Plan For A Secure Retirement.

Financial revelations, during the past 10 years, have shown millions of senior citizens that their
hopes of a secure retirement have lessened. Most seniors are now living longer in retirement
years, and are being forced to live on less retirement income. Despite some discouraging
indicators for present and upcoming retirees, there are ways seniors can assure themselves of
adequate retirement income. Examples of secure retirement income include Social Security,
annuities, reverse mortgages and pensions. However, most seniors should look at a combination
of these potential sources to secure their retirement rather than putting all their financial eggs in
one basket. And one of the keys to having a secure retirement income is thorough planning, and
then executing that plan. Most seniors benefit by having professional help and direction.
Consider these four steps for an adequate. guaranteed retirement income:
1. Realistically assess your current situation.
For seniors who have access to the internet, there are a number of retirement income calculators
to help you determine retirement expenses. Similarly, make a realistic assessment of your assets
and anticipated retirement income, and current debts which should be eliminated prior to
retirement. Don’t forget that your home and rental properties are excellent retirement income
sources.
2. Reduce unnecessary expenses now.
Few people start planning their retirement income far enough in advance to make it easy.
The later in life – particularly past middle age – the plans are made, the more difficult they
are to execute. It’s never too early for individuals to start reducing their debts so that the
additional income can be invested for retirement. Statistics show that the average
American between 55 and 64 has credit card debt that eats up more than 30 percent of his
or her current income.
3. Consider ways to increase income.
Increasing income at any age will make it more likely that income is available for
retirement. Unless heath becomes a factor, many seniors can extend their working years
well past normal retirement age. Another alternative is to plan for part time retirement in
which you continue working a more limited schedule.
4. Consider products that will help you stretch your retirement income and offer
guarantees that you will never run out of money.
A number of companies offer guaranteed lifetime annuities, and insurance companies
offer products which will help cover living expenses in case you are unable to work.
There are many options available to seniors nearing retirement age, and if you don’t have
assurance of a comfortable retirement, your first step should be to seek professional help
to guide you and inform you of the options available.