Don’t let the thought of not having enough for retirement drag you down. Instead, get a plan in place so that you can be comfortable when your golden years arrive. Proper retirement planning will ease your fears.
Organizations like AARP offer retirement planning tools so that you can determine whether you are saving enough. You will take into account all of the factors of your financial situation and get recommendations on how much more you need to save to reach your goals.
Estimate Your Social Security Benefits
Check in with the Social Security Administration (SSA) to get your estimated benefit options as part of your retirement planning. They also have excellent calculators to help you navigate through the puzzle. You will notice that the longer you wait to receive Social Security benefits, the higher the benefits will be. If you wait until your full retirement age (FRA), you will receive maximum benefits. There are additional options if you are or have been married. Depending on your age, it’s best to weigh the SSA benefit information more or less depending on the estimates of solvency for the SSA. We’ve all heard the rumors.
Stretch It Out for a Long Life 🙂
What is the 4% rule? It is recommended as a guideline by financial advisors to plan on taking out 4% of your total retirement account every year. The idea is to make the entire amount stretch out over the retirement period.
Find Fun Work
Many are opting to continue working in their golden years to keep life interesting. The MoneyDogz family has an uncle that started a brand new software company at 70 yrs old and is going strong 8 yrs later. You may have heard the rumor that once someone retires from their job, life can go downhill in a big way. Don’t let it happen.
The reality is that the more active you are physically and mentally, the higher quality of your life. Stay fully engaged. Take classes. Try a new career. Volunteer. Cultivate relationships you never had time for. Reconnect with lost friends and family.
Maximize Your Options
Planning and actions for a financially secure retirement will greatly increase your options during your golden years. Choosing a healthy lifestyle now increases your chances for feeling good and participating in the physical activities that you love. It all ties in together. Solid financial planning. Bigger retirement fund. Healthy living. Fewer medical bills. More options. More fun. Woof!