Implement These Steps Now To Retire Well Later

Everyone wants their retirement time to truly be the Golden Years, but for some seniors, retiring means having to scrimp and not having access to enough funds live the life they’d always dreamed of.

What steps can you, as a caregiver, take today to make certain that your retirement years are full of the dreams and travel you’d always planned for? Here are some tips:

• Start planning for your retirement now. If you’re in a caregiver situation and you see your parents struggling to make ends meet you likely have vowed that you don’t want to be in that position. The way to avoid that is to start saving when you’re young. The older you are when you make your retirement plans, the less time you have to build a nest egg.
• Don’t underestimate how long you will live once you’ve retired. Many people underestimate how long they will a) live and b) how healthy they will be into retirement. Consider that if you retire at age 62 you have the potential of 20 to 30 years ahead of you and you need to budget accordingly because those will be years you will not be bringing in a steady paycheck.
• Will you work into your retirement years? Don’t be surprised if health issues or lack of employment opportunities make that dream unattainable.
• Plan for the ever-increasing costs of healthcare. As we age we are stricken with more illness and aches and pains that require medical attention and not having enough insurance or money saved could mean you drain your bank account more quickly than you’d imagined you would.
• Pay down as much debt as you can before you retire. Having to pay off mortgages or revolving credit payments on a monthly basis means less money in your pocket for retirement enjoyment.
• Talk to your financial planner about your potential Social Security benefits. Did you know that for each year you delay in drawing on your benefits, the benefit itself increases by close to 10 percent?
• If you begin planning for retirement early, don’t be overly conservative in your investments. The time for conservatism in investments is when you’re closer to retirement. Work with a financial planner and explain your hopes and dreams for retirement and have him help you formulate a plan to make it happen.

Just as many children are living in the family home for many more years than they did in the past, you need to plan wisely for your investment or it may be a matter of your having to move back in with your adult children if your funds run out.