This month, we’ve compiled several retirement savings advice from financial bloggers and experts. We hope that these tips will help you secure the future that you deserve.
As you may know by now, retirement planning isn’t easy. In fact, if we were to base how baby boomers prepare for their future on data from a report done by the Insured Retirement Institute last year, we’d realize how drastic entering the golden years is for most individuals. With 45% of the boomer respondents stating to have no funds set aside for the future at all, and with 56% relying solely on Social Security to cover retirement expenses, the future does seem bleak for most.
Which is why, through our blog and other services, we are constantly updating our content with the latest and best retirement savings for you and other boomers to have a shot towards a brighter future. Everyone deserves a better tomorrow – let’s make an effort to create the steps towards efficient money management skills today.
Don’t place all your eggs in one basket.
As the first among two Pauline Paquin articles, Five Mistakes You Should Avoid When Saving for Retirement, discusses why diversifying income streams is essential when securing funds for one’s future. Having a variety of assets should give you the peace of mind that you’ll always have a steady flow of income, regardless of market conditions and whatnot.
Don’t procrastinate, or it will cost you dearly. Get started now.
Pauline’s second article, Planning for Retirement? Just. Get. Started., speaks of the urgency that most boomers need to realize: start planning for the golden years that you deserve before it’s too late! The more we postpone, the deeper the hole we dig ourselves in. So, do yourself a favor and start what’s needed for the future that you deserve!
Nothing riles people up like health care costs. It will most likely be one of your largest retirement expenses.
Jim White’s Retirement Planning Checklist – 6 Ways to Make the Transition Easy offers a streamlined process on what boomers need to consider when planning for their future. Taking into consideration as well that retirement differs for each individual, the checklist provides essentials that’ll fit into anyone’s unique circumstances.
You may say that you won’t retire until the home is paid off, but you can’t always control that. Sometimes medical issues make retirement come earlier than planned.
Secure Your Future Retirement By Avoiding These Missteps in Your 40s, Jacob A. Irwin’s article for My Personal Finance Journey, points out several common missteps that may put a dent in one’s retirement plans. Especially for loans, addressing these factors will help boomers in keeping their nest egg intact for the twilight years.
While they’re likely to be on Medicare, it is possible and advisable to supplement that insurance with private health insurance, as Medicare has certain limitations that does not allow all illnesses to be dealt with in a way that you might find satisfactory.
Jacqui O’Dell’s Help Your Parents to Prepare For Their Future presents solutions that family caregivers or young adults can use in looking after elderly parents. Aside from providing custodial care and motivating boomers in staying healthy, the need of learning more about insurance is suggested as well.
Paying yourself first should be the key action you take if you want to become financially independent.
Mr. Enchumbao writes about key financial takeaways from a decade of dabbling in savings in his post, 15 Lessons Learned from 10 Years of Investing. Explaining financial concepts in an easy-to-read yet comprehensive manner, this post offers a fresh perspective which just may help boomers invest more for their future.
Reach out to someone in your circle of influence and tap them for knowledge. Just ask questions about how they succeeded in the financial arena. By opening up that conversation, you’re going to learn from them by their experiences and how they overcame the hurdle.
How Financially Personable Are You?, Steven Goodwin’s post for My Family on a Budget, presents several interesting and effective ways on how to approach retirement planning. Steven tackles on the most important factors one needs to ponder on – he even gives readers a challenge to accomplish that’ll result in better money management!
But as with every tough situation, the most helpful thing can be transparency and communication.
Another Jacqui O’Dell article, Easing Your Parents Into Old Age Is Important, features several reminders for young adults to consider when looking after their elderly parents. Jacqui stresses the importance of conversation among family members, as a way to cope with emotional toll involved in caregiving.
You will get old one day and want to retire. The sooner you learn the basics about your personal finances, pay attention to your behavior around money and start to implement positive changes the better off you will be in the long run.
Jenny of The Jenny Pincher writes about why more people need to start planning and saving today on her Build Wealth article. She points out that most people would opt to plan only when their circumstances change – which can lead to drastic and potentially financial pitfalls.
Feeling excited, overwhelmed or unsure about retirement? Start a retirement club! We all need help with our retirement plans but very few of us turn to friends for that support.
Kathleen Coxwell’s Join the Club: How to Start a Retirement Planning Club and Have a Happier Wealthier Future cites several reasons on how joining a “retirement club” can motivate and help retirement planners in achieving their dreams. More than securing the funds needed for the golden years, having a group of people to support and guide retirees will lead to more positive and happier experiences.
Minimize lifestyle inflation. When people make more income, they spend more too. You need to avoid this trap and invest the extra money instead of ratcheting up your lifestyle.
Joe Udo of Retire by 40 highlights financial solutions for millennials in his article, My Best Investing Advice for Recent College Graduates. Knowing the advantage of time that the younger generation has, Joe stresses the importance to start saving and maintaining a practical mindset on spending.
When you see something you want, don’t buy it. Wait. Write it down if you want to remember what it was. By learning to wait, you save money on the things you really do want. Save your raises. If you happen to have debt, use the raise you earned to pay off the debt faster and once it is eliminated, then save the money.
3 Steps That Will Lead You to More Wealth, an article by Madison DuPaix of My Dollar Plan, features simple but effective ways for individuals to secure funds for the long run. As easy as these steps may be, Don reminds readers that it takes perseverance to accomplish these goals.
The best approach is to be as aggressive as possible in saving for your retirement. Even if you feel comfortable in your job now, try to imagine what would happen if you had to retire early.
Margaret Manning writes about important guidelines for boomers to think about when entering retirement in How to Make a Successful Transition to Retirement – Advice from the Sixty and Me Community. The points presented by Margaret offers a good perspective for individuals to remember – after all, one’s idea of retirement may not be exactly what he or she initially has in mind!
Compare fees before moving your money. Before rolling over your money to a new firm, compare the fees on your existing investments to the fees in the new account.
How to Get Reliable Retirement Planning Advice, a U.S. News article by Emily Brandon, wastes no time in giving pointers on how to get expert and proper retirement advice. Emily also stresses the importance of checking a consultant’s credentials. More than seeking advice from advisors recommended by friends, a retiree always needs to make sure to check for other options as well.
Always take up employer's retirement plans. If your employer has a program where they put money into a retirement account for you, whether it be through a company SEP plan, matching, or something else, you should look into joining this as it's pretty much just free money. Turning it down is just like taking a pay cut!
5 Retirement Planning Tips by Michelle Schroeder-Gardner is about simple yet effective ways on how one should approach preparing for the twilight years. Michelle lays down the points for readers to stay on track with their planning, particularly when it comes in checking employer benefits.
Take A Good Look At Your Health. Before retiring, you need to make sure you’re in the best health possible. Try to deal with any health issues as you have while you still have work insurance, and commit to preventive measures to keep yourself in great shape.
Pennythots writes about several ways on how individuals can give themselves a financial headstart in Getting Your Finances In Order Before Retiring. Additionally, a good tip pointed out by John is health consideration. After all, a healthy body means lesser medical bills to stress about.
Consult a Financial Planner. Don’t be afraid or shy when it comes to consulting a professional.If you’re unsure where to invest or how much savings you need to live comfortably, set up a meeting. It’s a resource that’s often underutilized by people looking to save money.
MoneyWatch101’s 7 Useful Tips to Help You Save for Retirement reminds readers that regardless of how one plans for the future, seeking advice from a financial expert is essential in setting aside funds properly for the future.
Stop Adding to the Debt. Do not open new lines of credit if you can avoid it. Your best method is to face debt head on and simply use every means possible to pay it off. Stop using credit for any new purchase. For many people, going back to cash (or debit cards) is the best way to wean themselves off of credit.
Avoid Financial Disaster by Paying Off Your High-Interest Debt from Super Saving Tips discusses how individuals can manage and pay off debt. Doing so will then lead to a better money management experience during the golden years.
We should see goals as something that will bring happiness when we achieve them. This puts retirement in a positive light. It becomes something we look forward to reaching and attaining. Working with a professional is a good idea for a lot people, especially when it comes to retirement savings. Even though investing sounds complicated, it is quite basic. The problem is that everyone has an opinion and this creates a lot of confusion.
Follow 3 Simple Steps For Retirement Savings Success, an article by Jon Dulin, features not only simple steps for better money management skills. Jon also presents a trick on how to save – we wouldn’t want to spoil it here, so read his post!
Family caregivers know firsthand how long term care needs can drive a devastating blow to their own finances. This is why they are encouraged to invest in their protection as early as now. Securing a long term care insurance policy while their health is at its prime and there are finances still intact could save them from a great deal of trouble and stress in the future.
Samantha Stein’s Family Caregiver Duties: Effective Financial Planning discusses the connection of financial planning and family caregivers. Medicare insurance, Social Security, Long term care insurance, and other retirement solutions are also discussed.
Aside from the mentioned retirement savings advice listed above, we’d also want to remind you to learn more about Medicare Supplemental Plans. These policies help pay for out-of-pocket expenses not covered by Original Medicare plans, allowing retirees a practical and more effective way to deal with retirement finances. For the most comprehensive plan, please consider Medicare Supplement Plan F – contact an insurance agent today for more details.