Seems we are keeping our heads stuck in the sand when it comes to saving for retirement. For our own personal or ignorant reasons we keep delaying one of the long term issues of our lifetime. In fact a couple of the biggest retirement planning mistakes include not planning at all, or starting later in life, then you are scrambling to play catch up. So how do we supplement or save for retirement, when should we start, what should we do? Where do we get the money now?
It could be the same for you as it is for others, people claim they do not have any extra cash come payday to put away for those wonderful happy, stress free “golden years”.
The best time for individuals to start for best results is in their twenties but this is not always happening when other issues seem to take protocol. What surveys have shown is low paying jobs, just starting out, attempting to buy a home and mostly student debt are bigger concerns.
Financial expert, author and motivational speaker, Dave Ramsey really gives his listeners “slap upside the head” and a dose of reality when he states that the biggest problem with retirement money comes down to people not, fully understanding the ramification of prolonging the issue of putting money into a retirement account. Yes failure to contribute will totally affect the outcome of your retirement fund.
Check out where Dave is talking about retirement and his example of saving $100 a month and what you can retire with if you stayed committed and keep doing this of a period of years.
Getting into a regular routine of a monthly retirement savings plan will start with a trickle effect and turn into steady streams when steadiness and consistency is part of your building blocks for a retirement account . By way of maintaining that commitment to a certain amount, month in and month out.. .once it starts to snowball, the magic of compound interest will surprise you.
The best thing you can do right now is to get started, no matter what your age and then make continuous monthly contributions knowing you will be prepared for retirement years.
With pensions be reduced, or just entirely eliminate in the business world, your other option is what? You will end up being broke and living on a bare income. Sad fact is that most people will only depend on our broke government to take care of them. The average social security monthly amount right now is approximately $1,200 a month, and yes people definitely are struggling and forced to live on what the government dictates.
People are also finding that in pre-set pensions and social security there is no guarantee as far as increases, or if there will be such a thing in the future, as they are now finding out as they receive their 2016 Social Security allowance.
With no planning, no saving , no updating or rearranging financial issues, and as prices of everything continue to rise, people will be literally forced to make some life threatening choices. Do you have a plan to maintain a dignified lifestyle?
Why is it that people are just settling on the little amount of “social insecurity” What happens if the Social Security Department goes broke? You can check the small amount that you might be receiving at www.ssa.gov
Factoring in the Biggest Retirement Planning Mistakes and the fact that there will always be bills you still need to learn to pay yourself first.
I know it will be hard but once you get started and keep with the program, you will find ways to get by. Think of funding your retirement as a regular bill that has to be paid each month. And just make sure you do. Some companies will allow employees to have deductions taken right out of their regular wages and put directly into a 401k or an IRA. Check with your employer.
You gotta stop doing what you are doing right now and make good choices to make positive changes for your future. People have to realize that moving into the retirement era is a completely different situation than then when they were working a regular job and receiving a weekly paycheck that got them through the week.
Get started today, do not fall into the retirement trap, as millions of older people are dealing with right now. Living with the stress of continuous tough times, going without medication, attempting to make ends meet, doing without the necessities.
Do not rely on social security! It might be there when you do retire, but is the amount going to be sufficient for your needs. Using a retirement calculator could be a big benefactor to figuring out what you will need in retirement and how much income you will still have to bring in if you remain in a semi retirement stage.
Going forward, will you have financial comfort with enough money to do everything you want to do, will you fulfill your goals and dreams? Or will you live out the remainder of your life dealing with financial insecurity, hardships, and just struggling to get by?
Avoid the Biggest Retirement Planning Mistakes, start planning, start saving, if you use a financial advisor you still need to be in charge, remember it’s your money, keep yourself educated and have a rewarding retirement.