Are You Ready For Retirement Unfortunately, many of the latest statistics suggest that the majority of Americans nearing their 60s are not ready for retirement. Although recent findings indicate that people are better prepared for retirement than they were less than a decade ago, all is still not well. Over half of the baby boomer generation will not be ready for retirement, in fact, many will not even have enough money during retirement to meet the cost of their basic living needs and medical expenses. If you are a member of the baby boomer generation and you are not prepared for retirement, you need to take action now. One of the first things you’ll want to do is start saving as much money as possible. It is important to understand that even if you begin saving now, you still may not have enough time to fully fund your retirement so you will likely have to do more than just save. Baby boomers will very likely need to employ a combination of strategies to ensure that they have a secure retirement. Don’t Spend as Much – Basically, the less you spend now the more money you can put away for retirement. Look for ways that you can save money on everyday living expenses, as well as big-ticket items. For example, if your TV still works well, you probably don’t need to go out and buy that new – high cost TV. Delay Retirement – If you keep working past the age that you wanted to retire, you will likely be in a better financial situation after you retire. Delaying your retirement by a few years can have a dramatic affect on your financial security during retirement. Don’t Run Out and Apply for Social Security – One of the biggest mistakes that people make is to start taking their Social Security benefits too early. Instead of collecting your benefits when you turn 62, wait until you reach full retirement age. If possible, you may want to wait a few years past your full retirement age so that you will get higher monthly benefits. Make Use of Your Home Equity – If you own your home, the equity you’ve built up can be very useful during retirement. You can downsize and rent out your home, or sell it and invest the money in your retirement. There is also the possibility of reverse mortgage, which means that you can take advantage of your home’s equity while remaining in the home. The biggest mistake you can make when planning your retirement is to not take action as soon as possible. Experienced estate planning attorneys Mobile AL of the Ryan Hicks Cumpton & Cumpton LLP offers estate planning and business planning resources to residents of Mobile AL. To learn more about these free resources, please visit www.epattorneys.com today.
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