safe withdrawal rate after running multiple scenarios against the actual financial market returns and inflation rates between 1926 and 1992. His analysis led to a surprisingly simple conclusion. Even through history's worst crashes and economic downturns, portfolios containing 50% equities and50% bonds did not run out of money for 30 years or more when withdrawals were capped at 4% with annual adjustments for inflation. Since Bengen's initial analysis, othershave replicated his work with more-current data to verify that the rule still holds up.

So, what's the problem? Although the 4% rule may hold its weight on paper currently, the future's likely to bring conditions that haven't been baked into the analysis. One concern is the timeline. People are living longer, and 30 years of solvency may not be enough. To be fair, life spans would have to get a lot longer to break the 4% rule on their own. In many of Bengen's scenarios, the portfolios actually had a higher balance after 30 years thanat retirement.

But there is another issue: The 4% rule assumes future market conditions will be no more extreme than historic ones. The downturns covered in Bengen's analysis did include the Great Depression and the 1973-1974 stock market crash, which admittedly were pretty extreme. Even so, given how 2020 has played out thus far, it doesn't seem wise to assume we won't set new records sometime down the road.

RETIRING SOON? ANSWER THESE 3 QUESTIONS TO DECIDE WHETHER TO RELOCATE

This year has already produced historicallylow bond yields, which fall outside Bengen's analysis. That alone is significant, given that he initially assumed a portfolio with 50% bonds. Plus, 2020 has also delivered some historically significant moves in the equities market. The coronavirus-fueled sell-off in March was the fastest 30% drop in history. As well, the single-day dip on March 16 was theS&P 500'sthird-largest single-day percentage drop in history.

It's these never-before-seen market conditions along with longer life spans that threaten to break the 4% rule.

Unfortunately, when it comes toretirement planning, you have to address the worst-case scenario. It's not enough to be 90% sure you won't run out of money in retirement; you have to be 100% sure. And that level of confidence requires very conservative planning. In today's world, the 4% withdrawal rate may not be conservative enough.

43% OF AMERICANS PLAN TO DELAY RETIREMENT DUE TO COVID-19

Mathematically, lowering the withdrawal-rate assumption in your retirement plan means you have to save more before retirement or spend less after retirement. And the change can be significant. The table below shows how your target savings balance varies based on 3%, 3.5%, and 4% withdrawal rates, as well as how much income you need from the retirement account in your first year.

As you can see, if you plan to take $40,000 from your retirement savings in the first year, changing the withdrawal rate from 4% to 3% raises your starter-savings needs by more than $300,000. If you want to pull six figures annually from your savings in retirement, you may have to save an additional $830,000.

If you don't want to increase your savings target, you can hope for the best (not recommended as your entire strategy) or plan for a more subdued lifestyle later. If you're on track to save $2.5 million, for example, the percentage-point-lower withdrawal rate lowers your income from $100,000 to $75,000 in that first year.

Over the past 25 years, the 4% rule has helped many retirement investors plan their savings goals and manage their account withdrawals. But as people live longer and the markets outdo historic extremes, a 4% withdrawal rate will be less reliable. Now's the time to think through what your retirement plan looks like with a 3% or 3.5% withdrawal rate instead -- so you have the time to adjust your savings plan as needed.

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The Internal Revenue Service has issued final regulations that update the federal income tax withholding rules for certain periodic retirement and annuity payments made after Dec. 31.

In July, the IRS released a draft of a redesigned 2021 Form W-4P and instructions intended to align with the redesigned W-4. The draft W-4P also proposed a new default rate of withholding on periodic payments that begin after Dec. 31, 2020. Based on comments received on the draft, the IRS will postpone issuance of the redesigned form. Instead, the 2021 Form W-4P will be similar to the 2020 Form W-4P.

The IRS also intends to provide in the instructions to the 2021 Form W-4P and related publications that the default rate of withholding on periodic payments will continue to be determined by treating the taxpayer as a married individual claiming three withholding allowances.

Tax reform provided that the rate of withholding on periodic payments when no withholding certificate is in effect (the default rate of withholding) would be determined under rules prescribed by the Secretary of the Treasury. Prior to the Tax Cuts and Jobs Act, if no withholding certificate was in effect for a taxpayers periodic payments, the withholding from the payments was determined by treating the taxpayer as a married individual claiming three exemptions.

The final regulation issued provides guidance for 2021 and future calendar years and specifies that the Treasury and the IRS will provide the rules and procedures for determining the default rate of withholding on periodic payments.

Link:
Regs on retirement-payment withholding updated - Accounting Today

Empower Retirement has inked a deal with Fifth Third to acquire its record-keeping business in a move to expand retirement plan services for the bank, the companies announced Tuesday.

Empower will acquire 476 retirement plans and will provide record-keeping and administrative services for the plans 100,000 participants, with $6.21 billion in assets, on Fifth Thirds platform, according to the announcement.

The terms of the agreement were not disclosed.

The transaction with Fifth Third is expected to close in the fourth quarter. When the deal closes, Fifth Third will continue to serve in a plan-level investment advisory capacity and manage $4.2 billion in plan assets.

The deal builds on a 16-year relationship between Empower and Fifth Third. Empower currently provides record-keeping services for Fifth Thirds retirement business through its private-label retirement plan unit, Empower Institutional. Because of this existing relationship, the Fifth Third plans will not require conversions.

Empower currently administers $667 billion in assets on behalf of 9.7 million American workers and retirees through approximately 41,000 workplace savings plans, according to the release.

This is an exciting evolution of the existing 16-year relationship between Empower and Fifth Third, Edmund F. Murphy III, president and CEO of Empower Retirement, said in the release. With the addition of these plans to Empowers platform, we will continue to expand our capabilities for these savers, enhance our financial wellness and advice offerings, and accelerate our value creation for all our stakeholders.

The news comes on the heels of Empower Retirements $1 billion purchase of digital advice firm Personal Capital. The deal, announced in August, will result in Empower bringing Personal Capital in-house, with the robo and human advice firm being rebranded as Personal Capital, an Empower Company.

In September, Empower announced the acquisition of MassMutuals retirement plan business, which is expected to close by the end of the year pending customary regulatory approvals.

[More: MassMutual 401(k) deal wins Empower valuable clients]

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Empower to buy Fifth Third's $6 billion retirement business - InvestmentNews

3. Choose dividend payers for peace of mind

It's easy to plan on riding out market downturns, but it can be hard to stick to that plan. Once you see your portfolio balance take a big hit, you'll naturally want to do something, anything, to stop the losses.

Dividend-paying stocks and funds can help you stay the course in those tough times. Why? Because the good ones keep sending those quarterly payments no matter what's happening with share prices. You're not going to sell off those dividend payers in a panic if they're the only positions working for you. And hopefully, the income can pacify you enough so you don't panic-sell other positions either.

Look to invest in a dividend-paying index fund rather than individual companies. A fund is already diversified and easier to manage over time than a bunch of individual company stocks. One to look at is the Vanguard High Dividend Yield Index Fund (NASDAQMUTFUND: VHDYX) which tracks the FTSE High Dividend Yield Index.

The equities in your S&P 500 index fund or a dividend fund are great for growth and income, but they can be volatile. If you're in the early years of retirement saving, you may not mind a little volatility. But as you get older, it's important to moderate that volatility with assets that are more stable in value, like bonds or bond funds.

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Retirement Savers: 4 Easy Investing Strategies to Implement Now - SCNow

Selena Maranjian, The Motley Fool Published 7:00 a.m. ET Sept. 29, 2020

It's a terrible mistake to ignore dividends when you're investing, as they can be powerful aids in growing your portfolio while you're still working, and they can serve you particularly well in retirement, too. But don't think of dividend-paying stocks as only appropriate for older investors.

Here's a look at five key reasons you should consider adding some (or many) dividend-paying stocks to your portfolio.

The first reason is perhaps the most obvious one: Dividend-paying stocks generate income. As an example, if you have a portfolio worth $400,000 with an average dividend yield of 3%, you're positioned to receive $12,000 each year, just from dividends. That money can be reinvested in additional shares of stock, to plump up your portfolio further, or it can be used for living expenses.

Forget cheap, high-risk stocks: Here are 3 better ways to invest

Want to invest in an IPO?: Heres what you need to know to profit on initial public offerings

Dividends aren't typically static, either: When they're being paid out by healthy and growing companies, they tend to be increased over time often annually. This can help your income streams keep up with inflation, which has averaged about 3% annually over long periods.

Check out a few examples below.

Company

Recent Dividend Yield

5-Year Avg. Annual Dividend Growth Rate

Starbucks

2%

20.7%

Microsoft

1.1%

10.5%

PepsiCo

3.1%

7.8%

Target

1.8%

4%

Chevron

7.2%

3.8%

Data source: Author calculations, Yahoo! Finance.

When you search for dividend-paying stocks for your portfolio, look not only for a meaningful yield, but also a payout that's growing well over time.

Another upside of dividend-paying stocks is that they're often relatively stable, compared to stocks of other companies. This is not always true, of course, but in general, for a company to commit to paying its shareholders a certain sum on a regular basis, its managers will be fairly confident of reliable revenue and earnings. That's why you'll find that a large proportion of blue-chip stocks are steady dividend payers. (On the other hand, many relatively young and fast-growing companies do not pay dividends at all, because they're plowing every available dollar into furthering their growth.)

(Photo: Getty Images)

Remember, too, that dividend-paying stocks don't merely offer dividends. The shares are still tied to companies that are working hard to grow and become more valuable over time. Thus, if you invest in healthy and growing dividend payers, you'll likely enjoy not just dividend income that increases over time, but also a stock price that increases over time and not necessarily at a paltry rate.

Indeed, when academics Eugene Fama and Kenneth French studied stock market data from 1927 to 2014, they found dividendpayers outperformed non-payers, averaging 10.4% annual growth vs. 8.5%. Here are some more examples of dividend payers:

Company

Recent Dividend Yield

10-year Avg. Annual Stock Growth Rate

Sherwin-Williams

0.8%

25.2%

Lowe's

1.5%

23%

Nike

0.8%

21.2%

Costco

0.8%

19.8%

Amgen

2.6%

17.4%

Discover Financial Services

3.3%

14.4%

Clorox

2.1%

13.9%

Kroger

2.2%

13.1%

Verizon Communications

4.3%

9.7%

Data sources: Yahoo! Financial and theonlineinvestor.com.

Finally, if you're relying on income from dividend-paying stocks in retirement and you end up not needing to sell off those shares over time for additional cash, you'll be able to leave them to your loved ones. This is a meaningful advantage over some other income-producing options, such as annuities. Fixed annuities have the advantage of providing even more reliable income, and they are worth considering in your retirement planning. Indeed, you may end up wanting to set up income streams in retirement from both annuities and dividends.

Don't dismiss dividends as only suitable for older investors and retirees. They have a lot to offer investors at every stage of life.

Teresa Kersten, an employee of LinkedIn, a Microsoft subsidiary, is a member of The Motley Fool's board of directors. Selena Maranjian owns shares of Amgen, Costco Wholesale, Microsoft, Starbucks, and Verizon Communications. The Motley Fool owns shares of and recommends Microsoft, Nike, and Starbucks. The Motley Fool recommends Amgen, Costco Wholesale, Lowe's, Sherwin-Williams, and Verizon Communications and recommends the following options: long January 2021 $85 calls on Microsoft, short January 2021 $115 calls on Microsoft, and short November 2020 $85 calls on Starbucks. The Motley Fool has a disclosure policy.

The Motley Fool is a USA TODAY content partner offering financial news, analysis and commentary designed to help people take control of their financial lives. Its content is produced independently of USA TODAY.

Offer from the Motley Fool: The $16,728 Social Security bonus most retirees completely overlook

If you're like most Americans, you're a few years (or more) behind on your retirement savings. But a handful of little-known "Social Security secrets" could help ensure a boost in your retirement income. For example: one easy trick could pay you as much as$16,728 more... each year! Once you learn how to maximize your Social Security benefits, we think you could retire confidently with the peace of mind we're all after.Simply click here to discover how to learn more about these strategies.

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September 28, 2020 6 min read

Opinions expressed by Entrepreneur contributors are their own.

Freelance life unquestionably brings freedom and flexibility. You can work full-time or part-time for who you want, when you want. Depending on your work choices, this type of career can be lucrative and satisfying.

For freelancers, both payment and tax withholding processes are different from a traditional job. These small business owners tend to get their income in a non-taxed way. That means that what they bill a client is what they get paid.

Because no state or federal income tax gets taken out from your payment, you might take a financial hit when it comes time to do your taxes. However, there are some ways to save for retirement and invest in ways that reduce your tax burden on a quarterly and annual basis.

Related: 5 Top Financial Tips for Entrepreneurs

The SEP (Simplified Employee Pension) Individual Retirement Account (IRA) is surpassing other retirement accounts in popularity. Part of the reason for that growth has to do with increased flexibility for your retirement plan. You can deposit more into a SEP-IRA than you could with a Roth IRA, which has a stricter contribution limit.

Another advantage of opening a SEP-IRA is the amount you can contribute. You can contribute up to 25 percent of business profits after you subtract business deductions and half of your total self-employment taxes. Most brokerages offer a calculator to help you determine this figure when you sign up for the account.

If you incorporated your freelance business as an S-Corp and pay yourself a salary, then the calculations are different.

Another option is to open a solo 401(k), which often allows for a larger contribution than even the SEP-IRA. Youll also have opportunities to make post-tax Roth contributions that arent available with a SEP-IRA.

Although that wont benefit your tax obligation today, it will help your long-term savings plan. Someday you'll want to retire and start tapping into that money. The only downsides are that the paperwork is more complex and there may be more fees involved.

Related: New Stimulus Bill Unlocks IRA and 401(k) Dollars for Financially Affected

You might be able to maximize the benefits of various account types by opening a few and adding to each over the course of your freelance career. How you decide which ones to open should be based in part on your tax bracket and marital status.

Check with your tax professional on whether to add a Roth IRA or traditional IRA to your retirement account portfolio.

Although this tax tip mightnot apply to everyone, it does help those freelancers who are 50 and older. Freelancers in this demographic can make whats known as a catch-up contribution to their 401(k) plans.

The extra contributions can help to reduce taxable income and generate considerable tax savings. Becausethe amount continues to change each year and is also tied to your tax bracket, the best approach is to read the IRS guidelines.

Related: 13 Reasons Why Your 401(k) Is Your Riskiest Investment

Relying on family assistance can yield more benefits than ready access to trusted help. By paying family members to work for your business, you can also help reduce your tax burden. While there are some varied rules in place for doing so, self-employed people can gain the most benefit. If you have a corporation, this option has different requirements.

The IRS provides specific guidance on this approach. Payments made to children are not subject to social security and Medicare taxes if your business is a sole proprietorship.

However, while payments to a child under the age of 21 are not subject to Federal Unemployment Tax Act (FUTA) tax, they are subject to income tax withholding, regardless of age. If you employ your spouse or parents, those payments are subject to income tax withholding as well as social security and Medicare taxes.

While freelancing, its important that you create a process for regular rate increases so your clients get accustomed to it. In addition to factoring in your increased value to your clients as you gain experience, it will help fund your retirement and cover the cost of your taxes.

Calculate your estimated tax payments using different income rates while also determining how much you can put into retirement accounts to offset taxes and help build that nest egg. Divide the number you need by your number of clients. This way, you can spread the cost across your client base rather than hitting one or two clients up for the full amount.

Related: 8 Lame Ways to Fritter Away Your First Million Dollars

If you don't have many clients, then pursue a strategic marketing plan to generate more income. While you mightspend some money now, you can write off those marketing expenses in many cases as part of your deductions.

That doesnt mean you should spend without thought. Its important to set a financially prudent marketing budget. A tax deduction is only a small percentage of your total marketing spend, so focus on maintaining cash flow while attracting new clients.

Incorporating can be such a complex process that freelancers often opt for the straightforward sole proprietorship structure instead. However, despite its complexity, incorporation can yield significant benefits and perks like liability protection, tax breaksand health insurance discounts that you cant achieve as a sole proprietorship.

Because every business is different, its important to do your research first and consult with a tax professional and a financial advisor. This will pay dividends not only for your ongoing freelance income, but also any attempt you make at home ownership, or for your retirement savings as well.

Related: New Study: Health Care Is Freelancers' Biggest Concern

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Oliver Rossi | Stone | Getty Images

Once you hit your 50s, retirement is no longer something happening far off in the future.

Whether you have been a super-saver your entire career or are just starting to think about retirement, it's time to take a serious look at what you expect your golden years to look like.

For those in their 50s, "it is the most important time to really figure out where they are, reassess their goals long term and really focus on planning," said certified financial planner Diahann Lassus, co-founder, president and chief investment officer of wealth-management firm Lassus Wherley, a subsidiary of Peapack-Gladstone Bank.

That means crunching the numbers and really thinking about when you want to retire and how you are going to get there.

While it may be easy to get distracted by other financial obligations, like helping your kids pay for college or a young adult child moving back home due to the coronavirus pandemic, remember to "put your mask on first," said Lassus, a member of the CNBC Financial Advisor Council.

"You have to take care of yourself because no matter how brilliant your children are, they really aren't going to want to support you later in life," she said.

Greg Dailey and his wife, Cheryl

Source: Greg Dailey

For small-business owner Greg Dailey, retirement is something he never gave much thought to. Instead, the 51-year-old has been focused on growing his framing business, located in Chatham, New Jersey, picking up extra cash from his side hustle delivering newspapers and raising his three children with his wife, Cheryl.

"I don't really have a real plan," said Dailey, who grew up poor and without any financial literacy instilled in him as a child.

"Am I going to have enough money to ever 'retire'?" he said. "I don't know.

"I don't think so."

More from Invest in You: With remote work flexibility, some people opt to relocate ahead of retirement How to take the mystery out of picking the best retirement savings plan Dreaming of retiring abroad? Here's what you need to know

He puts much of his focus on his kids. His oldest, 24-year-old Erin, was the first in his family to go to college. His 22-year old son, Sean, is currently a senior in college and 17-year old Brian is a high school senior. While his kids all have, or will have, student loan debt, Dailey is doing what he can to help out financially.

He has been able to put aside about $13,000 in an emergency fund, but he has no retirement savings and two mortgages on his house in East Windsor, New Jersey which add up to more than what he paid for it more than 20 years ago.

"I've always been in survival mode," he said.

Fortunately, his business didn't suffer too much during the coronavirus restrictions and is growing. His wife has a 401(k) and he plans on working hard for the next 10 years and putting money aside.

"I'm going to have to start investing," he said. "Hopefully in the next 10 years I'll be able to pay off my house."

If you haven't started saving yet, the first thing to do is to examine your expenses and where you can cut so you can begin putting money aside.

Also, look at your overall expenses what you spend money on today that you won't have to in 10 years to 15 years, like college tuition, mortgage or car payment, said Brian Walsh, senior advisor at Walsh & Nicholson Financial Group, based in Wayne, Pennsylvania.

"Retirement is expense-driven, not necessarily assets-driven," he said.

From there, determine what you'll need to live on in retirement and see how much you'll need to save in addition to any Social Security you may collect, he said.

Put as much as you can into your 401(k), if you have one, advises Lassus.

Once you hit 50, you are allowed to make up to an additional "catch-up" contribution each year. For 2020, the catch-up limit is $6,500, which can make a huge difference down the road, she said.

If you don't have an employer-sponsored plan, then contribute as much as you can to a Roth individual retirement account, if you qualify, or a traditional IRA. Your annual contribution for 2020 is capped at $7,000 if you are age 50 or older.

While Roth IRAs are widely beloved by financial professionals, since contributions are made after tax and distributions aren't taxed, there are income limits. You can contribute the full amount if you make less than $196,000, if you are married and filing jointly, or less than $124,000 if you are single. However, you can still contribute a reduced amount if you make less than $206,000 as a married person or under $139,000 if you are single.

Then, there are Roth 401(k) plans. Contributions are made after tax and there are no income limits. The maximum contribution is the same as the traditional 401(k). Walsh is a fan of the plans and said he believes it is a good way to take advantage of low taxes today.

"With the swelling debt taken on by the U.S. government, taxes are going to have to go up," he said.

In other words, pay now at a lower rate than later at a potentially higher one.

You'll want to make sure your retirement portfolio keeps pace with inflation. These days that means staying middle-of-the-road in a moderate-risk portfolio, Lassus said.

"I wouldn't start getting more conservative," she said. "The old 60-40 still works."

The standard 60-40 portfolio means 60% is invested in equities and 40% in fixed income.

Make sure you really understand where you are relative to where you want to be when you get ready to retire.

Diahann Lassus

certified financial planner

Walsh agrees that at this point, 10 years to 15 years from retirement, you want a majority of your assets in equities and, even five years to seven years away, he would keep 60% to 70% in stocks, since there is a lot of risk in the bond market these days.

If you have a 401(k), he suggests sticking with a target date fund, which automatically rebalance as you get closer to retirement.

What you have in your 401(k) or IRA likely won't be enough to retire on, even if you are maxing out your contributions, Lassus said.

"The 401(k) doesn't provide the kind of dollars that a person is used to," she said.

Therefore, having money outside of your retirement accounts is important, as well.

"Otherwise, what happens is, when people retire, they have to be very creative at reducing expenses," she said.

First, have an emergency fund. Typically, that is three months to six months of expenses that is easily accessible.

After that, start making monthly investments in a brokerage account using primarily a mutual fund or exchange-traded fund, advised Lassus.

Debt is a big issue for many in their 50s, Lassus said. If you have credit card debt, try to get it under control.

Also, take a look at any car debt you have, like a lease, which is an ongoing cost, she said.

While many aim to pay off their house by retirement, she wouldn't focus as much on paying off your mortgage.

In the end, making sure you are ready for retirement means continually updating your plan.

"Make sure you really understand where you are relative to where you want to be when you get ready to retire," she said.

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If you're saving for retirement and are in your 50s, it may be time to reassess your plan - CNBC

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No matter your age or income level, your goal should be to pay the IRS as little tax as possible. And the choices you make with regard to retirement savings could have a huge impact in that regard. In fact, many workers overlook one important long-term savings tool that's actually loaded with tax benefits. And if you're forgetting it, too, you're doing yourself a major disservice.

3 THINGS TO DO IMMEDIATELY IF YOU HAVE NO RETIREMENT SAVINGS

Not everyone is eligible to contribute to ahealth savings account, or HSA. To qualify, you must be enrolled in a high-deductible health insurance plan, the definition of which changes from year to year. For 2020, you'll need an individual deductible of $1,400, or a family level deductible of $2,800.

But assuming youdoqualify, HSAs are unique in that unlike other retirement savings plans, they offer three distinct tax benefits:

By contrast,IRAs and 401(k)s, which are commonly used to save for retirement, don't offer the same number of tax benefits. With a traditional IRA or 401(k), your contributions go in pre-tax, and investment growth is tax-deferred, but withdrawals are subject to taxes. With a Roth IRA or 401(k), contributions are made with after-tax dollars, while investment gains and withdrawals are tax-free. These accounts are certainly worth funding, but it's also worth incorporating an HSA into your retirement savings strategy. Though you can use an HSA outside of retirement, these accounts are best maximized when you contribute more than what you need in the near term, invest your money for added growth, and then carry those funds all the way into your senior years, when you're likely to need that money the most.

4 RETIREMENT PLANNING STRATEGIES TO LEAN ON IN UNCERTAIN TIMES

Another thing you should know about HSAs is that normally, you'll be penalized for removing funds from your account for non-medical purposes, the same way you'll face penalties if you withdraw from an IRA or 401(k) prior to age 59 1/2. However, once you turn 65, you're actually allowed to remove money from an HSA for any reason. If you don't spend that money on medical expenses, you'll be taxed on your withdrawal -- but you'll still get the flexibility to take money out as a senior and use it as you wish.

The contribution limits for an HSA change from year to year, and currently, you can put in up to $3,550 if you're contributing as an individual, or up to $7,100 if you're putting money in at the family level. However, like IRAs and 401(k)s, HSA offer a catch-up contribution to older workers, albeit at a slightly later age. Once you turn 55, you can put an extra $1,000 a year into your HSA, bringing your total for 2020 up to either $4,550 or $8,100.

Best of all, unlike flexible spending accounts, you're not required to commit to an annual contribution in advance. Rather, you can adjust your contributions at any time. This means that if you've only allocated $1,000 to your HSA this year when you're actually entitled to contribute $3,550, you can still go ahead and put in that remaining $2,550.

RETIRING SOON? ANSWER THESE 3 QUESTIONS TO DECIDE WHETHER TO RELOCATE

It's easy to disregard HSAs as a retirement savings tool since, as the name implies, they're an account intended to cover the cost of near- and long-term medical expenses. But the flexible nature of HSAs makes them perfect for your later years, and given that the typical 65-year-old couple today is expected to spend$295,000on medical care throughout retirement, having a dedicated source of healthcare income is hardly a bad thing. Just as importantly, it never hurts to lower your tax burden as a working adult and as a retired one. Be smart with your HSA, and you'll enjoy less taxes up front, and a tax-free source of income when you're older.

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This lesser-known retirement savings tool is loaded with tax benefits - Fox Business