Without the simplest of financial retirement planning, comes financial stress. Seriously -- it's inevitable if you haven't even considered your finances.
Retirement sounds so good - FREEDOM! Do what you want to do, all day, every day - but with less income. Hmmmm, how does THAT work?
When you are working, you always know there is another check around the corner. When you retire -- income is limited, what you have at the time you retire - is what you have for the rest of your life. That's why you need some financial advice on retirement, from me and retirees who have been there before you!
Before we move on, I always asked Retirees who were the saver types (like myself), when is Enough, ENOUGH? The problem is we never know... right?
When Howard Hughes, one of the wealthiest people in the world, was once asked something like... "When do you have enough money? When is enough, enough?" His reply: "Just one more dollar..."
Even if you were preparing for retirement, your ideal retirement may not work out. You hired a retirement investment planner -- 2008-2009 hits like a financial tornado and the world turns upside down. All investments: 401K's, IRA plans, money markets, bond funds, home values - down, down, down!
If you are seriously worried about retirement finances... read what other retirees are worried about and some solutions too!
If you need to know how to reduce retirement financial stress, try the ideas on this page.
Are you working longer to secure your future? Work to 60? Age 62? Age 66 (so that you can either pay off debt -- or -- increase retirement savings?) Just think - if you work and save your Social Security monies after "full retirement age", while living on your working income, and accumulate a nice savings account for your later years (all while living comfortably on your income).
My thought here is this... you need retirement income to live your retirement days out. Yes, there are many frugal ways to live and much to do without cost to you, but income certainly helps. Right?
So you have two choices...
2) Retirement Expenses: Figure out how to live on your monthly income, downsize, reduce your monthly expenses, etc.
Retirement Income help here... Pension Plans, Social Security, Investments. You will find oodles of income help here... some will need help to deal with the lack of income, and many will not as the income was well thought out before retirement -- pensions, savings, you are good to go. Then there is always taxes...
Help with Retirement Living Expenses (meaning, how the heck do you pay your bills)... is here. You might downsize, do some frugal financing, work part-time, start a small hobby business, or even a bigger business (online or locally). There are many options available to retirees nowadays!
I just started to buy online deals using ebates! FUN!
Is divorce at retirement a possibility? If there is a chance of divorce, learn more please. You do not want to give up a lifetime pension for the ease of divorce now.
Have you watched your free credit report to assure your financial identity is A-0K? and that you are truly ready to retire?
Now -- this is an odd set of questions ---
Do you start spending in retirement, finally giving yourself permission to use those monies you've saved for years now? But possibly finding a lack of funds in your later years?
-- OR --
Do you continue to save in retirement and leave your hard earned monies to your heirs (never having enjoyed it yourself)?
Finally, are you anxious about retirement itself? This link might help you to retire. Before Retirement, anxiety and depression is often an issue.
Forget finances for a moment, think... what will you do all day? Who are you after you retire and you lose your work identity?