Retirement used to mean that individuals would stop working at some point in their 60s, if not sooner, and head to Florida. Upon arrival retirees would invest in a nice condo on the beach and just enjoy their days. However, in a time of economic uncertainty, it can be hard for some individuals to visualize that dream ever coming true.
The truth is, many retirees are struggling to make ends meet and dreams of an easy life are now just an afterthought. Today, seniors are living longer, retiring later, and finding ourselves ill prepared for the unknown. It is estimated that less than half of individuals actually estimate correctly the amount of money they will need after retirement.
The silver lining in terms of retirement, is that older adults can take control of their retirement. It is never too late to start planning. Sure, it may sound funny to start saving for retirement when just starting a career, but it?s just plain smart. When planning for your future, there are a few steps that young and old can take to make sure they are sitting comfortably in the future.
- Stop Overreaching. Our society is very materialistic. Everyone wants the latest and greatest gadgets, cars, and clothes. However, an expensive car is not going to help pay the bills. If people start living within their means now, they?ll be comfortable later in life.
- Take Control of your Money. Investing can be beneficial, and there are a lot of avenues that are available to individuals. It is important to understand all of the pros and cons of each investment. 401(k)s and annuities are one avenue, but they can be limited. Hire a financial planner that can help diversify a financial portfolio and get the most out of investments.
- Rely on Yourself. There have been warnings that government programs like Social Security are struggling and may not be around much longer to help everyone. Be smart and start saving your money now, and have a plan B for income after retirement.
- Seek Alternative Options. After being independent during adult life, it can be hard to think about having a roommate, but one money saving tip for seniors is to explore housing options. Co-op housing communities or living with a family member can cut down on living expenses, for both the senior and their loved ones.
Categories: Retirement
Source: http://www.creditscore.net/retirement-planning-say-goodbye-to-the-sandy-shore/
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