You’ve probably heard the startling statistics: more than 80% of people are either dead, or dead broke by the age of 65. If that doesn’t have you sitting up and paying attention, then nothing will. The fact is you need to start planning now, no matter how old you are, in order to assure you are part of the 20%, not the 80%. Too many people depend on the government or their company’s pensions to survive. Sadly, in today’s world that just isn’t enough. You need to increase your investments and get a good return on them so you can have a steady income when you retire. Even just $500 a month for 10 or 15 years can assure you of a comfortable retirement. Luckily, there are strategies you can put in place starting today to increase your chances of living comfortably in your golden years.
- Cut down on your expenses: Cut down on eating out; buy clothes that don’t need to be dry-cleaned; grow your own vegetable garden; shop around for better health insurance rates (without compromising proper coverage;) buy things when they are on sale, or in bulk. There are hundreds of ways to cut down on your expenses. Find them, and then implement a plan and stick to it.
- Increase your income: Find a better paying job, or work at a second one, at least for a few months or a year; find a business to start online that pays you an affiliate income. Try freelance writing for some extra income or get involved with a network marketing company. Don’t start a business that is going to cost you hundreds to get started; you can find many that have little or no overhead.
- Sell some of your stuff: You probably have a few things around the house you’d like to get rid of. This isn’t about having a garage sale and selling old books and knick-knacks. Perhaps you have some furniture you don’t use anymore, or gym equipment. What about those expensive tools in the garage that you haven’t used in years? Have a look around and take inventory of things you can sell. Put an ad in your newspaper or online directory.
Now that you have found some cash, it’s time to choose how you’re going to invest it. The best thing for you to do is to talk to a qualified investment adviser. They will sit down with you and go over your goals and your current situation. They will be able to recommend an investment strategy that will help you get to where you want to be in the shortest time possible. Don’t just talk to one or two; interview at least three and choose one that you are the most comfortable with. Don’t be afraid to ask them questions and make sure they know what they are talking about. Are they just in it for the commission, or do they have your best interests in mind? A good financial adviser will go a long way towards you living comfortably and with dignity in your retirement years.
Johnny Guyzer has 8 years of experience working as a financial consultant and has an undergraduate degree in economics, so he has a thorough understanding of how to manage personal finances. Johnny recommends using an insurance comparison service online to compare quotes offered by various insurers to get the lowest price for Canada life insurance.
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