Having a retirement fund is no guarantee that you will have sufficient funds when it comes time to retire. Sure, there is definitely something to be said for investment planning and a good financial advisor. But these are only tools that will get you so far. When you retire, you might be looking at another 20 – 30 years of good living in front of you.
If you don’t plan to work, that is an awful lot of time to manage life on a single pile of non-renewable resources. You may have a lot of money to begin with. But once you’re out, you’re out. Retirement, therefore, is not just about the accumulation of funds in advance, but the prudent use of those funds over a long period of time. Here are some tips on how to make sure your funds go the distance:
Repair Your Credit Beforehand
Retiring with a pile of cash is great. But if that is all you have to count on, then it is terribly short-sighted. No one can say for sure how long they will live, or what unexpected circumstances might arise. In the event that your unforeseen circumstance happens to also be expensive, you are going to need something other than that pile of cash on which to depend.
At CreditRepair.com, information is available for those who need to get their credit in order before retirement. You do not want to wait until you are 65 before you discover that your credit is less than perfect. 64 is also a little late to be getting started. You want to give yourself a few years so that there is plenty of time to repair any issues with your credit that might crop up.
You can address these issues yourself, or hire an expert to do it for you. Either way, you need to know in advance what issues you will have to face. You cannot have a healthy retirement without a healthy credit situation. Make sure you get that credit repaired beforehand.
Don’t Fall for Scams
Florida is the retirement capital of the United States. It also seems to be home to the most crime. It is not just burglaries, but cons and scams. Wherever there are retirees, there is always someone hatching up schemes to part the retiree from her money.
Seniors tend to fall prey to this sort of thing more often. There are a number of reasons for this. One reason might be the radical change in the social contract. If a person grew up believing that people were essentially trustworthy, they will be prime targets in a society of people who are not. Also, if one grows up with the core value of helping other people when they are in need, they will more easily be scammed by con artists pretending to be in need. Finally, older generations are more likely to believe a thing if it is on an official looking piece of paper, or website. They tend to trust authority. Anything passing as authoritative can fool that generation more readily.
There are any number of schemes that are designed to make retirees feel like there is a pot of gold just around the corner. Business opportunities often promise the moon, but deliver nothing but poverty. Tricking you out of your money is easier than steeling it. Don’t let it happen to you.
Don’t Forget to Readjust Your Lifestyle
Once retired, you are no longer living life in the fast lane. It is time to slow down and enjoy the moments. You may no longer need 500 channels to keep you entertained. Now that you are not working, you may not need that expensive data plan for your smartphone. There are a lot of places you can cut back even as you prepare to live the good life. Adjusting your lifestyle to your new circumstances can help ensure that your finances do not run out before you do.
Thirty years is a long time. Make sure you have included considerations such as long-term care and medical emergencies. Retirement is less about how much money you have at the beginning, than about how you manage that money through the process.