You Get One Shot At Retirement Planning

Everyone gets the same shot at saving for retirement.   You get your 40 working years to save up enough money to afford your retirement years.   If you grasp the fact that it will take your entire working career to save up enough money to be able to afford retirement, you are half way there.

Fear Equals Stop Sign

The biggest retirement fear people have is that they will run out of money midway through their retirement.   Ignoring that fear is the worst financial move you could make.   Get rid of the stop sign; take the proper steps right now and you will avoid the fear of running out of retirement income.

Maximizing Your One Shot

To avoid financially hitting the skids half way through retirement take the following steps.

Would You Rather Pay Now Or Pay Later?

You may need an attitude adjustment.   If you feel you earned your money through hard work so you can spend it any way you choose to, you are correct.   However, if you are serious about affording to quit working some day (they call that retirement), you would be wise to cut back on your spending during your working years and increase your investing.

If you spend from paycheck to paycheck, you may think about changing your spending habits.  Focusing more on wants than needs.   Your wants should be eliminated and your needs should be scaled back.  That’s as easy as it gets.

Frugal Is Different Than Cheap

You get only one shot at retirement planning. Don't mess it up.

Being frugal is okay.  Spending less does not have to be as bleak as it sounds.   You just need to find ways to enjoy life while living on a tighter budget.   You do not have to become cheap, just more mindful of where your money is being spent.

  • Eat out less and at home more.
  • Entertain more at home.
  • Downsize your home.
  • Downsize your auto.  If you have two cars, do you need both?
  • Avoid paying the high price of debt.   If you cannot afford to pay off your credit card balance every single month, stop buying.
  • If you have large credit card balances pay them off immediately.   You are better off stopping retirement plan contributions and applying that contribution money to paying off your credit card balances than applying that money to your retirement plan.
  • A retirement plan loan is a bad financial move, but stopping contributions until you catch up on paying off your credit card debt is a good financial move.
  • Trim back your vacations.   Take a big vacation every other year; go on smaller, more local vacations to save money.

All of those financial moves do not make you cheap, just more frugal, try it.