When retirement gets close, two things that cause the most stress are having enough wealth and good health. One without the other makes for a stressful and unfulfilling retirement.
Not having enough retirement income can cause stress that can have a negative impact on health. There are a couple of options a potential retiree can take to improve wealth. Both are worth considering to help ensure that enough income is available to retire independently and successfully.
There’s literally tons of information about retirement options available on the IRS website. Unfortunately, most of it relates to starting an early retirement plan and very little is about helping to retire successfully if you don’t start saving early. And that’s the circumstances a lot of people will retire in. Usually, you’ll have to find useful information with your own research and planning.
Option One: Eliminate debt before retiring.
There are several things that require increasingly large sums of money as we get older. Chief among them are medical care and housing. The easiest way to increase retirement wealth is to decrease retirement debt. One of the easiest ways to increase retirement income is to eliminate debt that’s carried into retirement.
Getting and staying debt free provides a buffer but, how do we get out of debt, when it’s so hard to just keep up with the cost of living. Being debt free may not be entirely possible, but eliminating as much debt as possible will definitely put more money in your retirement pocket. There is a lot of FREE information available on how to manage debt website that can point you in the right direction.
How to eliminate debt!
Get a FREE Copy of Debt Destroyer for the 21st Century and find out how thousands of people have eliminated debt and started enjoying themselves. A few simple ideas may help you streamline your time, orchestrate your finances, and cut back the stress of debt and total money matters. If you’re willing to become organized, you will be able to achieve getting your bills paid promptly without worrying about late charges.
Learn how to streamline your time, Organize your finances and cut back on the stress of debt. There’s a lot of free information available for the taking. Check out the links on the right side!!
Option Two: Continue working after retiring.
The latest and greatest retirement option for most people will be to keep working after they retire. This is the newest retirement plan that many people have included in their retirement portfolios. There are lot of reasons people choose to work after retirement. My post “Why People Retire and Then Keep Working” identifies some of those reasons, mostly from my perspective as a retiree.
Most retirees are on fixed incomes and some of our retirement income will be in the form of a paycheck. That’s just a fact of life and there is not much we can do about that. So the reality is that a lot of us will continue to work in retirement. The ideal situation is to retire debt free. That gives us the best opportunity to have enough money to pay for the essential things like housing, food and medical care. With a little luck, there may be a little left over for savings or an occasional vacation.