It’s here once again. The topic about money, decisions and future goals.
It seems that since the recession the government is running short of funds to accommodate the baby boomers and current recipients. Yes ladies and gentleman retirement may one day be privatized. What does that mean to you? Well it means for those of you who were depending solely on Social Security and Medicare will have to look for other means for support. It’s never too late to begin your retirement future.
During retirement it is estimated that a person is expected to live on 80% of current income. That means that you won’t have as much, if not any, debt. Your monthly expense will consist of utilities, food,occasional travel and possibly prescriptions.
Here are some suggestions to take control of your retirement life:
- Consult with a financial expert as soon as possible
- Open an IRA (individual retirement account)
- Open an annuity that will provide you with flexible payment options.
- Exercise daily to have a healthy life and alleviate need for prescription drugs
- Pay off as much debt today to live comfortable tomorrow
- Consider a reverse mortgage
This dilemma will be fixed later than sooner. However, taking control of your retirement should be addressed sooner than later. It’s imperative you take the proper steps so that you aren’t semi-retired and able to enjoy your golden years.
“Love yourself enough to support yourself.”
Property of SMG, LLC
Reported by Bahiyah Shabazz, MBA
- Retiring: Tax Tips (turbotax.intuit.com)
- Get Something From Social Security (fool.com)
- The Future of Social Security (myretirementblog.com)
- Obama: Medicare, Social Security Demand Compromise (usnews.com)
- 10 ways to cut expenses after retirement (pocketsmith.com)