TAMPA, Fla. -- When it comes to retirement, the usual advice is to save more, work more, and invest more.
- Experts offer three overlooked tips to help you retire
- 1. Pay off mortgage
- 2. Incorporate social security
- 3. Don't stress over "the number"
However, experts say there are a few lesser known tips that are worth trying too.
According to financial experts, there are three keys to retirement that people don't usually talk about.
The first is paying off your mortgage.
"For the average family, that is equivalent to $300,000 more in their retirement plan. So, think about if I could just hand you $300K and add it to your retirement plan, you would take it," Alok Deshpande with Smartpath Financial said.
The second overlooked retirement advice is to incoprporate social security. Experts say it should still be part of your planning, despite concerns about whether or not it will be there or whether the government can still fund it.
"For most people, it's about 60% of their retirement expenses. So, if I'm getting a check from social security for life, and it's covering 60% of my expenses, that's meaningful," Deshpande said.
And number three is to forget "the number." Experts say stop worrying so much about the dollar amount you want to hit before retirement.
Instead, experts say focus on pouring 20 percent of your gross income into retirement, whether that's going into an IRA, 401K, or index fund.
"If you can get there by 45, you will be on track to retire at 65. You will be on track, you can get there. You have to have the wherewithal to say okay, I'm going to do it," Deshpande said.