Even if you are now in your late 50’s and you still have several years to go until retirement, it is high time you gave your retirement funds a serious thought. Surely, if you take a minute to think about it, you know some neighbours or relatives who retired before having enough money and were left with no choice but struggling for a living! You should never let that happen to you! Be honest with yourself: do you have enough money stashed away, at this point, to ensure yourself a comfortable life, after retirement? Because if you don’t, we have here just the advice you need to get your financial status back on track, before you can think about waking up late, relaxing and playing with your nephews for the rest of good, peaceful and healthy life!
Work some more!
Of course, retirement can be fun, but only if you can afford it! If this is not your case, you can plan to work some more long years before retirement. Like it or not, your portfolio may grow with, let us say, up to 100.000 dollar if you do not retire at 65 and, you keep working until 68 instead. If you know an employer that will pay more for your work, go for the new job. Also, if you feel you are up to it, you could get a second or even a third job right now! Life will get tough, indeed, but you will also earn more and this means you will have the opportunity to also save more.
Save as much as you can!
You don’t have to stop taking good care of yourself just to save some money! Getting ill or falling into depression will only cost you more! So continue to eat healthy food, dress properly, have fun but at the same time try to save money by eliminating all unnecessary expenses. Buy a used car instead of new one. Get back the money you loaned to friends. Don¢t spends them all only because you’ve got them and don’t let yourself be nicked and dimed to death. Start by saving 10 percent of your gross monthly income. If your take out every little pointless spending you do every single day of the month, you will make it happen in no time.
Make your assets productive!
If you are living in a high cost area and you can barely afford it in your 50’s, maybe it is not to early to thin about a relocation. Let’s say you relocate where you live, and you are left with some 100.000 dollars. If you invest wisely – lets say at 7 per cent per year – you will get an additional 7.000 dollar with no serious effort from you. Do you own an old apartment nobody used for ages or an old boat you bought but never actually liked? Rent everything for whatever you can get. Do not sell your assets.
Invest your money wisely!
If you ask me, it is a little bit late for you to start a new business by investing in God knows what revolutionary technology just poped up on the market and hoping for the better! Instead, you should find a high rated private retirement fund – besides what you can do with your 401(k) contribution and an Individual Retirement Account, or IRA – and start depositing money in that account also. Once you have started, you will have to go through with it, no matter how tough it gets and, in the end, you will have saved a lot.
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