You’re relaxing on a Saturday that happens to fall on the last day of the month with a cup of tea when suddenly your phone beeps and you get a message that elates you beyond words – “your salary has been credited to your account”. Ah! Who wouldn’t love to read that! But you’ve hardly spent five minutes relishing that joy when clouds of uncertainty darken you mood as your focus shifts to the one thought you wish to avoid – will you experience this joy when you’re retired?

Do you find yourself in such a situation often? If you do, well, you’re not alone. More than half of America's population feels the same way.

Diana Parkhouse/Unsplash | You can’t have a successful retirement if you don’t plan it well

Kevin Driscoll, VP (Advisory Services) at Navy Federal Financial Group, states that if you're not saving up for a secured retirement, you're making the biggest mistake of your life. By not investing in a plan, you're leaving all your funds on the table unattended, which means anyone could take control of your financial life.

Sounds unfair, right? If you don’t want to let that happen, we suggest you consider making smart retirement plans with these tips especially curated with the help of financial experts.

#1 – Pay off all your high-interest debts

If you have a bunch of outstanding debts, try paying off the ones with high-interest rates first. Also, if you have accumulated multiple credits over the years, it may be the right time to apply for a debt consolidation loan. How will that this help? Well, it's simple. By lowering or eliminating your balances on higher rate credits, you can potentially save a lot of money on your interest that will automatically boost your financial security.

Allef Vinicius/Unsplash | The best way to start with retirement planning is to pay off high-interest debts as soon as possible

#2 – Act immediately

People often wait for the right time to set up or adjust their retirement plans. But one thing you might not know is that you can do it at any time of the year. Act now on your finances even if they seem to be modest for the time being. Remember, the more time you'll give your money to grow, the better chances you’ll have of receiving greater returns.

#3 – Consider rebalancing your portfolio

With time, your portfolio grows at different rates, which is why you must look at it carefully and see if it requires rebalancing. For a better understanding, let's take a look at an example. Suppose your target allocation was 50% on stocks and 50% on bonds, but with time the allocation has reached 40% on bonds and 60% on stocks. With the help of rebalancing, you can take off some of your appreciated assets and purchase under-appreciated assets, successfully selling high and buying low.

Glenn Carstens-Peters/Unsplash | At least twice a year, you should check on your portfolio and rebalance it if needed

Wrapping up

Regardless of the stage of life, you're in right now, one thing that’s important to understand is that it's never too late to start planning for a successful retirement. The above-mentioned top tips/moves guarantee an easy and painless retirement plan, and, in some cases, they might award you with bonuses as well.