Everybody knows they should start planning early for the day when they retire. It's usually easier said than done however. There is a lot of conflicting information about the best ways to accomplish this, without causing a serious reduction in the quality of your current lifestyle. Instead of putting it off until a later date, you can start now with some common sense financial strategies for retirement MI experts say will work.
It's not a smart idea to rely on what might be available to retirees in the future. You may be planning to work as long as you can, but an illness or accident could change those plans overnight. You can't even presume that you will be able to work part time to cover any discrepancy between Social Security and what you actually need to live. Social Security always seems to be jeopardy anyway. It could disappear before you can begin collecting it.
A savings account is great, and a good start. It won't be enough though to carry you through after you quit working. It can be a good way to supplement your retirement income, but won't be the main source of it. Investing is about the only way to ensure your future financially. Starting early and leaving the money in the market, making adjustments as necessary, is crucial.
If you think you can rely on Social Security and Medicare to handle all your eventual medical expenses, just ask someone who is retired about how that's working for them. Pension accounts are virtually a thing of the past. Most companies have done away with them, and the ones that still offer pensions are hard to find. It is going to be up to you to make yourself financially independent.
It's a good idea to make some decisions now as to how you want to spend your last years. Hopefully you will be healthy and active, but if not, long term care insurance will be what you need. These policies can be pricey, but they are worth it. Without this insurance a good in-home caregiver, assisted living facility, or decent nursing home may be out of your financial reach.
Budgeting, living within your means, and finding easy ways to conserve money are good habits to start now. You will find you can live without a five dollar cup of coffee every morning. You probably don't need the ability to scroll through the two hundred cable channels in the deluxe cable package you pay for each month.
There are other possibilities you can consider. If you have the means, real estate investments tend to be a good long term financial strategy. Rental properties will provide you with a monthly income. You have to be in a position to maintain the houses though. Owning your own home will give you security. You could consider a reverse mortgage at some point.
You will probably live long enough to retire. Whether or not you outlast your money is up to you. If you start now, there's a good chance that you will.
It's not a smart idea to rely on what might be available to retirees in the future. You may be planning to work as long as you can, but an illness or accident could change those plans overnight. You can't even presume that you will be able to work part time to cover any discrepancy between Social Security and what you actually need to live. Social Security always seems to be jeopardy anyway. It could disappear before you can begin collecting it.
A savings account is great, and a good start. It won't be enough though to carry you through after you quit working. It can be a good way to supplement your retirement income, but won't be the main source of it. Investing is about the only way to ensure your future financially. Starting early and leaving the money in the market, making adjustments as necessary, is crucial.
If you think you can rely on Social Security and Medicare to handle all your eventual medical expenses, just ask someone who is retired about how that's working for them. Pension accounts are virtually a thing of the past. Most companies have done away with them, and the ones that still offer pensions are hard to find. It is going to be up to you to make yourself financially independent.
It's a good idea to make some decisions now as to how you want to spend your last years. Hopefully you will be healthy and active, but if not, long term care insurance will be what you need. These policies can be pricey, but they are worth it. Without this insurance a good in-home caregiver, assisted living facility, or decent nursing home may be out of your financial reach.
Budgeting, living within your means, and finding easy ways to conserve money are good habits to start now. You will find you can live without a five dollar cup of coffee every morning. You probably don't need the ability to scroll through the two hundred cable channels in the deluxe cable package you pay for each month.
There are other possibilities you can consider. If you have the means, real estate investments tend to be a good long term financial strategy. Rental properties will provide you with a monthly income. You have to be in a position to maintain the houses though. Owning your own home will give you security. You could consider a reverse mortgage at some point.
You will probably live long enough to retire. Whether or not you outlast your money is up to you. If you start now, there's a good chance that you will.
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