Funding Your Golden Years

Thursday, January 23, 2014

When thinking of our golden years many of us feel a mixture of anticipation and even a little bit of worry. While it would be nice to have a lot of time to do what you wish, and dedicate yourself to your hobbies, at the same time the prospect of a limited income can be worrisome. Since none of us know how long we are going to live for, it is difficult to ensure that you have enough money to get you through retirement. There are some things you can do in order to make your financial future a little bit more secure.

Start early-

You will hear this advice over and over again. The earlier you start planning and saving for retirement the better off you will be. Even 20$ put away weekly in your twenties, can give you a happy and secure retirement. Do not be tempted to cash out your retirement savings early and for another reason. While kids’ education and paying off your mortgage are important, you have to pay yourself first and plan for a part of your life that can last decades.

Look for lost revenue stream-

Many of us have lost superannuation that we may not be aware of. Life changes such as moving addresses, changing names or jobs can cause changes to your superannuation that you may not be aware of. What many people do not know that even if you change countries of residence, you may still be entitled to retirement savings to which you contributed in your other country.  It does not hurt to look for the things you may be missing.

Consider partial retirement-

Many experts argue that traditional retirement is a thing of the past. Many retires choose partial retirement. This means that they stop working full time but supplement their income with partial, seasonal or contract work. This is not solely due to financial reasons, but also to the fact that many seniors get a sense of well-being when they contribute to society. This way you can use your retirement savings for the bare bone necessities while your additional income can fund your hobbies and retirement dreams.

Planning for your retirement can be a daunting task. So start early, education yourself about savings options and speak with a financial adviser about potential money that you may be entitled to. It is important to plan ahead to maximize your retirement potential.

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