4 Great tips to strengthen a weak retirement plan
It has been observed that a lot of individuals on the verge of retirement are finding that they have not saved substantial amount for their retirement years. It has also been reported that there are some individuals who have not saved a single penny for their later years. Around 34% of the American citizens have not saved money in the retirement accounts. As per a recent survey, nearly 50% of the people aged between 56-62 years will not have any money if they live for 20 more years.
Retirement planning is not as easy as Christmas shopping. It is quite difficult to determine the exact amount you need to save for leading a financially happy life after your retirement. You can’t predict the exact no of years you are going to be alive or how much more you should save for leading your retirement years comfortably. However, what you can do is, strengthen your existing retirement plan so that you have sufficient money left for your later years. Read on to know about some tips that may help you build your retirement savings.
Tips to strengthen a weak retirement plan
Here are the few tips that may help you strengthen your weak retirement plan:
1. Get financial help: If are at the fag end of the working life but have not saved much money for your retirement years, then you can consult a financial counselor/planner. There are several counselors in the nation who offer financial tips and strategies to the individuals at a very low fee. All you need to do is, search for the planners in your town or locality. Attend the free seminars or workshops of these planners and implement their suggestions in your financial life.
2. Erase your debts: If you are not able to save enough money in your retirement account just because you have too much debt expenses every month, then you can get help from the companies offering effective debt solutions to the consumers. These companies can arrange an affordable repayment plan for you, which in turn can help you repay your debts. Some companies will contact your creditors and request them to lower the interests or the principal amounts. Once your debts are erased, you’ll be able to contribute more money towards your retirement accounts.
3. Spend less: If you wish to lead a healthy lifestyle after your retirement, then you need to spend less on expensive dinners, lavish parties, exotic foreign trips, etc. If required, you’ll have to modify your present lifestyle in order to save more in retirement accounts. It is true that it won’t be easy for you. But once you make an estimate of the money you’ll require post retirement, you’ll lose the urge to spend on useless activities.
4. Shift to a smaller house: Do you live in a big house at present? If yes, then you can think about shifting to a comparatively smaller house in a cheaper area. The reason is, this can help you save a considerable amount on your mortgage. If you are not interested in selling your house, then you can rent out a part of the home which you don’t use. This will help you make some extra money.
Most people retire in their sixties. However, as the average lifespan of the individuals have increased, so you can consider working till you are 70. If you feel that you don’t have the stamina to go to your office everyday, then you can start working online.
You can write articles for various social networking sites and earn dollars for them. Never think yourself to be too old for blogging also. Anyone can create his/her own blog. You can earn commissions from the advertisements displayed in your blog. To make your blog popular, you have to work on bringing more traffic. You can achieve that be getting links from several websites. For instance, you can write an article for DebtCC and get a link to your blog, which means that your blog is getting exposed to millions of viewers. As your blog becomes popular among the masses, it will become a good source of revenue for you.
Processing your request, Please wait....
