Tips for a Secure Retirement

Tips for a Secure Retirement

The plain fact, according to many experts, including Judge Napolitano, the former New Jersey Supreme Court Judge and frequent TV commentator, is that many people will be forced to work until they die.

It’s true. According to statistics, the average baby boomer at 65 years of age, which is when most people expect to retire, has less than $60,000 saved up for retirement.

And a substantial number of retirees have less than $1,000 saved in the bank.

This means, according to Judge Napolitano, that the average retiree has only about three years of savings, and most of them will need to work till they drop. And the rest will be praying for the government to bail them out.

So what are some key tips to obtain a secure retirement?

  • Start saving early and often.

    If you put in even $1,000 per year and start at age 18, by the time you are ready to retire, (assuming you put your money in the stock market) you’ll have nearly $350,000 to retire with. Buy the best gold backed ira to secure your saving when you retire.
  • Spend less than you earn.

    A major reason that many people have no money to retire on is that they spend like they have an endless ATM machine at home.

    Don’t buy fancy homes to live in, and don’t buy fancy cars. For most that will ensure you have plenty of money.
  • Get a degree is something that pays well.

    Many people borrow a ton of money in student loans to get a worthless, touchy-feely degree. Do invest in a college degree, but do the hard thing now like learning computer science or engineering.

    Yes, it’s tough, but you’ll always have good-paying job opportunities.
  • Limit the number of children you have.

    The cost of raising a child from birth to age 18 is around $230,000. Multiply this by three, four, or more kids, and you put yourself in the poorhouse.
  • Understand from age 21 or so, exactly how retirement works.

    How much money do you need to save? Where do you put that money? What is a 401K? Understand how much inflation will be expected to reduce your retirement.

    Yes, it’s hard work coming to grasp with all this, but if you wait until you are in middle age, then you are really behind the retirement 8 ball.
  • Come up with a plan and stick to it.

    You have got to have a plan if you want to retire comfortably, and once you have that plan, do your very best to stick to it.

    Don’t touch your retirement money for short-term things such as paying for weddings or taking exotic vacations.

Visit a financial planner every 5 years

Things do change, and things happen.

You need to sit down with a financial planner every 5 years and review your goals and how much progress you are making.

Don’t skip this step, nor rely on the advice of friends or relatives. You need the counsel of a plain, “In Your Face” financial planner if you hope to keep on track for your future retirement.