Adding Up to Your Retirement Income

Retirement may not be as welcoming for some people as it was before. One reason for this is that the current economic circumstances may have seriously affected the preparation that some people have made for their retirement. There may be several options available that may help people stretch out their retirement income. Here are some of them:

Delay Retirement

In order for some people to retire comfortably, it may be essential that they delay their retirement age. Due to unforeseen circumstances, some people may need to retire at a later date in order to fulfill their retirement plans fully. The added years may help bring in more money into the retirement fund that will make the future retirees less concerned about their financial future.

Don’t Avail Of Social Security Just Yet

If you are still working in an age where others may have already retired, you might be considering already availing of your Social Security benefits. But if you still receive a good salary from you’re your current job, you may consider putting off getting your benefits just yet. You may be able to collect almost twice the amount you would get at age 62 if you start collecting it when you are 70.

Downsize Your Lifestyle

When you retire, you might consider re-evaluating your current lifestyle to see if it still fits into your current situation. You and your wife might currently be living in a 5-bedroom home that you bought a long time ago for raising a family that has already grown up and left the nest. You might have two cars that you both used when you were still working. All these may be continuously costing you in terms of expenses that you might no longer need. Maybe it’s time that you consider living in a smaller home good for two or sell that other car that you no longer use. This might help cut your retirement spending and you can further save for your retirement fund.

Stay Healthy

The only way that you can enjoy retirement is if you continue to stay healthy. It may also help you save up on the potential medical costs. Striving to stay healthy by following a good diet and regular exercise can also help stretch out your retirement fund further and make you enjoy retirement life even more.

 

Posted by Ardent Editor on Mar 20 2011 in Retirement Life Tags: , , , , ,

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