How To Avoid Feeling Stuck In Retirement
The cost of retirement is higher than ever, creating a pressing need for Americans to find ways to prepare financially for retirement as wisely as possible and use their retirement funds well after they stop working. Everyone knows they should prepare for their retirement years so that they can enjoy that season in life rather than feeling stuck, but some fear that they won’t do enough.
What you will learn:
According to the Retirement Confidence Survey conducted by the Employee Benefit Research Institute, 36 percent of current American workers feel “not too or not at all confident” in their ability to retire comfortably. Additionally, 46 percent reported a lack of confidence in having enough resources to pay medical expenses after they retire, and 58 percent doubt they will have enough money for long-term care.
The key to a fulfilling retirement comes when working people take the long view, making decisions in their earlier years that will lead to financial stability and opportunity down the road. By managing debt and seeking sound financial guidance, Americans can plan ahead to create the kind of retirement they have hoped for.
It is never too early to eliminate debt with an eye toward retirement. The seniors who are getting the most of their retirement today–traveling, investing in their interests and their legacy and keeping a financial margin for health care and other unexpected expenses–are the ones who took care of credit card, home, car and other debt while they were working to maximize their options as retirees.
Seeking Sound Financial Advice
Too often, individuals start meeting with a financial advisor when retirement is drawing near, but a wiser move is to develop a relationship with a financial advocate early in your working years so that he or she can help map out your path to a fruitful retirement. When financial advisors are well acquainted with their clients’ financial history, family situation and goals, they will be equipped to customize advice and strategies to optimize their clients’ retirement.
Short-term measures to boost income, like life settlements, are one way to help keep seniors from feeling stuck and provide financial freedom in their later years. Connect with your financial advocate to see if this is the right option for you.