Generation X. Born between 1965 and 1978, and sandwiched between the Baby Boomers and Generation Y. If you are part of this accelerated culture, you probably entered the workforce in the late 1980s or early 1990s, worked your way up the corporate ladder, started saving for a home, and maybe even for retirement. But with housing costs, emergency funds, and kids’ education, you weren’t able to save as much for retirement as you would like. But fear not. Take heed of the retirement advice below:
- Reduce your expenses: By gradually reducing your expenses, you can free up cash to pay down your largest debts, such as your mortgage, and save more for retirement. Just say no to the items that truly do not need, then apply that extra cash to your retirement savings.
- Save and work: Once your mortgage is paid off, you may still need a little extra cash. Instead of retiring completely, consider working part-time. You will still have access to an active income stream while having more time to relax, with the potential for workplace benefits too.
- We have the technology: Using available software, track your expenses, calculate what you need to live during retirement, and determine your healthcare needs and government benefits. You may discover that you have enough in savings to retire, or are a lot closer than you think. Either way, it gives you the hard numbers that will help you create a viable plan.
- Work with a financial planner: Even after crunching numbers, you may not sure which path to take. Meet with a financial adviser to help you understand all government benefits that are available to you and discuss strategies to maintain a comfortable lifestyle.
- Determine what you really really want: Does that big screen television really bring you happiness, or is it just another “thing”? Figure out what really makes you happy; factor in the time you need to work to pay for those items, and then think again. We don’t need that much to enjoy life. Remove the white noise and see what lies beneath.
Although there is less of it, you still have time to meet your savings goals for retirement. Pity the fool who doesn’t have a plan in place. Focus on the truly important things in life, and then go out and get them. Remember this sage advice: do or do not; there is no try.