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The idea of having to work until a debilitating illness, or even death, forces you to stop is becoming increasingly more realistic for aging Americans. Out of 1,000 people surveyed by Wells Fargo in 2013, 37% believed they would have to work until it was impossible for them to do so if they wanted to survive. While some might prefer to keep working into old age, no one should be forced to miss out on retirement due to medical expenses or insufficient retirement funds. Luckily there are easy strategies which can be adopted to prevent that being necessary.
Find Easy Frugalities
Many take being frugal to an extreme in an effort to save as much as possible for retirement. But a life of self-denial isn’t something anyone deserves, either. While you probably shouldn’t spend an unaccounted for amount of money on entertainment and fun, there are easy ways to be frugal but still enjoy your middle age. Consider dropping the expensive cable bills in lieu of streaming services like Netflix or Hulu Plus. Start your own herb and produce garden and grow your own spices and vegetables. When you’re at the grocery store, pick up an off-brand product instead of the name-brand one—they are often made of the same ingredients but sold at a lower price. Start a carpooling group at the office or, if it’s not too far, think about biking into work a couple times a week. If the kids have left the nest and your home now feels a little big, consider selling it and moving into a smaller, more suitable one.
Retire into a Part-Time Position
Retirement doesn’t have to mean you stop work entirely. If you’re concerned that your income won’t suffice, consider retiring and taking on a more relaxed, part time job. Some retirees choose to switch to a part-time job in order to get paid doing things they love doing anyway, like mowing a golf course or working in a bakery. Sure, it’s not going to pay what you’re used to, but it will help supplement the retirement funds you have to work with and make it easier to retire and still live comfortably.
Look for Hidden Nest Eggs
Retirement incomes are often set-in-stone, but that doesn’t mean you don’t have options for increasing your funds. The assets you own can often hold hidden sources of money that you might not have realized. Like your house, or sports car. Instead of looking at your assets like necessities, think about how you can down-size or down-grade in order to boost your retirement nest egg. Unneeded second homes and vehicles are money pots just waiting to be claimed, especially if you’ve already paid off the loans on them. Another asset that few people are aware they have is their life insurance policy. For many seniors, these policies are no longer needed or wanted. In this case, they can be sold to a second party buyer for a sum of money that is larger than their surrender value.
Part of the American dream has always been the eventuality of a nice retirement. While Social Security will provide some income to all seniors, it’s often not enough to guarantee a comfortable life after you leave the work force. If you need some extra money to invest or save, and think you might qualify for a life settlement, visit our calculator today to find out and learn more.