We found a great article on retirement planning during a recession. If you are like me, it is getting harder to put money aside these days, and the money we are saving may not be earning…shall we say?….stable returns.
The tips in the article went beyond pure savings to include lifestyle decisions that would profit most of us during lean times and fat times
- Take care of your health. You may have to work longer, and Americans are living longer and healthier working lives. If your savings have dropped, and extra few years at work can help a lot.
- Think about how you can enjoy yourself now, and during retirement, without spending a lot of money. Luxury cruises and world tours sound great, but so do week-ends at the local lake.
- Try to delay pulling out any of your retirement money as long as you can. Time can help your portfolio rebound.
- Is there a way for you to bring in some extra income? Lots of seniors have had lifetime hobbies that turned into sources of paid work or freelancing jobs later. Could you tutor a kid in math, alter a dress, install a garbage disposal, or teach people how to perform routine maintenance on their cars? You’d be surprised at the number of freelance jobs out there, and how they can actually pay off very well while helping your community. Learn more about freelancing jobs.
Related: Retirement Dental Plans
Surviving A Recession Advantages of Fixed Annuities for Retirement Accounts Who Did the Bailout Help
