Retiring Solo? Follow The Tips And Save Money
Most couples find it hard to save up for their retirement because they usually don’t have enough
money to cover all of their expenses as of the moment. If retirement planning with your partner
is hard, then you probably think that retiring solo will be more difficult. But the truth is, it is not
actually too difficult despite the things that you’re going through (divorce, death separation etc).
You just have to know the right techniques and strategies to get you started.
Here are some retirement tips for singles
1. The biggest mistake the most singles commit is overspending. Most singles find it hard to
adjust to a lower income and as a consequence, they lose all of their money quickly without
even saving a penny. In order to save up for your retirement, you have to make sacrifices; you
have to control your expenses and avoid and extravagant lifestyle. You have to cut down the
debts that are hurting your hurting your credit (check your credit scores and credit report) but
don’t worry, those sacrifices will be worth it by the time you reach your retirement date.
2. As soon as you receive your income, try your best to save 10 or even 25 percent of it and put
it directly to your retirement account. Another good thing about this is that the compound
interest will really help you a lot in the long run, so you have to patient with it. The earlier you
start saving, the better it get over time. As for singles, it is advisable to a lot 10% of your income
to your savings.
3. A lot of people discontinue their contributions to their IRA whenever they go through divorce
etc. which is actually a very big mistake. Do whatever it takes to contribute to your IRA and it will
definitely build up and ensure that your retirement plan will cover you.
4. Most people don’t like to get the long terms care insurance because they think that it is too
expensive and isn’t really needed. What they don’t realize is that getting really sick without any
coverage can really hurt your savings especially if you’re going to need a private nurse to take
care of you. Do everything you can to ensure that you’re health is in good shape because of
course, by the time you reach the gray age, you’re health will start to deteriorate.
5. You will never know when an emergency will happen which is why having your own
emergency fund is very handy. Your emergency fund should cover at least 6 months of your
expenses to avoid selling your assets and borrowing money just to get by.
Follow these tips and don’t let being single stop you from ensuring your future’s stability and
security. Start your retirement plan now and don’t forget to contribute to it regularly.
Joy is an active blogger who is fond of sharing interesting finance management tips to
encourage people to manage their personal finances. More specifically, she advocates that
people check and improve their credit reports regularly. Follow Joy and discover how to manage
finances after retirement.