By Feby Francois
It is inevitable that most of the people who read this will never receive social security benefits for retirement. However, major changes must be made to the current system if there is to be any hope of them receiving them. It has become common for people to live much longer than anticipated. Even if they don’t have other major expenses such as house notes, car notes, or insurance on a home or automobile, it is unlikely anyone could live on the amount of money they would receive in social security benefits no matter how much they had paid into social security over time.
Incredibly, my grandparents lived on the modest pension and social security benefits earned by my grandfather. I understood that they were never rich, but how they managed to have all the things they absolutely needed to survive in the past decade or so is crazy. In today’s world, their meager incomes wouldn’t suffice to cover groceries, much fewer utilities, and other necessities.
Since my grandparent’s struggles, I have spent a lot of time and effort trying to ensure we don’t face the same challenges and struggles upon retirement. With a few carefully selected investments, we are assured of income throughout our retirement. Our financial professional has provided us with invaluable advice as we do not have all the answers. With his expertise, we’ve built a portfolio of investments that has grown year after year, preparing us for retirement.
Investing with a financial professional is a smart decision if you haven’t done so already. You might be surprised at the advice you can receive from a competent financial professional even if you are nearing the magical retirement age. Even the most modest of investments can work wonders with a good financial planner. Before you retire, you should pay off as many of your recurring bills as possible. Paying off your home and not worrying about your mortgage each month helps greatly. Also, you should consider downsizing rather than upgrading when you retire. Consider eliminating a second car and riding together when possible (this also eliminates an insurance payment).
The earlier you begin to look for properties in an area where you will retire, the more affordable they will be compared to the prices you will pay ten to twenty years from now when you retire. This will increase your chances of having a paid-for retirement home or a very close to one. In retirement, you might want to consider getting a smaller home than a larger home that you will need to care for. As a result, you can save on certain utility costs, which may prove to be substantial.
When planning for retirement, it’s vital to keep in mind that it’s the retirement you’re planning for. Invest in a retirement that is worth retiring for by setting aside funds. Take the appropriate steps now to ensure that your retirement years will not be hampered by the inability to pay for living expenses. Do not wait until retirement to take care of this issue.