Finance & Loans

Plan ahead to get ahead

Written by: Financial Haze

With less than desired amounts stacked away for retirement, more and more Americans are facing an uncertain future. Travel and fun used to be the norm for retirement and it is no more. More and more Americans are resorting to find work after the retirement age.

Those who are 50 plus and closing in on retirement age should pay close attention. Many of whom are still holding onto unrealistic expectations.

• Downsizing is easy to cut cost during the retirement: According to published reports three out ten retirees are moving into larger and costlier homes after retirement. Unless you are paying cash, your mortgage will be higher at a time your income cut in half. Apartments with modern amenities are expensive than they used to be. Retirees should consider moving to a less costly states or localities in order to cut the cost during retirement.
• Do not rely on Social Security for everything: According to published data, the average Social Security benefit is $1,260 per month. On the other hand, there is much debate about cutting benefits to address government finances. Unfortunately many Americans who are closing in on retirement age are counting heavily on Social Security benefits. By delaying withdrawal pass your retirement age until you are eligible for full retirement is one way to maximize your benefits.