Over 50Â no pension no retirement savings
The following is a list of steps that can be considered to minimize the impact during retirement. Even by taking these actions and working hard at them, life will still be difficult. Here are the ideas we have for someone in this situation:
- Become an extreme saver
- Embrace forced savings
- Plan to work well into your 60’s or even 70’s
- Develop plans to move in with family
- Minimize your costs in every area of your life
- Take advantage of all government programs
- Invest your savings carefully – diversely, high-quality blue chips
- Avoid getting rich quick schemes
- Work with an investment/savings advisor
- Investigate your payout
If you were laid off every consumer should verify that they are receiving their full entitlement. What about locked-in pension money? Separation bonuses and other benefits should be considered. It may be worthwhile to talk to a lawyer who specializes in these situations. They can quickly advise you regarding your entitlements from your previous employer. Did they pay you enough when they laid you off?
Many people are amazed when they find out that they were not paid enough. This could be a windfall that needs to be invested carefully and saved for your retirement life.