Whether retirement is approaching in the immediate future or you’ve got a few years before retirement hits, you may suddenly find yourself with the realization that you haven’t saved nearly enough for retirement. Retirement anxiety can be challenging. How are you going to provide for your needs once you’re no longer working? Will you have to work longer than anticipated?
Start planning early. As soon as possible, take the steps necessary to start planning for retirement. If your employer offers a retirement savings plan, try to set aside as much as you can and take a look at what you really want your standard of living to look like once you retire. Ideally, by that time your mortgage will be paid. You may even own your dream car. Health expenses can be a real concern but if you plan ahead you may be able to minimize your stress and anxiety (at least financially speaking) when they arise.
Think realistically. As you make plans, there are several things you’ll want to consider:
- At some point, you may need to move into long-term care, which can be costly.
- It is a possibility that you live well into your seventies. According to Social Security about one out of every three 65-year-olds today will live paste 90.
- You could experience health-related expenses as you age, and retirement planning should include provision for those expenses.
Speak with a financial professional. Well before your retirement years you should consider sitting down with a financial professional to discuss what a realistic retirement will look like for you. Discuss when it’s realistic for you to expect to retire. A solid retirement portfolio doesn’t just provide you with a steady stream of money from a savings account. Instead, it offers you a source of income throughout your retirement years. A financial planner may be able to provide you with more options for your retirement portfolio than you are aware of on your own.
Find ways to cut your retirement expenses. Do you really need to maintain the big family home that has enough room for all the kids after they’ve grown up and moved out? Can you get by with a smaller vehicle with better gas mileage now that you’re no longer hauling kids or cargo on a regular basis? By taking a hard look at ways to cut retirement expenses now, you’ll find that you’re better equipped to deal with the challenges of managing your available funds once you leave your job behind.
Deciding how you’re going to handle your retirement years can be a big decision. However, it’s never too late! For information on how and where to get started contact Simplicity Life at 800.921.3100.
*This presentation is not endorsed or approved by the Social Security Office of any other Government Agency