By the time you have reached your 50s, the idea of being able to retire from work is no longer an abstract concept in the far-off future. It’s not a dream, something to look forward to; it’s a change that you are tantalizingly close to being able to make. You’re nearing the age of retirement, which means that your retirement plans need to be rock solid, your finances on strong ground.
That’s the idea anyway-- but what if it’s not the case?
Don’t worry; if you’re in your 50s and don’t have any solid retirement plans or funding in place, then you’re not alone. There’s still plenty of time for you to ensure you have the retirement that you want, even if you only have a few years left to work. Browse through the steps below, and you will be able to put yourself on the right path to the retirement you have always imagined.
Step One: Examine Your Budget
Go through your budget for your current living situation. If you’re particularly close to retirement age, then you might want to think about culling all but the essentials, using the money saved for your retirement fund. This involves a few years of going without, so you have a nicer future to look forward to.
If you’ve got more time on your hands, then examine your budget for any slack. Where could you stand to save a little? Are there any cutbacks you could make that won’t impact your quality of life? Go through each monthly deduction and ask if it’s really necessary; any cash you manage to save can go right into your retirement fund.
Step Two: Get Professional Advice
You don’t have to plan retirement alone; there’s plenty of advice out there, if you know where to look for it. If you’ve worked for the government, then you should be able to find help through federal retirement services, so take the time to investigate the options in front of you. There are similar schemes, depending on the company, available in the private sector.
If you’re truly at loss about your next steps, then consider contacting a financial advisor. This is an expense, but it’s one that should repay itself if they’re able to set you on the right financial path.
Step Three: Look At Supplemental Income
You’re going to want to top up your nest egg so that you can have the retirement quality that you hope for. If you don’t have the time or inclination to start a second job, then opting to earn a passive income is more than plausible. These income streams aren’t going to make your fortune, but they should provide a little more spending money for you to enjoy once you have left work.
Step Four: Consider Delaying Retirement
If you examine your financial circumstances and find that your retirement is not what you want it to be, then you could always consider delaying retirement for a few years. People are healthier for longer now, so delaying a couple of years will still mean that you’re able to enjoy yourself when you hang up your work boots for good.
Planning for your retirement in your 50s is difficult, but follow through the advice above, and you can make a real difference to your options. Good luck.