If you’re nearing retirement age and are just now realizing you haven’t quite saved as much as you should have, don’t worry! It happens more often than you’d think, and it’s never too late to start saving for your future. If you’re unsure of where to start, let our highly experienced financial planner help you find a retirement strategy for you. At Income For Life, our financial planner can help you find reasonable retirement solutions so when you do retire, you can stay retired. Contact us today!
In this blog, we offer five retirement solutions and strategies if you find that you procrastinated in saving for your retirement.
Strategy 1: Take action immediately.
If you know you don’t have a comfortable amount of savings to retire, take action today to figure out what you need to do. You’ll likely have to ramp up your retirement planning immediately, and instead of focusing on what you didn’t do, we suggest focusing in on what you can do. The fact that you made it to this blog means you’re taking a step in the right direction!
Pro tip: Figure out how much income you’ll get from Social Security, investment interests, dividends and pensions, and then after you determine that number, live off of it for two years before you retire. This will give you a sneak peek into what your retirement will be like.
Strategy 2: Save more than you think you should.
If you have a certain amount you’re planning to save to make retirement work, we suggest saving even more than that! Most financial experts suggest to save 15 percent of every paycheck as soon as you enter the working world, which substantially adds up over time. Since you’re likely a little late in the game, determine the bare minimum you need to pay for your basic necessities and put the rest towards retirement.
Strategy 3: Consider moving.
If you’re currently in a city that has a high cost of living, consider moving to a less expensive city. Location really does matter, and the cost of living tends to increase as you get closer to U.S. coast lines.
For more desperate measures, you can sell your home and put that money toward a more humble retirement lifestyle.
Strategy 4: Delay your retirement.
Sometimes, you might just have to bite the bullet and work longer than you anticipated to make up for lost time. It’s not all that bad, though — you can potentially receive more income from Social Security for delaying your retirement date.
Strategy 5: Call in the experts.
If you’re really unsure of what you should do to plan for your retirement, hire a financial planner. They have years of experience in helping individuals in varying situations, and their job is to help you set realistic and attainable goals for yourself.
Let Income For Life Help
At Income For Life, our expert financial planner helps retirees and pre-retirees figure out their retirement income. Finding retirement solutions that will maximize your quality of life when you decide to retire is his priority! For more information, give us a call within business hours at (888) 228-8814 or fill out our online form. You can also check out testimonials from our clients here!