Retirement Planning For Those Starting Over
These days, it’s not uncommon to find that many baby boomers are coming into their first divorce, may have lost a business, or have found themselves mired deeply in dept. These financial pitfalls are not just emotionally draining – they can have a devastating impact on your retirement savings if you don’t take the proper steps to protect them. Many people faced with financial downfall turn to their savings and investments to get them out of debt or pay for that divorce. However, if you want to reach that retirement age any time soon, then you’ll need to start over again – and we’re here to show you how.
Don’t Let Emotions Hold You Back. Debt can be depressing enough – but debt that’s caused by divorce or a medical emergency can be downright debilitating. Don’t let your emotions get the best of you when it comes to starting over with your retirement; instead, separate your personal issues from your finances and move forward.
Get An Objective Opinion. This is where an investment advisor or financial planner comes in. If you’ve had your money basics down pat and just need to boost your savings after a divorce or medical emergency, then go for a registered investment advisor; if, however, you don’t know how to rub two dollars together, get a financial planner to teach you the basics about money.
Don’t Second-Guess The Numbers. Don’t live in ignorance about your overall retirement savings or your debt – sometimes facing up to what you owe can be more freeing than ignoring the numbers. Again, get that investment advisor to help you come up with savings and investments that will get you back on track towards financial security again.
Cut Expenses. The old saying really is true: every little helps. This means you’re going to have to comb through your expenses and get deals wherever possible. While you may not see the benefits at first, trust us, it adds up at the end of the year. Additionally, don’t drain anymore of your resources on major purchases – this means if you have a kid in school, have them take out student loans to finance their own education. It’s harsh, but it’s necessary to get your retirement back on track.
Keep Working. It might be time to push your retirement age up or earn extra money on the side – whatever option you choose, the extra income will help cushion your retirement savings.
For more information on smart retirement planning, visit www.kenhimmler.com, the IRA and 401(k) experts!
Authored by Kenneth Himmler, Sr.
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