Baby Boomers age 50 and above are you worried about having to work longer? Many baby boomers feel they will have to delay retirement, and some even doubt they will be able to retire. Today’s economy and the new proposed cuts in social security would have anyone age 50 and older wondering if they will have to work until they die. It is no longer work many years for a company and retire at an age to enjoy life. A baby boomer could work until 70 if they are healthy, and lucky to have an employer that keeps older employees, or if they run their own business. The fact is older workers are forced out of jobs every day. Yes age discrimination is present in today society.
Many of the people retired today left work early and unexpectedly. This was due to health problems, disability, or changes in the company such as downsizing. Baby boomers need to ensure they have enough to retire when they are forced to retire for one reason or another. Start squeezing the spending and make saving money your priority. That is difficult for someone living paycheck to paycheck. Increase your contribution percentage to the 401K. Retirement should be looked at as a goal to be reached not dreaded due to not enough money.
The following are strategies to cut cost and/or increase income to ensure money for retirement:
- Save money by cutting back on expenses now. Face the reality that it is better to deal with the present money situation while still working instead of putting it off.
- Consider moving to a low cost of living environment upon retirement.
- Work part-time in retirement doing work you enjoy
- Consider renting a room in your home or selling some things on Craigslist or Ebay.
- Make a decision to consciously assess your lifestyle and spending habits, and then re-assess periodically. Think of this as an investment in your future contentment.
http://www.usaa.com/Retirement
http://www.bankrate.com/.../retirement/start-retirement-fund-in-50s.aspx
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