Making Your Retirement Money Last Longer

Studies have proven that most of the people in the United States are actually living much longer than they did just decades ago. And with the many individuals who are living longer lives, it is important that these same individuals are saving their retirement money and making sure that their dollars stretch so that they do not have to worry about going without in the future.

If you do not save for your retirement and make it last, you can end up struggling big time, which is something you want to avoid by all means necessary. Social security isn’t enough so you need to ensure your nest egg is large enough heading into retirement.

There are several steps you can take to make sure that your retirement money lasts longer.

Keep On Working

If you quit work early, prior to the actual age of retirement, you will get much less of your social security check back than you normally would have. If you wait to retire until you are at full retirement age, you will get every penny you deserve.

Of course, waiting a couple of years to retire can definitely be discouraging, but you have to think and plan ahead. The old saying goes, work now and play later.

If you do need to retire, either because of bad health or a job loss, you can take money from your retirement and wait on getting social security. That way you’ll get the full amount when you reach full retirement age.

Stop Using Credit Cards

Heading into retirement with credit card debt is truly a horrible idea. The last thing you want to deal with is credit card debt while you are retired. If you’re nearing retirement do everything in your power to pay off your credit card debt before you retire.

Stay away from using your credit cards unless you are dealing with an emergency situation. Otherwise, rely on cash and your debit card, which is money that comes straight from your bank account, to pay for purchases.

Save Your Money and Spend Less

Of course, it makes sense to save money and spend less. This is definitely something that is easier said than done but will be well worth it in the future. Regardless of how little or how much you make, you should always save something for your retirement because you will need it in the future.

Focus on thinking ahead and you will feel better about putting that small amount of money off to the side when you think about your future and not having to stress about money woes.

About The Author

Edwin is a marketer, social media influencer and head writer here at Save The Bills. He manages a large network of high quality finance blogs and social media accounts. You can connect with him via email here.


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1 Comment

  1. Marie

    Brilliant content to say the least. Obviously to secure your future in a more convenient way and to stabilize your retirement benefits, there are certain conditions that you need to maintain.

    1st of all you need to track your monthly income, expenditure and savings and make sure that your monthly expense shouldn’t cross your total income at any cost.

    Simultaneously if you are dipped into credit card debt, stop using credit card at the very 1st place in order to get rid off it.

    Moreover extra source of income and being steady in job profile are extremely necessary to brighten your financial today and future.

    Reply

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