Are you already stressing about retirement and how you’ll fund your golden years? Even with a hefty savings plan in place, you still have to worry about potential emergencies, unforeseen medical expenses and overall rising costs of living. No matter how old you are now, it’s not too late to consider putting money aside for the future. These finance tips may help you make the most of those lovely golden years.
Minimize Fixed Expenses
Sure, it’s nice to have 250 cable channels on the TV and two or three streaming services. It may only be a few extra hundred a month now, but that’s money you could stash away for the future. Instead, seek free entertainment options like Pluto TV or a satellite receiver. Better yet, get outside and get active with your family and friends.
Other ways to minimize your monthly bills now and save for later:
- Weatherize your home.
- Consolidate high-interest credit cards.
- Pay off debt.
- Shop around for better auto insurance rates.
- Sign up for autopay on your bills.
- Install a smart hub and thermostat to cut energy bills.
- Swap out outdated appliances with energy-efficient ones.
Take the extra money you save and invest it into a high-yield savings account.
Generate a Guaranteed Income
Are you relying on a few thousand dollars in your 401(k) and your social security check to get by during retirement? It might take more than that to sustain your lifestyle.
Debt.org notes that most Americans will need about 80% of their annual salary from when they were working to live off after retirement. Multiply that by the number of years you expect to live. Subtract your expected social security, annuity return and pension. Set up a savings account through a Roth IRA or similar account to make up the calculated loss.
Consult With the Pros Sooner Rather Than Later
Now is the time to consult with your financial advisor and tax pro. They will take a close look at the assets you have to work with and can help you create a budget that works for you through long-term investments. Increased cost of living, emergency funds and unexpected savings will all be calculated into the dollar amount you’ll need to save for a secure future.
Invest in Your Body
It’s never too late to invest in your health. It’s a valuable asset you can’t live without. This finance tip includes putting money back into yourself for a healthier lifestyle. Don’t feel bad about spending some dough on:
- A gym membership.
- New bike or kayak.
- Healthy home meal delivery services.
- Choosing fruits, vegetables and lean meats at the grocery store.
- Preventive and self-care.
Being serious about your health now could help reduce your medical costs later.
A comfortable retirement takes a combination of planning, saving and self-care. Yes, it’s a lot of work, but it can be done, and the rewards are plentiful. Get started today to secure your future.
~Here’s to Your Success!
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