You’ve probably seen commercials and advertisements of attractive senior citizens enjoying their vacation home while knitting, fishing and playing with the grandkids. We should all be so lucky, but what if you haven’t been diligent about saving for your retirement? Here are some things to help you pad your retirement account.
Set reasonable goalsIf you haven’t saved enough money for retirement, you might need to recalibrate what you want out of the rest of your life. Realistically speaking, if you haven’t saved up a ton of money, you probably won’t be able to afford to drive a luxury car and take extravagant vacations. But you can make the most of what you have and benefit from the smart financial moves you’ve made in the past. For example, if you own your house outright, but you don’t have a considerable amount in your retirement account, you might want to look into a reverse mortgage so that you can make your home equity work for you.
Don’t give up working altogetherIf you haven’t saved enough money for your retirement, completely abandoning the working world probably won’t allow you to live the life you want to lead. At this stage in your life, you’ve probably accrued a great deal of experience and expertise in your field, which you can parlay into a successful consulting business. You may also want to look into a part time job, which can bolster your savings and keep you from living without the things you want and need in your retirement. A steady source of income in your older years can help you afford the things you want and need to live a happy and healthy old age.
Bring in financial helpIf you’re concerned that you don’t have enough saved for retirement, it may be wise to enlist the help of a professional. Ask a representative of your bank to recommend a financial planner to help you come up with a solid retirement saving plan that fits your needs as a senior citizen making up for lost time.