A new study by SeniorLiving.org shows how worried people between the ages of 55 and 66 are about their retirement savings.
Some 46% of older adults expressed financial trepidation as they look toward their next life chapter. The particular age group between 55 and 66 is generally more worried than older Americans about retirement savings. The older group, however, is more worried about high medical bills.
In the wide-ranging survey that covered topics like the fear of spiders to the alarm from potential terrorism, not having enough saved for retirement surfaces above the rest as the No. 1 concern.
If you feel a little bit behind with your own savings, here are five things to help you think about new ways to save.
Focus on the now
Compound interest lets your investment grow. The sooner you start to save, the more you’ll earn.
If you’re just beginning, focus on putting away as much as you can to generate retirement earnings quicker.
Pay yourself first, automatically
The adage that you should pay yourself first carries a little more weight if payments are automated. ‘
Get into the forced habit of automatically deducting payments from your recurring income source into a savings account.
Before long, you’ll be making important payments into your retirement account without much thought.
Audit and limit spending
After taking a close look into your spending, reimagine your budget and look for new ways to rein in spending.
Over time, a reduced allocation toward your recurring expenditures will add up. You can also negotiate a lower insurance rate or dine out less for added savings.
The more opportunities you find to save, the more financial flexibility you’ll enjoy for bigger financial lifts.
Create new goals
Once you find new ways to save, you’ll begin thinking bigger.
Set fresh, loftier goals for the future that are rooted in your new money-saving principles.
By creating new benchmarks, you build a reward system for all your hard financial work.
Eliminate monthly mortgage
As a homeowner, you can gain new financial footing through a home equity conversion mortgage.
Designed for individuals age 62 and up, a conversion mortgage eliminates monthly mortgage payments, boosting retirement income without having to move or sell.
To learn more about the steps you can take to overcome today’s financial challenges, please contact us to learn more about the power behind a home equity conversion mortgage.
*(1) at the conclusion of a reverse mortgage, the borrower must repay the loan and may have to sell the home or repay the loan from other proceeds; (2) charges will be assessed with the loan, including an origination fee, closing costs, mortgage insurance premiums and servicing fees; (3) the loan balance grows over time and interest is charged on the outstanding balance; (4) the borrower remains responsible for property taxes, hazard insurance and home maintenance, and failure to pay these amounts may result in the loss of the home; and (5) interest on a reverse mortgage is not tax deductible until the borrower makes partial or full repayment. This material is not from HUD or FHA and has not been approved by HUD or any government agency.