Are you suddenly feeling a bit nauseous and sick in the stomach as you’ve hit your 50s, and you feel like you don’t have much to retire on?
Don’t panic. You are not alone but it’s a good wake up call to get things happening. You may have missed out on having the the luxury of time to build and grow your savings over your working years but it doesn’t mean all is lost.
This might be the right time and more importantly as you’re feeling a sense of urgency this maybe the perfect great motivator to get things going.
Here are 5 simple financial tips to consider:
1. Be calm and start thinking about you
The last thing you want to do is to get yourself all worked up and stressed. Remain calm and composed, and focus on the important things that matter to you, now. Use this sense of urgency to act as a great motivator to start looking after yourself now to set yourself up nicely for the future!
Do something and take the next step.
2. Be brave and ask for help
Do you feel confused and a bit lost in not knowing where and how to begin your retirement planning process? If you do feel overwhelmed and not sure on what to do then speak to friends for referrals to financial advisers they rate highly, and would recommend with utmost confidence and trust.
These days, there are a lot of people you can seek help from and receive expert advice on financial matters especially on important life events like your retirement happiness and comfort.
Some people who are suddenly faced with the daunting task of retiring can become stuck in knowing what their retirement goals are and what kind of a retirement lifestyle they would like. When it comes to working out what your goals are and whether you can afford to retire now or not, a trusted financial adviser can help to draw a big picture of what retirement could look like versus what you will need to do now to manage any gaps and affordability issues.
Speaking to a financial adviser can give you the confidence you need to start making positive and smart financial decisions which will remove the cloud of confusion and add some clarity with a robust plan of attack to pursue.
3. Be prepared to roll up your sleeves
Depending on what your retirement goals are, and what you currently have saved, don’t lose heart but be ever more prepared to fight with gusto and determination, if you are told you may need to work longer, and if you are put on a strict savings plan by your adviser.
It’s never too late to start planning but it does mean you may have to work harder to catch up on time lost to build up your savings as much as possible now and be prepared to face reality that you may have to delay your retirement until you have caught up with your savings.
4. Do you really need to splurge on a new car?
To boost your retirement savings plan, it maybe a wise move to cut down on big item purchases if it’s not a necessity. Do you really need to splurge on a new car, buy a boat or go on a 5-star world holiday? If the answer is no, then stop the splurge and be frugal and think about your retirement plans.
Becoming ruthless with how you spend your money can really help to boost your retirement savings so you can reach your end goal. Some sacrifices made now could mean you can afford to treat yourself later in life and truly enjoy a relaxing retirement without too many financial shoestrings to worry about.
5. Stick to your plan
Temptations will be plenty but don’t get fooled into straying off your retirement plan. Yes, there will be times where you feel you deserve a treat for all the hard work and extra savings you are making but don’t take your foot off the pedal completely. A nice movie night out is fun and best of all not as expensive as going fine dining. Celebrate your savings milestones but don’t be to over the top about it.
Touch base with your adviser regularly to ensure the plan is working and review it for any tweaks or adjustments required but most of all update your adviser with any major personal or financial changes that may occur as these can impact upon your retirement plans.
Hopefully these 5 simple financial tips can help to kick your retirement goals with a bang and put you on the right track towards to your retirement lifestyle.
Please ensure you seek advice now before it really is too late!
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This web page may contain general advice. It does not take account of your individual objectives, financial situation or needs. You should consider talking to a financial adviser before making a financial decision.