Retirement is coming fast for millions of people and will eventually hit the younger generation, even though they don’t believe they will ever “get old”.
Knowing how to have the best retirement saving plans for your personal outcome will change your future, give you and your family financial security and make your retirement money last longer if you make a plan, work at it and do it the right way.
Do you have any idea how hard the issue of retirement money will come crashing down on you? Reality will set in a majority of people will be lost and in a constant struggle to maintain their homes and pay their bills.
Do you already ready have everything set in stone, all your ducks in a row for your retirement years? Have you asked yourself the sixty four thousand dollar question (and just keep adding inflation to that every year) of where and what your financial situation is going to be like in the next 20, 30 or 40 years? Do you know how to make your money last? Do you want to be successful in the stock market?
I am asking you these questions and you need to take them seriously! Take some time and commit to some fact finding thinking on these topics and how they could affect you and your spouse:
- We are all living longer
- We are in an age of ever changing modern technology
- There will forever be ongoing improvements in the health industry
- The need to have enough money is always a huge issue
- Most people do not want to deal with the issues of facing money management in retirement years
- Most are afraid that they will outlive their retirement savings and that social security will not be sufficient to their needs in a growing and every changing society.
- Some say we are in the age of the New Rich. Do you know anyone that falls into that catalog?
Do you think your social security benefits will run out? sadly for this year of 2016, people receiving social security did not get a raise in their benefit amount and it basically has to do with the price of oil decreasing.
Some people now a days are realizing that their haphazard actions or lack of preparation is now forcing them to take a very serious look at their lack of retirement money and make a serious attempt to rearrange numbers, goals, and plans to better suite their anticipated life expectancy.
The wise ones that have plans for any type of retirement income, know that the road to financial security has many bumps, disasters and they are aware that with maintaining and protecting their investments in a proper fashion will most likely lead to a much easier and comfortable lifestyle leading up to and during their “golden years”.
It takes work to plan your future, handle your money and prepare for your retirement years — it can be done more easily when you have a plan and work that plan!
Yes people are living longer and unfortunately having to deal with much less money then they had planned on. I am sure you were affected just like everyone else with the 2008 economic disaster and to this day people are still dealing with personal situations that make it extremely hard to build up a decent retirement fund.
Retirement decisions keep getting more complicated and unfortunately many do not know how to handle certain types of situations or who to turn to ask questions and especially to receive correct knowledge.
Even in retirement or leading up to it, you still need to keep investing and growing your money against inflation, yet sadly the majority of Americans fail to achieve this area in their lives. They think they have more time, or they simply do not get around to making plans.
Here are 21 tips, ideas and “get motivated” actions to figure out your own best retirement saving plans to bridge your own retirement generation income gap and to think about improving your financial security, building and supplementing your retirement funds.
- know how to get the most out of social security and get any and all increases that you are eligible for.
- estimate and get a good understanding, if and when you should take a monthly or lump sum when it comes to your pension
- figure out how to grow your money so it will last for 20 to 30 years
- know and understand if you should buy an annuity for your situation, how much, when, what is the right option for your living arrangements
- know how reverse mortgages work and would a reverse mortgage work to your benefit
- saving your money does make a difference, learn to start early, and stick with it
- your retirement just like life will most certainly hold uncertainties, setbacks, and disenchantments, learn how to get back on your feet as soon as possible
- your need to get your head out of the dark ages and find and use reliable sources to build your own personal security
- understand the every change issues involving your social security package benefit-do not depend totally on social security
- quit worrying and start making plans
- learn to adjust those plans, improvise, keep current with what is going on in the financial world and how it affects you
- be aware and find any and all benefits that can help you out during retirement
- keep digging, learn to maintain a positive flow of income
- learn to spread your money and investments out and diversify into different areas
- learn to budget, budget, budget…in other words – live within your means
- learn to cut expenses, such as keeping your car longer or if you have more than one car, then eliminate and learn to live with one vehicle, (no car payment, no insurance, no maintenance, no additional gas cost)
- do not take on any large debts or loans
- don’t ever be embarrassed, learn to ask questions, and keep asking until you have the answer your are looking for. Make sure it is a legitimate and valuable information that you can apply to your financial needs.
- Learn to ask for and get as much -help in all aspects of retirement, understanding benefits, any and all situations, just because — we are all getting older.
- know your own personal retirement needs and plan accordingly to the lifestyle that you want to live.
- set your own personal and financial goals, fill your bucket list and figure out what you need to do with your bucket to fulfill your own satisfaction!
Now a days these tips fill my head on a daily basis as I now realize that the days are really flying by and I need to figure out my own future, including the acts of being organized and committed to my own needs.
Running out of money and not having resources to fall back on will certainly cripple and affect almost anyone in retirement or that is headed that way in the coming years unless corrective and strong measures are taken to alleviate this situation. On a personal level you need to be more aware of what your future retirement plans hold for you, and adjustments must be made as soon as possible.
Interestingly people don’t realize (until they are getting on in their years) that when they do start into retirement they will have to start using any money they saved over the years. What is bad about this is that statistics show that approximately 40% of Americans do not even have $10,000 saved for retirement years! Where do you fit into this statistic?
Find not only a good mentor but someone with the years of experience and the knowledge when it comes to your retirement.
An excellent place to start, building your own best retirement saving plans, is with Jane Bryant Quinn. She is a nationally known commentator and expert on personal finance retirement issues, social security and investor protection. Her books and articles are read and trusted my millions of people,\and she also writes for the AARP magazine.
In her new book How To Make Your Money Last, Jane gives solid details and very workable plans on money management and retirement topics such as:
- how to stretch your money out
- how to get the most out of all money situations
- how not to lose out on getting your full money potential especially with social security
- where to put your investments for the overall all best growth potential
- how to carefully trim your expenses the right way
- vital information no matter where you are at right now in your retirement money situation
- learn to build and create your own plans,
- learn how to make your money work for you
Take advantage of all advise found in How To Make Your Money Last Spend some time with this money management expert and discover the joys and challenges of retirement years and how best to handle them for your own personal situation.
Learn to educate your self, take control of your life, manage your money well, and grow into retirement with peace of mind.
The best retirement saving plans definitely begins with you, your way of thinking, commitment and the actions that you now take now and into the future.