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.