Financial Retirement Planning

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 often 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... unless you continue to work in some manner.

Savings: what you have at the time you retire - is what you have for the rest of your life (plus or minus investment earnings)! 

That's why you need some financial advice on retirement, from me and retirees who have been there before you!

So, I ask you: When is Enough, Enough?

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 your world turns upside down. All investments: 401K's, IRA plans, money markets, bond funds, home values - down, down, down! And Yes, they will come back up again.

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. 

What Age will you Retire?

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).

What is the average retirement age? Do you want to take an voluntary early retirement?

One quick comment here -- Folks become disabled for a variety of reasons (heart problems, rheumatoid arthritis, back injuries, etc.) at age 30, 40, 50... None of them ever considered that they may not be working a month from now.

My point is: Never assume you'll retire at 60 (or whatever age is in your head) -- many don't. More on Disability Retirement here.

Retirement Income and Expenses

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... 

1) Retirement Income: Deal with your Income as is... live within your means, or increase your income with a part-time job, small home business.

2) Retirement Expenses: Figure out how to live on your monthly income, downsize, reduce your monthly expenses, etc.

Retirement Income Planning

Retirement Income help here... Pension Plans, Social Security, Investments.

What about starting a small home business? Working Part-time? Possibly looking into a Reverse Mortgage (if you own a home you live in)?

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... 

Retirement Living Expenses

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!

Divorce can affect your Retirement

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. 

Get a Credit Report in Retirement

Have you watched your free credit report to assure your financial identity is A-0K? and that you are truly ready to retire?

My BIG Question to YOU:

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?

Share your own Income and Expenses story here!

Do you have a great story about this? Share it!

Income and Expenses stories from Visitors

Click below to see contributions from other visitors to this page...

Income and retirement 
I have no debt, thank God, I try to keep home, car, body repairs up to date. My son and I have 2 doxans that we see that they have their annual check ups. …

Planning For and Enjoying Retirement 
It's so wonderful to hear a positive retirement story! When I retired I felt so sure I was doing the right thing that I never worried about how I would …

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