Getting Close To Retirement Age

Getting Close To Retirement Age



Getting Close To Retirement Age?
If you find yourself getting close to​ retirement age without a​ nest egg, do not despair .​
There are still things you can do during your 40s and 50s to​ get yourself prepared for retirement .​
They include figuring out how much money you will need during retirement, income sources like social security or​ retirement pensions, setting goals, start contributing to​ your 401 (k), be aggressive, downsize, and eliminate debt to​ name a​ few.
The first thing you should do if​ you find yourself close to​ retirement with no savings is​ to​ calculate the amount of​ money you will need during retirement as​ well as​ what age you plan on retiring .​
You will find many resources online that will help you come up with this number such as​ retirement calculators.
Once you have a​ general number you will need for your retirement, then you should figure out the income you will receive each year in​ social security benefits, pensions, other retirement accounts, 401(k) plans and the like .​
Be conservative when figuring this number because you do not want to​ overestimate .​
Then, you can subtract what you will be earning each year from what you need to​ live comfortably and that will give you the money you need to​ save.
Now that you know how much money you will need on average you can set some savings goals for yourself .​
There are plenty of​ ways you can save money from shopping with coupons to​ taking your lunch to​ work with you to​ not buying a​ new car every year .​
Wherever you are spending money and can scale back, do .​
It will mean the difference between a​ happy retirement or​ a​ stressful one.
Next, if​ you have a​ 401(k) plan and are not using it, start! Start depositing the maximum allowed so you can get your retirement account beefed up and prepared for your years of​ relaxation .​
Also, see if​ your employer has a​ match program as​ well, this is​ free money and will help your nest egg grow that much quicker.
If you have some investments, consider getting a​ little aggressive with them .​
The stock market and mutual funds are a​ good place to​ start, and with the help of​ a​ stock broker you can likely turn a​ little money into a​ lot pretty quickly.
If you are still concerned about making it​ during retirement consider downsizing to​ a​ smaller home, less expensive car, fewer vacations, and less shopping sprees .​
This might take some effort, but it​ will be worthwhile to​ be able to​ retire happily and not continue working when you are 75 years old.
And finally, eliminate any debt you have .​
Do this as​ quickly and aggressively as​ possible because the longer you wait the more money you will have to​ pay .​
So, if​ you pay it​ off quickly it​ might be difficult, but it​ will allow you to​ save more money for retirement in​ the long run.




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