Many couples have no idea if they will have enough money when they retire. They worry and want to feel richer in retirement, but do not know what to do. They have not taken the time to assess their situation in terms of income, expenses and savings to really know if they will be comfortable or not. This is really the only way to know if you have saved sufficiently and will have enough pension income. Once they set up a budget and assess their financial situation, they can stop worrying. But there are always ways to feel richer in retirement no matter what your income is. Here are a few steps to take.
How to Feel Richer in Retirement
Always ask for discounts – there is nothing wrong in asking for discounts. Many places offer 10% off for seniors or even as much as half price. That’s a pretty good deal when two people can eat for the price of one.
Stay healthy – and avoid expensive medication, trips to the doctor and worse. Exercise, eat well and not only will you feel better, there will be more money in your pocket.
Look for supplemental income – if you are short of money, get a part time job. Many seniors work a couple of days a week. They like the extra income as well as the social aspect of being around people.
Work longer – once you have completed your assessment, you may find that you need to work longer. That’s ok for many people. Again they enjoy the social aspect and they can build their savings even further.
Save early – start as soon as you get your first job. Set aside 10%, invest it well and forget about it. Amazingly you will have sufficient savings and income by the time your 50 to retire or do something different than your current career. It will be your choice.
Invest well – forget the quick rich schemes. Most people lose money. Focus on blue chip stocks that not only pay dividends, but increase them on a regular basis as well. You will be amazed at how fast your savings will grow.