If you’re concerned that you won’t have enough saved to retire comfortably, you’re not alone. Many people get started too late or aren’t aggressive enough in their investing strategy to ensure they can retire comfortably at 65 years of age. While traditional retirement may not be possible for you, there are steps you can take to help you enjoy retirement to some degree.
Don’t Have Enough of a Nest Egg for Retirement? Here are some options.
Downsize Your Monthly Budget
A common action many seniors take is to eliminate unnecessary expenses to help them better afford retirement living. If you have some retirement savings, tightening your spending habits can help you stretch those savings further. This is often the preferred choice for seniors who aren’t sure they will have enough of a nest egg to support them through the remainder of their lives.
Work Through Your Retirement
Another option you have is to continue working past your retirement age. Each year you work is one year less of using your retirement savings. Even working an additional five years is enough to help you save a considerable amount. Additionally, you can use those extra working years to pursue a more aggressive investing strategy so you will have more savings to retire on.
Cash Out a Life Insurance Policy
This is an option to consider if your children are grown, and you’ve already made your funeral and burial arrangements. When your life insurance policy reaches its face value, you can transfer the value into a tax-free annuity. This will give you the value of the policy to support your retirement.
Start a Business
You’re never too old to start something new, and that’s why so many retirees are looking into the opportunities that the internet provides. You can create and monetize a blog, launch a podcast, or sell homemade products. If you have the drive and a willingness to learn, you can turn any hobby into an income-generating business.
You may be able to discover more options by talking to an investment advisor. They might be able to recommend different investing tools or ideas that you might not have considered to help you enjoy your senior years in retirement. Rather than giving up on the idea of retiring altogether, discussing your situation with an experienced investment professional can help you enjoy your senior years.
Consult a Retirement Advisor
A retirement advisor is a financial professional that specializes in helping people prepare for retirement. These individuals can help you assess your financial situation and provide advice on your best options and how to proceed. Robert Cenko is a retirement advisor and he’d be happy to speak with you about your situation. Contact Robert today for your all your retirement planning needs!