For many young to middle-aged Americans, retirement seems far away. With so many pressing priorities, such as paying off debt and college education costs, too many people put off saving money for retirement. We talked to actual retirees about their experience in retirement and what they wish they knew when they were younger. Here are some of the most common things retirees want you to know so you can have the best retirement possible.
You’ll Make It To Retirement
Most people in the United States can expect to reach retirement age. There’s no reason not to prepare. Some young people believe in the concept of “You Only Live Once” so much that they spend all the money they make now to enjoy the moment. This thinking is flawed because there’s an extremely good chance that you won’t die young and will make it to retirement. You will certainly need that money in retirement when you’re no longer able to work.
You’ll Need More Money Than You Think
Overall, retirees want you to know that you’ll need more money than you think you will. It’s easy to get sidetracked by an ideal number, say $500,000 or a million dollars. Even if you hit your goal, it is worth continuing to prioritize retirement saving. You never know what your future needs will be, how long you’ll live past retirement, or how the cost of living will rise. It’s best to prepare as well as you can by saving more money than you think you’d need.
Retirement Isn’t Guaranteed
In many ways, retirement is a fairly recent concept in human history. At one time, only the wealthiest people could afford to retire. Today, people expect to retire in their older years, even if they don’t have a plan in place to pay for it. By taking the steps you need to prepare for retirement, such as saving money and maxing out your employer-sponsored 401(k) plan, you’ll have a much better chance of creating the retired life you want.
Social Security Isn’t Enough
Social security checks aren’t enough to pay for all of your expenses in retirement. If you rely solely on social security to fund your retirement, you could have problems paying for even basic living expenses. Plus, some politicians have said publicly that they want to take away social security benefits. Relying on social security isn’t a good idea.
Expect the Unexpected
Ultimately, you never know what retirement will bring. Maybe you’ll get to travel more than you thought or you’ll end up moving closer to your grandkids to have the opportunity to grow up. Nobody wants to work forever and we’re all entitled to enjoy the lives we’ve been given. Many retirees find out, one way or the other, to accept that unexpected things can happen during retirement to be the best prepared.
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If you are ready to begin a professional relationship with a trustworthy wealth management and investment firm, contact CORDA today at (855) 439-0665 to schedule your initial consultation.