Confusion….best describes future retirees. They say ” everyone is out to get my money “. For years I have seen people do nothing and some that peacefully plan ahead when that first Social Security check comes.
Here are some tips that may help !
1. Security…. Retirement Adviser’s are not out to, just get your money ! They really do want to help. Sure they get paid but so do you. Peace of mind knowing you and your assets are safe. Always check them out, Google their name, check the BBB and ask your friends who they use. Remember trust is what you are looking for.
2. Insurance… Ask what medicare doesn’t cover. Make sure you are fully covered but not over insured. We have all heard horror stories about someone who missed a car Insurance payment, had an accident and lost their life saving. We retired people do not even want to think about Alzheimer’s or Nursing Homes. Avoiding the thought is not the answer, its the problem.
3. To much Debt….. Do not start out retirement being in the hole. Start to get rid of those extra Credit Card’s They can slowly eat up your savings. Begin planning your retirement budget. S.S. can go a long way if you start to conserve now. Using yourDebit Card instead of your Credit Card’s should be your first training session.Conciser using your bank’s automatic payment plan’s for utilities and other standard payments, it’s safe and minimal bookkeeping.
4. Risky stocks…. Back off on taking those chances, the risk is not worth it. Looking in the morning paper to see how much, you lost today, does not help the stress level. Let’s face it, being stress free is what you want. Stay with low risk investments, that are safe, IRA, Roth Retirement, Government Bonds.
5. Your children–AARP…. are tool’s you should use. Sit down and talk to your kid’s. You would not believe how many Parents don’t do this. It leaves them in total confusion if something should happen to you. Make sure you have a will and talk about it. AARP is available for you ! They have free advice on every aspect of retirement. Look what and how other people do it, learn from their mistakes.
Believe it or not, most Family’s want you to have fun in Retirement. I always encouraged my Dad to ” take that Cruse, travel to that Country, buy that car ” ( if you have the money ) . Our inheritance is not as important as their happiness.
So spend that money if you have it. Conserve it, if you don’t. Live everyday as if it’s your last, because someday you will be right !
Enjoy the decades you have left. With all the Stem Cell research you may be around longer then you think !