Financial Planning, Retirement Issues


Do I Have Enough Savings for a Secure Retirement 

August 7th, 2017 ernie Posted in Retirement Saving, Uncategorized No Comments »

secure retirementThis is the main question we all have about our retirement future. How can we figure out what our future will be ? How long will we live? Should we base our life expectancy on how long our parents lived? Or perhaps our neighbors since we share a similar economic situation. A secure retirement means that we need to make an estimate of how long we will work, how long we will live and many other assumptions. In this post we will discuss these issues and others that many consumers need to factor into their decisions.

Will You Have a Secure Retirement

If your already retired and wondering if you have enough to live comfortably during retirement, it is time to take stock of a number of things about your life style and your situation. Here are a few, but bottom line, your income must be the same or more than your expenses, plus you needs savings set aside for emergencies that invariably will come along.

Track expenses – to get an understanding of where your money is being spent. If you need to reduce, then you can start here and identify those areas where you can reduce and how much it will save you.

Track income – to understand how much is coming in and whether it will be enough or not. If not you may have to reduce expenses, go back to work, even if it is just part time.

Re-evaluate every 6 months – life events and inflation happen all of the time. Recheck all of your calculations on a regular basis to make sure all of your assumptions are still accurate.

Balance income and expenses – as we said income must be higher than expenses otherwise it will eat into your savings quickly leaving you without enough to live on when you are much older.

Earn more, go back to work etc – going back to work can make a huge difference in both your life style as well as your savings. Your money will last much longer.

Reduce expenses – do you really need to eat out all of the time? Can you make cost cutting painless. Look at all of your expenses and make a decision on those that can be reduced.

Downsize , rent , move in with the kids – if you must, these are drastic reductions that can be made to reduce your expenses.

Obtain expert help – find a financial advisor you can trust and review your situation with him or her. You may want to get several recommendations before settling on one direction or another.

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Big problem for new retirees

April 7th, 2017 ernie Posted in Uncategorized No Comments »

problem for new retireesInitially your really busy catching up on all of the things you have been ignoring or delaying until your retirement. You knew that there would be time for these things once you finished work so you put them off. Many retirees find themselves very busy during the first few months or even the first year, but then something happens. It is the typical Big problem for new retirees. Initially they enjoy sleeping in, they get to travel on their schedule and there is a lot less stress in their lives. This new found freedom is actually pretty nice. But over time they run out of things to do around the house. Travel budgets get depleted and while it is nice to sleep in, you have the rest of the day to fill!

Many people suddenly find themselves missing the social interaction they had with people at work. They miss the fulfillment, achievement, and recognition they got from doing their jobs. They try to keep busy, but keeping busy is just not fulfilling any longer. Now what do they do for the rest of their retirement years?

Big problem for new retirees – Boredom

The B word comes into their vocabulary. They are bored and do not know what to do with their time. There three things you need to enjoy retirement. You need your health, you need a good financial plan that matches your lifestyle plans and you need the most important thing, a purpose in life.

For some consumers finding a purpose in life means looking after the grand kids. For others it means returning to the work force in a new career. Many start hobbies which turn into jobs. The most important element that these thing s must have is that they look forward to getting up in the morning and pursuing their purpose.

Everyone has something different. Each person needs to find out what works for them. Their purpose could change over time as well. They might start out on a hobby which leads to other things that they find more interesting. Whatever it is, try many alternatives until you find the one that works for your personal situation at your time of life.

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