After working a nine-to-five job for so long, it’s no surprise that many Americans are looking forward to the day they retire.
After all, there were probably times you’ve forgone well-deserved vacation time to stay on top of the workload, held off on taking much needed coffee breaks to meet that company deadline, stayed an extra hour or two after work to finish up an important project, covered your co-worker’s shift in order to be a team player and sacrificed time with loved ones for the sake of earning your keep.
But when it comes times to retirement, how do you ensure you have enough saved up to do all of the things you never got around to doing before?
Freedom Home Care found some great tips that could not only help you retire happier, but also help you successfully grow your personal wealth at the same time.
Many experts advise saving at least 10 to 15 percent of your income as early as possible. And there are many ways that you can build up your nest egg including pension plans, annuities, 401(k), IRAs and social security and personal savings.
One thing that’s important to keep in mind when planning for retirement is that the average American usually experiences a decrease in expenses as they get older. Your income may fluctuate depending on whether you are receiving in-home care or personalized elder care.
While this might not seem like a good thing, it’s possible to keep your expenses low while maintaining a pretty good living.
Sell a Car
One of the benefits of retirement is that the daily commute usually becomes a thing of the past. If you’re married and your spouse is no longer working, having one car may be the best option. This way you save on gas and the unnecessary costs of maintaining two vehicles.
Reevaluate Your Living Situation
Most people find themselves downsizing when they retire. That means you may not need all of the extra space that you used to. It might be more feasible to either sell your home or move to an area that’s less expensive.
Another option is a retirement community – many of which could offer amenities that appeal to you and your spouse.
Get Rid of Unnecessary Items
Maybe you’re harboring clothes that family members either left behind or don’t need. Perhaps you’re still holding on to old furniture or personal items that could be either donated or given away. Take some time to look through all of your belongings and decide what stays and what goes. You may find relief in living a more simplistic lifestyle.
Take Advantage of Discounts
One of the privileges of getting older is all of the benefits that you get back in return. Most stores, companies and local and government agencies will extend discounts to those 55 and older. Call ahead to find out which places offer special rates for seniors and take advantages of generous benefits that come with age.