Are You A Threat To Your Retirement Income?
Stress free retirement begins with having enough money, plain and simple. The number one concern on the mind of people getting close to retirement is whether or not they will outlive their retirement income. If you have that same concern there are ways to change that; but it requires some effort on your part. Are you up to the challenge?
#1 Stop Overspending
Poor spending habits could derail your retirement. Before you retire it may be a good idea to analyze your current spending habits. If you are overspending and in denial about it the only way to know it is to analyze your spending behavior.
So Many Questions, So Little Time
- Compare your current spending habits with your retirement goals. Will your level of spending support those retirement goals? Do you need to modify your spending?
- Can you learn to live on less? Can you modify your spending enough to squeeze into budget living? Challenge yourself to live on a budget for six months to a year before retiring just to see if you can do it.
#2 – Start Compromising
Change your retirement goals. To keep your costs down adjust your retirement dreams. If your retirement expectations are not in line with reality then you will run out of money.
Instead of traveling the world, just travel throughout the states that border your state. Instead of month-long trips, take long weekend trips. Make the enjoyment in the new things you see not the distance traveled.
You can still enjoy golfing just save money by cutting back on the number of times you do it. The enjoyment is in your score, right?
#3 – Settle On Working Longer
If your health prevails you always have the option of delaying your retirement date. If you determine that your current spending habits will threaten your retirement you may want to consider putting retirement on hold for a while. Working until you save enough money to support yourself in retirement may be your best financial move.
You may be a threat to your own retirement income, but it doesn’t have to be that way. Challenge yourself to monitor your own spending behavior and possibly adjust your retirement goals. If your calculations show that you will run out of money during your retirement years you can still consider working a bit longer.