It’s a shame, but those in retirement cannot depend on social security alone. While the average retiree receives a check of $1,503 per month, there are millions of Americans who receive far less. Even with the average amount, that only leaves you $18,036 each year before taxes.
That leaves most Americans with a yearly income well below what they’re used to, directly cutting into their delayed plans for traveling and recreation. So, what can you do to ensure you’re able to fully enjoy your golden years? Here are some of the best ways to fully enjoy your retirement without relying solely on social security.
Set Your Goals
The absolute best way to secure peace of mind in retirement is to start planning for those years as early as possible. What do you want your retirement to look like? It might include traveling to new places, getting back to old hobbies, or spending more time with family.
While those are excellent things to look forward to, they leave out some of the more overlooked aspects of retirement. The cost of maintaining good health as you age, unexpected expenses like home repairs, and the possibility of needing long-term care are all excellent considerations to make in the planning process. So, set your goals along with the expectations of growing old.
All of the above require a steady income to support. Since just over $18,000 a year isn’t even close to enough to cover those expenses, it’s vital that you plan financially for your retirement as soon as possible.
Employer-sponsored plans, like pensions or a 401k, are capable of adding to your total income. However, even these tend to fall short of the mark for most people’s retirement goals. Contributing as much as you can to a 401k is still a worthwhile investment, but it takes more.
Establishing and IRA in addition to boosting your savings account whenever possible is highly advised. You’ll have to choose between a traditional IRA or a Roth IRA. To make that decision, it’s best to speak with an IRA Rollover Specialist.
Change Your Habits
This small but crucial step can add an immense amount of peace to your retirement years. Ditch any unhealthy habits you have and replace with positive ones that add to your health. That includes exercise and a healthy diet. Both will help keep your medical expenses in check.
Planning for the Inevitable
Finally, you’ll want to get everything in order for your passing. It’s not pleasant to think about, but doing so sooner rather than later will help save you a headache. Those who have worked with a probate attorney in the Coachella Valley were able to ensure their belongings and finances went to the right individuals in their last will and testament.
Creating these final documents now can help ease your worries about what life for your loved ones will look like after you pass away. That’s an incredible portion of your piece of mind in retirement. Combined with everything else on this list, you can kick back and relax in your golden years.