3 Smart Money-Saving Tips In 50s For a Happy Retirement
After years of toil in the workforce, is the desire to lead a happy, stress-free post-retirement life a big ask? Surely not! But what’s also true is that achieving that stress-free life depends solely on the thickness of your bank balance! Sadly, if we go by the statistics, a 2018 Federal Reserve report divulged that nearly 25% of non-retired adults in the U.S. have neither pension nor retirement savings.
It’s true; you can be at the pinnacle of your career in your 40s, but you can’t lose sight of the fact that once you enter the 50-60 age bracket, retirement isn’t something that would happen far off in the future. Hence, if you’re deferring the big step of saving because of financial setbacks from a health crisis, anxiety, lack of financial literacy, or nonchalance, then the issue needs to be solved at the earliest.
Wondering how you can press the start button? Worry not as we’ve laid down three smart tips for saving money with meticulous care.
#1 – No place for fantastical goals
First things first – ditch your fantastical ways of saving and stop stashing away money! There are a number of strategies for you to catch up. According to the U.S. Department of Labor, one will need about 70-90% of one’s pre-retirement income to maintain their usual standard of living.
But this again depends on your medical bills, lifestyle and other expenses, insurance, and so on. Hence, while reviewing your savings goals, start with short-term, achievable ones. And if you feel the need for some advice, consider an eminent financial advisor.
#2 – Say yes to automatic savings
Although this is applicable for every age group, it’s particularly significant if you’re in your 50s. Plus, this trick of automating savings is easy as you’d just need to give standing instructions to your bank.
All you need to do is open a recurring deposit account in your bank where a fixed amount of money will be auto-deducted and invested every month. You can even go for SIPs (systematic investment plans) in mutual funds, where a fixed amount will be invested at a predetermined interval. Also, you can go for apps to increase your automated savings like- Qapital, Acorns, Digit, and Stash.
#3 – Shove off the burden of debt at the earliest
Debt is a four-lettered word, but the weight that it carries is enormous! So, if you have a colossal pile of credit card debt, car debt, or any mortgage, get it under control asap. Also, give your best to avoid future debt.
Some other things that the financial experts advise:
- Earn beyond investing; maybe through a side-gig
- Always plan for unforeseen contingencies
- Use a retirement calculator once you’ve crossed the beginner stage
Wrapping it up
Saving for retirement is indeed taxing; but if you don’t finish your innings in style, all the life-long efforts will go in vain. So, procrastinate no more, fear no more, and start saving right now! We wish you luck for your happily ever after!
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