Five Ways for 50-Somethings to Get Serious About Planning for Retirement

Get Serious About Retirement Planning

Get Ready for Retirement

You have started saving at an early age and still continue to do so. You are putting in that extra effort and getting extremely serious about financial planning in order to safeguard your future post retirement. But do you really think to have a secure and stress-free retirement only saving money is sufficient? Don’t you think you need to do something more?

Retirement planning is not only about saving money but a lot more about changing your lifestyle and your outlook towards life. You not only need to put that extra cash in your savings account but also need to put forward a step towards a healthier you.

The golden years that we call it, 50s is your time to get serious about how you want to end up post retirement. Approaching your 50th birthday can sometimes be really a time of anxiety as this is the time when you actually start thinking about retirement. In case you have still not started thinking about how to approach this golden age, then you are in trouble.

Many researchers in various reports have reported that people actually don’t know how to go forward with their retirement planning and also are not sure what exactly their needs are. People are really not prepared and that is when they start getting anxious about it.

This is basically the years which shapes and determine what your future will look like. Also if you have not yet started planning for it, this is the right time to evaluate your expenses and the money which you may be falling short of in order to maintain the same lifestyle later. You still have 10-15 years and mostly you are at the peak of your career at this time.

Following are the top 5 ways which can help you in planning your retirement better:

  1. Revisit Your Savings Plan

The moment you hit 50, you need to start putting more money into your saving account. The best here would be to define and identify your spending habits. You need to clearly figure out where all your money is going and is it even required to be spent there. Instead of wants you need to focus on needs to ensure you have enough in your pockets when there is no source of income left. While you are working, you need to ensure all that extra cash which is coming in your way through bonus, sale or any other source should be well saved at this age instead of splurging it.

When you follow this routine you will be surprised to see the amount going into your savings account and will definitely realize where all this money was being spent till now. In order to succeed at doing this, you will have to make few lifestyle changes and maybe divert some extra cash towards saving, but this small change will definitely be a good one towards your retirement goals.

  1. Clear All Your Debts

When we are young we all like to spend and splurge. This has become even more convenient with the introduction of plastic money- credit cards. Today whenever we want to buy something we don’t think twice and jut take out card and swipe it. At the end of the month the statement which comes then makes us realize what a mistake it was. Though we pay the minimum amount and feel we have settled it for this month we tend to forget it is just piling it up further. The credit card companies charge as high as 17% as interest charges and this is where we end up paying more.

By the time you are 50 and still have credit cards debt, do whatever you can and clear it off as soon as possible, maybe instead of saving that extra cash you received, put it towards clearing this debt to have a secure future. This debt will just keep on increasing if not settled at the earliest and once when you have limited source of income left you will not be able to handle it.

  1. Get Professional Services

Right now maybe you are thinking you can make good decisions about your retirement on your own but trust us you cannot. At some point or other you need to get professional help to get the best benefits.

You might have save a good amount as per today’s standards but you do not know what could be your requirements later post retirement and if this money will be sufficient. Taking professional help will not only ensure you are having the correct portfolio required for saving but will also ensure you have all your investments options in place. They will evaluate your requirements and needs and will propose solutions based on the next 10 or 15 years plan. This will ensure you are well prepared for the future.

  1. Have Multiple Source of Incomes

The job you are working now may be paying for your current expenses but do you think it will be sufficient for later on? Right now when you are still young and capable to do and take up more work why not have that extra income source in place and let that all go into your retirement planning. Take up a hobby or any activity that you enjoy and which will keep you motivated and look out for ideas and options that will also pay you for it. The money that you make through it will work as an extra income and will definitely aid your retirement planning. Don’t just think this to be a money making business, this will also help you keep going and keep you motivated. It will be something to look forward to everyday.

  1. Pay Attention to Your Health

Last but definitely the most important one, this is the time when you should start getting serious about your health. Start putting in those extra efforts to maintain your health because this is the age when most people tend to fall prey to ill habits which later has consequences on them. You definitely don’t want to waste all your retirement days dealing with medical issues.

 

These are only a few tricks which can aid you with your retirement planning but at the end of the day you know it better what will work for you and what will not. Don’t just limit yourself to this and expand your portfolio to have a happy retirement.

 

About Sashi 55 Articles
Sashi Singh is content contributor and editor at IP. She has an amazing experience in content marketing from last many years. Read her contribution and leave comment.

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