How to Plan for Your Retirement in Your Nervous Fifties?
Social Media and the world in general have led most of us to believe that nearing fifties and not having a plan for your retirement is the worst mistake you can commit on this planet. While some pressure is justified as the retirement years are lurking around the corner, there is absolutely no need to panic. The first important step is to take stock of your situation-where you are in life, what are your expectations from retirement and how much of it have you already planned out. What then remains to be done is to reassess your goals - both long term and short term and start filling out details of the retirement plan. This is not exactly an easy process, and you have to crunch some hard numbers and think about the steps that you have to take to reach there. Some possible steps could be:
1. Examine your expenses and look for areas where you can cut them
Unnecessary subscriptions go out the door first - evaluate what bills are sucking most pennies out of your wallet and have the difficult talk i.e. negotiation. Easiest bills to negotiate are the cable, cell phone and auto insurance coverage. If you have been a loyal customer and are looking at competition, voila! You have very high chances of having the deal you need. Even if you are not a loyal customer turn that to your advantage by thinking of switching the service to land a cheaper deal.
2. Transfer more funds into your retirement savings
Do not let the savings from above step squander away to unnecessary expenditures. Transfer them to your 401(k) without delay. Look for a decent alternative to an employer sponsored plan if you don’t have that.
3. Take stock of your health insurance plans
While the best time to invest in a health insurance plan was yesterday, the second-best time is today. Do not delay in looking after your regular health care plans. In most cases you cannot get a good plan this late in your life at its cheapest therefore look for alternatives. One such alternative is Medical Discount Plans. Multimed USA has this amazing Medical Discount Plan for Broward residents which offers amazing benefits along with huge discounts on tests for vision dental and so much more. Look for these discount plans and enroll yourself after evaluating how they fit in your monthly budget and medical needs.
4. Have more accounts simply to build up your savings
This step eliminates the need of dipping into your retirement for every little unforeseen expenditure. Retirement accounts are also notorious for supplying less dollars than you would like to. Therefore, amp up your savings by contributing to savings accounts other than the retirement account.
5. Pick up that side hustle
You have been waiting to start that bestselling novel, teach kids languages or start a blog, now is the time to do it. This age will go down in history as the golden age where every information that you need to succeed and make a few extra bucks on the side is literally available at your fingertips. Do not let this go to waste. Build on the hobbies, that you let go before, and start earning on the side.
In conclusion, it is never too late to start building your retirement corpus. Be careful of all the steps you follow, and it is also important to not fall for any marketing scams and shady schemes that promise a fortune when you retire. Be sure to check out the Medical Discount Plan for Broward residents as they ensure your health expenses remain in check if your health insurance does not cover it.