A guide to avoid financial anxiety for retirees!
Americans nearing retirement are constantly hounded by the thought of making ends meet once they stop earning those paychecks but taking a few early steps can give you the assurance of healthy retirement prospects.
1. Don’t stop until you’ve got enough:
It is obvious that your primary financial concern about 20 years before actually retiring are whether you are saving enough for retirement. According to a survey conducted , saving enough for retirements was the biggest fear amongst three-quarters of the participants followed by long-term care expenses and broader health-care expenses finishing a far flung second and third respectively.
Although all participants that took part in the survey have at least $200,000 available to invest have still major issues about retirement investments even after saving money for retirement purposes along the years are still struggling to shape up their investment choices. The survey also brought to light over half of the participants that took up the survey were in a good financial spot and very close to their retirement saving goals. The not-so-stable market conditions may add to the woes of investors as their retirement prospects may go down hill.
Hence,having a little over the top cash won’t hurt so as to get through rough days and avoid falling prey to market condition with a blissful retirement.
2. Don’t trust Social Security:
It is very necessary to take into consideration how beneficial your Social Security will be on a monthly basis even as its ability to make payments in the near future completely,participants were not too sure about its role in their over all financial situations. As per records Social Security is important as it has helped about 40 percent senior citizens from poverty.
Not all of those surveyed share similar views about Social Security,as two-thirds of well settled participants don’t see significant benefits of social security being a source of income and rather see it as a supplementing factor to income generated from other sources. Even those not with a strong financial hold don’t expect Social security as a source of income allowing them to retire comfortably and hence look to it as an alternate and not major source of retirement income
3. Money Decisions as a Couple:
Most of the advice on retirement are on an individual level and hence couples making and coordinating financial decisions can be tedious with age differences coming into play even more with past investing experiences.
According to the survey,44 percent of the men were in charge of making financial decisions as opposed 12 percent of the women agreeing the sentiment where as the idea of couples making joint financial decisions saw a difference in opinion more in women than in men
There isn’t any ideal way to coordinate finances as a couple ,since the biggest danger is if one of the two give up on having an over view of the daily finances of the house hold,they would be clueless about how much money they have, how much is invested and most of all where is it invested and hence it is very important for couples to be well aware of their family finances and where to get the funds from in times of distress.
Even though the survey highlighted how people were skeptical about their money decisions and choices,the do it yourself trend is catching up as two out of five men and three out of ten women swear by it. Online research resources have been quite beneficial in helping people learn the basics of investments as well as read and review policies and plans with thorough comparison enable people to make wiser decisions about retirement investments.