Smart Retirement Ideas
Many people today will be happy to just be able to retire someday at all – never mind retiring to be able to travel, moving to a luxury resort, etc. Over time it is getting more and more difficult for many Americans – and many others – to be able to retire.
The difficulty is in part due to things within people’s control – many did not save as much as they should have when they were younger. Many people also have been spending way to much money on things they really don’t need or can afford.
Some of the challenges to retirement are not really within your control however. Rising increases in costs, especially health care and housing costs, have made saving for retirement nearly an impossibility also. Concerns about Social Security are also present for many Americans. Many people just do not make enough money to be able to save for retirement – and instead are just barely able to pay their bills while working with nothing left over.
Retirement is something though that everyone will need eventually, whether or not they want to. Most people are not able to work past a certain time in their lives. Of course most of us would like to retire at some point so we have at least a little time to do the things we always wanted to do with our lives but didn’t have time to do when we were younger and working full time.
If you are having a difficult time coming up with the money to save to retire – here are a few tips that may help:
- Cut back on unnecessary expenses such as eating out, going to the movies, etc. Also, buying less expensive food at the grocery store can help too. Drinking water and milk rather than soda and coffee is both cheaper and healthier.
- Do whatever work around your house or car that you can yourself rather than pay someone to do it.
- If you get a raise, don’t spend the extra money, instead save it for retirement.
Most experts believe that people should have a retirement plant that will provide them with 70-90% of what you are making before you retire.
Here are a few ideas and options to get you started:
- Open a 401k if your employer offers it.
- Open an IRA if you are eligible
- Some employers offer pension plans too
- Savings and Checking accounts
- Social Security
- Life Insurance
- Additional investments
Remember, as with any plan to make money, it is best to diversify where your money is coming from or being invested at.
While the possibility of retiring may sound unrealistic for some – don’t give up! Make a plan for retirement. Calculate how much you will need and how much you will need to start saving now. Keep working and finding ways to save and invest!