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 regarding income, expenses, and savings to know if they will be comfortable or not. This is the only way to know if you have saved sufficiently and will have enough pension income. They can stop worrying once they set up a budget and assess their financial situation. But there are always ways to feel richer in retirement regardless of income. Here are a few steps to take.
How to Feel Richer in Retirement
Always ask for discounts – there is nothing wrong with 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 – 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 and the social aspect of being around people.
Work longer – once you have completed your assessment, you may need to work longer. That’s ok for many people. Again, they enjoy the social aspect and 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 you are 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 regularly as well. You will be amazed at how fast your savings will grow.