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Retirement Planning – No Money : Some Good Advice

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I already have one retirement income from the Navy, but in no way is it enough so I am always trying to figure out what to do to have more money to really enjoy my retirement years.  I still work fortunately on my own terms, but I am still trying to get my kids educated and be ready for the golden years.

Found this and wanted to share, they also have some good booklets on their website.

Delayed retirement- a Sensible End-Game Retirement Planning Strategy?

It’s not very helpful when you see personal financial recommendations that explain that the proper way to get ready for retirement is to begin saving in your youth, especially when you’re currently age 62! And you without a doubt recognize naturally that hoping to catch up for thirty years of not saving within the next 36 months isn’t likely.

Your Individual Retirement Account - Take ActionThis post offers some hopefulness. And several people undoubtedly do this. But if you’re like a lot of us, you didn’t save as significantly as you might have, and now you’re looking for some eleventh hour choices for a secure retirement.

One alternative is that, you could save extra amounts. But that isn’t necessarily workable for some. A lot more pressing goals, for example paying your house loan and wellness care bills, or helping out your kids and grandchildren, may perhaps be taxing your budget. Around fifty eight percent of U.S. residents age 55 and older have saved much less than $100,000 for retirement, according to the Employee Benefit Research Institute’s most recent Retirement Confidence Survey. Merely 19% have saved $250,000 or greater.

Which means you may need to modify your goals for retirement. And a method to do that is to take into consideration not retiring – or delaying retirement. It could sound depressing, but it doesn’t mean letting go of laid back days with the grand kids or on the links. You can just delay your retirement-or continue to work part-time in retirement.

Keep in mind, it’s crucial that you eliminate any squandered expenditures:

  • Does one actually need the hundred dollar monthly health and fitness center or will the $19/month fitness center allow you to stay just as in shape?
  • Should you even now be giving your thirty eight year old daughter your money?
  • Would you enjoy getaways any less if you stay in the $150 per night inn and not the $250 per night lodging?
  • Do you actually need that laser eye surgery operation or liposuction or hair replacement?
  • Isn’t that eating place where you can get a good evening meal for two for $35 just as gratifying as the place where you shell out $120?
  • Do you really use 2000 minutes on your mobile phone plan or need to view 240 channels on your cable telly?

You get the suggestion that there are likely hundreds if not thousands of dollars monthly that are squandered and this waste makes retirement appear to be an impossibility. Look over the charge card statements from the last several months and see how much “retirement gold” you can discover.

Delaying your retirement can considerably influence your retirement finances – not just due to the fact each year is an extra year to put away cash, but due to the fact there’s also one fewer year that you must live off your retirement nest egg. According to a March 2006 report from the Center for Retirement Research at Boston College, U.S. residents who postpone retirement by just one year would enhance their annual income in retirement by $1,317 to $2,402 per year, depending on whether or not they tap 401ks. Those that hold off retirement by 5 years would enjoy their annual retirement income augmented by $14,888.

To look at this in easier terms: the dollar from your retirement nest egg that you don’t shell out today grows to $1.05 at five percent interest in a year. So by continuing to earn that additional year and not using that $1, you have permanently elevated your quality of life from your nest egg by 5%.

Working half time in retirement also doesn’t have to be some thing you dislike. You could take some amount of time work as a consultant in an industry you know well, or you could pursue work you constantly imagined – as an example, working with young children in a library, or working at the club house on a golf course (which may possibly also lead to free of charge tee times!).

How much can you conserve by putting off your retirement? Our retirement calculator can show you.

List of retirement income calculators to try

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About the Author

Rhonda Evans

Rhonda is the founder and editor of MoneyPoint Live. She is a retired Senior Chief from the USN, mother of two, previous small business owner, and entrepreneur.

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