It is perfectly normal to feel concerned about having enough money for retirement. Not everyone has the benefit of having a large retirement savings account, but that does not mean that you cannot afford to retire comfortably. Being smart about your retirement finances and making a solid plan can help you gain financial security and give you the peace of mind you need to retire with confidence.
At SeniorSmart, we understand that financial security for older adults is one of the most important factors for quality of life in retirement. Financial stress can wreak havoc on your overall well-being, but we can help. Call us today at 205.460.1124 to learn more about planning your retirement finances.
How to Improve Senior Financial Security Before Retirement
Everyone deserves to enjoy their retirement, no matter the size of their income. You do not have to be wealthy to make the most of your golden years. Even if you have not been able to save much money for your retirement, you can start making changes now to improve your situation. If you are concerned about your retirement finances, here are some ways you can help increase your financial security:
- If you are physically able, hold off on retiring until a later age. This can give you more time to build up your nest egg. If full-time employment is too much for you, you may want to consider keeping a part-time job until you have saved a little more money based on your health or other obligations.
- Wait until age 70 to start collecting Social Security benefits. The longer you wait, the higher your monthly benefit check will be. If you can afford to wait until 70, you can maximize your payments and increase your financial security for the remainder of your life.
- Contribute more to your IRA and 401k accounts. This is where the philosophy of “better late than never” comes into play. After the age of 50, you can contribute more to these retirement accounts, enabling you to catch up on your savings.
Improving Your Financial Security
Once you reach a certain age, holding down a job may no longer be an option. If your health allows it and you are in a pinch financially, a part-time job can always help increase your financial security. When getting back to work is not possible, there are still some ways that you can improve your financial situation:
- Consider finding a roommate or moving in with family. Living on your own can be costly, so one sure-fire way to cut down your monthly costs is by living with others. Plus, this can help prevent the social isolation that affects many seniors who live alone.
- Consider moving to an area with a lower cost of living. Certain areas of the country are very popular among retirees for precisely this reason. Your budget will stretch farther in areas like this so you can get more out of your retirement years.
- Speak with a financial planner who specializes in retirement finances. They can help you create a budget that works for you and recommend the best investment opportunities to support senior financial security.
- Take advantage of discounts and freebies for seniors. There are plenty of services offered to seniors at no charge, such as meals, tax preparation, and entertainment at senior centers or other local organizations.
SeniorSmart: Promoting Senior Financial Security for a Happy Retirement
Worrying about having enough money for retirement can be stressful. At SeniorSmart, we realize the importance of having a solid financial plan before entering your retirement years. We connect our members with experienced retirement planners that can help you at any stage of life, whether you are approaching retirement or are already retired but finding it difficult to make ends meet. For personalized guidance on improving your financial security, give us a call today at 205.460.1124.