Retirement Saving Guideline for Over 55s

Retirement Saving Guideline for Over 55s

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What the FT actually meant, was that these households have no retirement funding in addition to what they will receive from Social Security.

To qualify for retirement benefits from Social Security you need to meet certain criteria. You must have worked for at least10 years in covered employment or be married to someone who has. The promise of Social Security benefits should by no means, however, discourage anyone from privately investing. It also shouldn’t prevent anyone from contributing towards their retirement funding.

Saving for retirement is a vital function

Saving for retirement is often neglected by individuals who believe they have enough time to start planning and saving later on. It is never too soon to start saving for retirement for any age group. It is, however, those who fall into the 55-64 year age bracket who are more consciously aware of its importance. The reason for this is because their own retirement is imminent. This is a critical period in terms of being assessed of how prepared you are for your retirement.

Consider whether you are financially able to retire

By assessing your financial readiness you will be able to establish various things. You can assess whether you have a projected shortfall and whether you need to adjust your current retirement strategies. In order to make this assessment you will need to collect some relevant information. This includes your income tax rate, all account balances and your current income information.

Other information includes the average return rate on your investments and the projected income required for your retirement period. The projection can indicate whether there is a dearth in your savings pertaining to yourplanned retirement time-frame and lifestyle. If you do find that you are behind on your savings do not despair yet. Some radical changes and smart choices can save your somewhat dire situation.

Changes that can increase your retirement savings

Cut back on your everyday expenses by decreasing the number of times you get take-out and entertain family and friends. By increasing the amount that you add to your nest egg annually: adding $5,000 a year to your savings will amount to approximately $250,000 over a 20 year period. You might need to reconsider the lifestyle you planned to live during your retirement, adjusting it to your budget.

Such adjustments may include moving to a smaller and easier-to-maintain home or having a part-time job instead of fully retiring. If you are a home-owner you can also look intoacquiring a Home Equity Conversion Mortgage(Reverse mortgage. This can be utilized if you have accumulated home equity and wish to supplement your retirement savings.

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Last update on 2017-12-14 / Affiliate links / Images from Amazon Product Advertising API

Reassess your portfolio

The stock market may seem attractive with the possibility that you mayreceive large returns on your investment, especially if you are a late starter. The possibility of a high return is sadly accompanied by the risk of losing most, if not all, of your primary investment. It is for this reason that you need to become more cautious with your investments the closer you get to your retirement. Finding the aid of a trustworthy and competent financial advisor becomes vital at this point. You need to both minimize your risk as well as maximise your returns.

Getting your retirement saving on track will be a huge relief as financial survival during the later years of life is a huge concern for many seniors. Saving more than what you expect to need will help you make provision for any unexpected expenses. It will also set your mind at ease enough to look forward to the positive aspects of your retirement.

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