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4 Things you Need to Know to Have a Stress Free Retirement

Below are 4 Things you Need to Know to Have a Stress Free Retirement

People are living longer than ever – which is great news, until you think about retirement. That is why we’ve put together the 4 things you need to know to have a stress free retirement!  According to figures from the Social Security Administration, a woman who lives to age 65 has a life expectancy of 86.6 years, while a man who reaches 65 has a life expectancy of 84.3  The money you save needs to last a long time, and the better you prepare for retiring, the more likely you are to have enough income to actually enjoy this time of life. Learning more about saving and investing can help you make the most of a powerful asset – your income — and ensure that you can enjoy a long, stress free retirement when you are ready.

Time it Right

Retiring early may sound like a good way to get rid of the stress of your job for good, but if you retire too early, you could end up stressing about money or even having to return to a full time job. Retiring too early can even be bad for your health, according to a recent piece in Newsweek; lowered activity levels and less work for your brain could cause a variety of health concerns, too. Run the numbers to find out when it is most advantageous for you to retire and hang in there until that date for a stress free retirement.

Don’t Rely on Social Security Alone

You’ve paid into it and you’ll benefit from it, but you need to have your own savings as well, if stress free retirement is your goal. As of 2012, the maximum income of a person turning 65 can receive is $30,156 annually according to the Federal Social Security website. That income will certainly help, but you may need additional funds to live a happy and healthy lifestyle. You can check where you are and what you would receive at retirement on the Social Security website as well.

It’s Crucial to Get out of Debt

Focus on paying down consumer debt now to avoid stress later. You’ll head into retirement with fewer bills and less money related stress. In 2015, the average US household carried over $130,000 in debt, according to financial experts at NewdWallet.  If you are planning on downsizing, beginning to simplify your life or looking for your forever home now could also help you begin to trim your expenses. According to the AARP, simplifying your life now and getting rid of debt and unnecessary expenditures can help you have a stress free retirement later. ‘

Focus on Saving

It is never too late to start saving for retirement and every dollar you save today will help contribute to a happy, stress free life later. Diversify your investments and make setting aside some of your income a priority now and you’ll be able to reap the rewards later. If you already are saving, consider boosting your contributions; even a small increase can pay off over the years it will take you to reach retirement age.

If you are worried about retirement and want to make sure you are on the right path, we can help. Contact us to learn more about your options and to discover how easy it is to prepare for a stress free retirement.

Source

www.aarp.org/money/budgeting-saving/info-04-2013/want-a-happy-retirement.html

www.ssa.gov/

www.newsweek.com/2015/03/20/retiring-too-early-can-kill-you-312092.html

https://www.ssa.gov/planners/lifeexpectancy.html

https://www.nerdwallet.com/blog/credit-card-data/average-credit-card-debt-household

www.ssa.gov/


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