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Retiring When you Don’t have Adequate Savings

5 May, 2015

There are millions of U.S. Citizens who have not saved enough money for retirement. On average, for those people who were ten years away from retiring, median savings were at $12,000, which isn’t even enough to get through one year. Of all the people who were between the ages of 55 and 64, a third of them didn’t have a cent of savings. If you are approaching retirement, and have nowhere enough savings in order to support a retirement lifestyle then it is time to action in order to ensure that you can live a comfortable lifestyle in your later years of life. Here are a few tips to follow in order to ensure that you experience an enjoyable and stress-free retirement.

 

Increase Your Savings and Reduce Your Expenses

This is one of the simplest retirement saving strategies out there, however it is also one of the most unpopular. You should take an honest look at your current situation to see where your money is going, and how much money you’ll need for retirement, and then adjust your monthly cash flow accordingly. By saving and cutting expenses at the same time you can double the impact that it will have on your retirement savings. This is due to you reducing the cost of living before you even retire, while also increasing your retirement savings. By lowering your standard of living before you retire, you won’t need as big of a retirement nest egg.

 

Maximize Your Social Security

Many people believe that the biggest decision they’ll make in regards to their Social Security is whether or not they’ll withdraw it when they turn 62 or wait longer. However, there are over 81 different strategies that you can use in order to claim your Social Security benefit. The majority of people have no idea which of those strategies is best for their situation in order to maximize their money. It is best to talk with a retirement consultant in order to find the best one for you.

 

Work Your Way Out of Debt

This is crucial in the last ten years of your working life. Although people were more reluctant to be in debt due to the financial crisis, as the economy gets better more and more people are becoming comfortable with being in debt again. It is typical to have a mortgage and a couple of car payments, however this means you could be spending $5,000 a month on paying back debt, which isn’t a good sign when you’re heading into retirement. It’s important to get that debt down, as it will make a huge difference to your standard of living come retirement,

 

Continue to Work Part-Time

If you don’t have a significant amount of savings come retirement then there is nothing wrong with finding a part-time job in order to still have an income during retirement. You can consider looking into a consulting job or even working at a restaurant. You may even find enjoyment in continuing to work by finding a job that is low-stress and something that you would enjoy.

 

Delay Your Retirement

As hard of decision as that may be, you may have to consider the possibility of pushing back your retirement a couple of years. Just by waiting for a couple of years before retiring you can save a significant amount more, which will lead to a much more comfortable retirement. Saving up for retirement is tricky, however it doesn’t have to be something that’s hopeless. It’s best to take a step back and get the right mindset in order to have a successful retirement.