Experts agree that you will need at least 70-80% of your pre-retirement income to sustain your current standard of living when you retire.
According to the American Savings Educational Council (ASEC), the Average American who retires at age 65 can expect to spend 18 years living in retirement. Do you have enough money tucked away to be able to sustain your standard of living when you retire? Unfortunately, the majority of seniors rely solely on social security income to survive financially. This will not be enough!
Start preparing NOW for retirement:
Review your finances. What are your assets? What are your expenses? How much debt do you owe?
Explore different options for saving and possible sources of retirement income:
- Social security income
- Pension funds
- Tax-deferred savings plans such as 401k and Individual Retirement Accounts (IRA)
- Annuities
- Part-time earnings/rental income
- Equity you’ve built in your home
- Reverse mortgage
- Inheritance or other family resources
Think about how much money you will need for retirement. Make a plan that includes short-term and long-term goals. Take the following into consideration:
- Possible health care issues
- A future desire to travel
- The age at which you wish to retire
- The likelihood of an increased cost of living by the time you are ready to retire.
Implement your plan by saving your money and depositing it into one or more retirement savings accounts.
Re-assess your future financial needs and current savings progress twice a year.
Expedite your retirement savings efforts NOW.
Things you can do now to save for the future:
- Spend less and save more. Take advantage of the benefit of compounded interest which will grow your money more quickly.
- Take care of any current revolving, unsecured debts you have now so you are not burdened with them in your retirement years.
Enjoy your Golden Years without worry.
Consider reviewing information on the following websites:
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