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Its never too late to start planning forretirement.
Practicing good money habits and best practices can give you some momentum.
Ultimately, playing catch-up will give you more choices when you reach retirement age.
Here arestrategies that can help Gen X play catch-up with their long-term financial goals.
That way, you wont forget to contribute to your retirement accounts each month.
Then, you are more likely to max out your retirement accounts each year.
For Gen Xers, a few key investments can really help build toward a solid retirement.
Diversifying intolow-cost index fundscan provide steady growth over time.
Real estate is another strong optionit can generate passive income and offer long-term appreciation.
While bonds are less risky, they tend to underperformstocks and real estate, especially in the long run.
You dont have to take high risks, especially if youre a Gen Xer who is playing catch-up.
Kullberg recommends investing in multiple asset classes based on your risk tolerance and preferences.
Others may also want to look intoreal estate investments or REITsto fund income-producing portfolios.
Real estate and real estate investment trusts (REIT) are some of the income-producing assets you could choose.
Its also good to consider how each of those assets will get taxed.
For instance, you wont pay as much taxes onqualified dividend distributionsas you would from REIT distributions.
Interest and REIT distributions are taxed as ordinary income, while qualified dividends are taxed as capital gains.
Your money also wont have to stretch as far out if you continue to earn steady paychecks.
Jones recommends that Gen Xers pick up new skills and exploreadditional income streamswhile they are still employed.
Ive learned that investing isnt just about putting money into something and hoping for the best.
Its about being proactive and involved.
Also, you could increase your Social Security payments, if you [delay withdrawing].
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