Darren Zagarola, CFP®, CPA/PFS, was recently featured in NJMoneyHelp responding to a reader who had accumulated approximately $2 million in retirement savings by age 52 and wanted to know what to do next.
Rather than focusing solely on the account balance, Darren explained that the first step is determining retirement goals. Key questions include when retirement may occur, how retirement is defined, and how much income will be needed to support the desired lifestyle. Once those answers are established, a savings and investment strategy can be built around those objectives.
Darren noted that many investors with substantial retirement account balances may benefit from building assets outside of retirement accounts as well. He discussed the potential advantages of establishing a regular savings program in a taxable brokerage account, which can provide additional flexibility, liquidity, and tax diversification during retirement. He also highlighted the importance of maintaining a diversified portfolio aligned with an investor’s risk tolerance and long-term goals.
For those who qualify based on income, Darren also mentioned the potential benefits of contributing to a Roth IRA, allowing investments to grow tax-free over time. The article serves as a reminder that successful retirement planning is about more than reaching a specific savings milestone—it’s about creating a strategy that supports your future lifestyle and financial goals.
Darren wholeheartedly advocates for comprehensive financial life planning that is specific to the individual and what they wish to accomplish. Learn more about Darren’s philosophy.
Read the full article on NJMoneyHelp: I’m 52 with $2 million in retirement savings. What should I do next?
