Make These 15 Moves Now for a More Secure Retirement

Many seniors inevitably find themselves grappling with money worries during retirement. And in some cases, that boils down to poor or inadequate planning. If you want to enjoy your senior years to the fullest without financial woes, here are some essential moves to make now.

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The more time you give yourself to save for retirement, the more robust a nest egg you're apt to wind up with. No matter your age, if you've yet to start saving in a dedicated retirement account, now's the time to open an IRA or sign up for your company's 401(k) plan. Even if you can only contribute a small amount toward retirement right now, you're better off getting started and ramping up your savings rate over time.

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Roth IRAs and 401(k)s offer the benefit of tax-free withdrawals during retirement, so they're a great place to put your money. Though there are income limits associated with Roth IRAs, if you earn too much to fund one directly, you can always put money into a traditional IRA and convert it to a Roth later on.

If you have a 401(k) and your company offers some sort of match, it pays to take advantage. If you don't contribute enough to claim your match in full, you'll effectively be turning down free money.

If you're eligible to participate in a health savings account, or HSA, you have a prime opportunity to set yourself up with even more money for retirement. HSA funds never expire, so you can fund an account during your working years and carry that money into your senior years, when you might need it the most to cover your medical costs.

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If you want to grow more wealth in your IRA, 401(k), or HSA, don't shy away from stocks. Stocks may be riskier than bonds, but if you have a long savings window ahead of you, they're a good bet for generating strong returns.

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The longer you carry a credit card balance or any type of high-interest debt, the more money you waste on interest -- and the less you'll have available to save for retirement. Work on paying off nagging debt, whether by cutting back on spending or getting a second job to drum up the cash. It's especially important to pay off costly debt ahead of retirement so you're not stuck with those payments hanging over your head.

Even though mortgage rates are pretty low these days, it's still a good thing to enter retirement mortgage free. Once you're on a fixed income, any recurring bill you can shed is a good thing. If you're not on track to pay off your home in time for retirement based on your current repayment schedule, try to accelerate it by making extra mortgage payments when possible.

ALSO READ: Think You Have Enough Savings to Retire? Ask Yourself This Question First

Emergency expenses can strike at any time, and it's important to be prepared. If you have enough money in savings to cover unplanned bills, you'll be less likely to have to tap your IRA or 401(k) in a scramble. Ideally, your emergency fund should have enough money to cover three to six months of living expenses.

Knowing what to expect from Social Security will help you better plan for your senior years. You can get an estimate of your future benefit by accessing your most recent earnings statement on the Social Security Administration's website. If you're 60 or older, you may have already received yours in the mail.

You're entitled to your full monthly Social Security benefit based on your earnings history once you reach full retirement age. That age differs based on your year of birth, but it's important to know what it entails so you can decide when to claim your benefits.

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You're allowed to sign up for Social Security beginning at age 62, even though that's well before full retirement age. You can also delay your filing beyond full retirement age for a boosted benefit (whereas filing early will cause your benefits to shrink). Be sure to work through different filing strategies so you know what sort of benefit to expect.

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Dividend stocks can do more than just gain value over time. The ongoing dividends they pay can serve as a backup income source. That's something that could prove quite valuable during your senior years.

Many seniors are caught off guard by how expensive healthcare is. Make sure you understand what your costs might look like, and budget for them accordingly.

Millions of seniors get health coverage through Medicare, but the program has a number of nuances that it's important to know about. Take some time to read up on Medicare and its various parts. At the same time, learn more about the different costs you might encounter once you're enrolled.

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There are a number of key retirement income sources that are subject to taxes. These include traditional IRA and 401(k) withdrawals, as well as Social Security benefits in some cases. Do your research so you can plan for taxes and work on strategies to avoid them.

5 Winning Stocks Under $49
We hear it over and over from investors, “I wish I had bought Amazon or Netflix when they were first recommended by the Motley Fool. I’d be sitting on a gold mine!” And it’s true. And while Amazon and Netflix have had a good run, we think these 5 other stocks are screaming buys. And you can buy them now for less than $49 a share! Simply click here to learn how to get your copy of “5 Growth Stocks Under $49” for FREE for a limited time only.

You deserve a retirement that's free of financial worries. Make these important moves to avoid having to stress about money during your senior years.

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