Nearing Retirement: Have You Saved the Right Way?

Nearing Retirement: Have You Saved the Right Way?
  • Opening Intro -

    Retirement is supposed to be that carefree age where you can spend your years doing what you love.

    It's supposed to be viewed as a reward for a hard life of working.


The problem is that so many people lack enough money for retirement. One survey shows that roughly 36 percent of United States citizens lack any retirement savings.

The prospect of retirement is out of the question for people who have been unable to save enough for their retirement. They may even up in debt, losing the things they have worked so hard to build, and struggling to simply survive.

Let’s explore four areas where you should have saved for retirement. Even if you failed to do so, you still have time to begin saving the right way.

1. Plan for Medical Expenses

One of the biggest faults in the average retirement plan is the fact that few people adequately plan for medical expenses. Their amassed retirement often dwindles to pennies when the cost of out-of-pocket prescriptions begins to grow.

Health insurance, a medical savings account and a careful focus on your own personal health will aid in making the costs of medical treatment more bearable.

Part of retirement planning is reducing current living costs to live within a budget.

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2. Have a Robust Retirement Portfolio

One fact of money is that you can never have enough, but this is especially true when it comes to retirement. Diversifying your retirement portfolio is an important part of ensuring reliable growth and maximizing your potential.

A credit union IRA can be added in addition to your normal retirement plan. Some credit unions provide both Roth and traditional IRAs to ensure that you can benefit from them regardless of if your intention is to save just a bit more or to begin saving from scratch.

3. Take Advantage of Company Benefits

Doing more with less is a common theme of expanding your retirement savings. Your company may be able to provide you with a bundled retirement plan that gives you benefits in addition to helping you build your retirement funds.

If you have company benefits available to you, then inquire about them as soon as possible. They will often have simpler or better retirement plans than you would be able to piece together.

4. Save a Little Extra Now

Even if retirement is less than a few years away, there is still time to begin saving for it. You can reduce your cost of living now to pocket some extra money for your retirement.

Bonds, for example, are a valid short-term way of saving for retirement. While they will generally not have as great as a return as less secure options, they can give you anywhere from a 2 to 5 percent return on your investment.

The best part is that bonds can generally be set to periods of less than a year to five years.

Don’t Panic About Your Retirement Savings

The one thing you don’t want to do is panic. If you feel like you’re running out of time to save for retirement, take a deep breath and relax. You still have options that you can use to your advantage.

Carefully look at your options. If you feel you can’t save enough, then try to explore different ways of reducing your overall costs to make the most of what you do have saved.


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Categories: Retirement Planning

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