It might appear that this is for those who are younger and have time to follow the advice given, but it is never too late to begin planning to make your dreams come true.
Plan early for it. Not just in the financial way, but in the planning for enjoyment part, too. Once you have written down your financial goals for retirement, write down goals for things that you want to do as a part of retirement. Do not be afraid to put things on your list that you might think are too big. You will never know what you can achieve until you are willing to dream about and plan for it.
Reduce your debt as you go. This doesn’t mean just paying off your house. You must work towards debt freedom throughout all of your life. Imagine being able to retire with no debt other than monthly recurring expenses. Then, the income from your retirement will sustain you easily.
Invest in 401k and IRA accounts. Begin early and invest often and generously. If you are young, your savings will add up quickly and by the time you get to retirement age, you will have more than enough to draw on and use to support you throughout all of your retirement.
Plan to give to others. Once you find that all of your needs are cared for, be sure to have a will in order to pass on anything you leave behind. Or, if you so desire, look for organizations and opportunities to which you can give money. Philanthropy has its own rewards in the satisfaction that it provides those who give generously to see a goal met or need covered.
Refuse to sit still. You might be like some and find that retirement bores you. Find something to which you can give your time. It could be a second career or something that you always wanted to pursue but making a career change before never made financial sense. There are opportunities all around you.
You might even consider getting involved in the Small Business Administration and help fledgling businesses make wise choices and use their resources wisely as they benefit from your years of experience.
Remember that retirement does not mean sitting in a rocking chair the rest of your life. It means making the best of the time that you have now that your primary career is over and your retirement has officially begun. Indeed it can be the best time of your life.
Good savings accounts are sometimes hard to find. You can usually find the best rates at an online bank but you have to also be aware of other factors such as whether there’s a minimum balance requirement or whether there are monthly fees if you fall below a certain amount. These days you should also do a background check on every bank to see if it’s in any sort of financial trouble.