Your retirement money, regardless of your age, is a very important part of your future. Some people choose to disregard it, thinking that they have enough time to save up for it anyway. This is actually a popular belief among young adults. They think that they still have a couple of decades before they really need to get serious about their retirement fund.
Well if you don’t mind waiting until you are 80 to retire, then you can go ahead and entertain this perception. But if you want to be able to retire at the right age of 65, then you need to pay attention to how much money you are putting aside for the future.
According to the statistics provided by CheatSheet.com, the current retirement situation leaves a lot of room for improvement. Although the economy is improving and there are various retirement plans available, ⅓ of Americans are admitting that they do not have retirement savings. This is despite the fact that 80% of workers have access to a 401(k) plan. A lot of these workers are believed to be looking at their Social Security as their main source of retirement money. If it is not enough, which usually is the case, retirees will be relying on family, friends and charities to help them make ends meet.
This sad scenario is still a reality for pre-retirees. Since they are nearing retirement age, a lot of them are looking for work just so they can be sure that their funds will not run out of them. Although it is too late to change the course of their retirement lifestyle, it does not mean they should suffer for it. They wouldn’t be spending 24/7 in leisure, but there are things that they can do to earn a retirement income without being too miserable during their senior years.
Tips that will increase your job hunting success to fund your retirement
According to an article published on CNBC.com, the number of retirees forced to delay retirement have actually declined compared to the years following the Great Recession. This means more people are able to get their dream retirement life. But the number, although it is decreasing, is still high at 53%. That means more than half of retirees cannot push through with their retirement plans simply because their retirement money is not sufficient.
Well you may have to keep on working but it does not mean you should do so with the same stressful job that you had been doing for the past few decades of your life. You may be able to get a job that is not as stressful but can still give you the income that you need to live a comfortable life.
Here are 7 tips that you can follow in case you are looking for a job while in your senior years.
- Go online. In this digital world, you will really benefit a lot if you go online. Make your digital presence known because this is the portal that will allow you to earn money without going to a brick and mortar office. You can actually stay at home, in your pjs and do some work that will help you add to your retirement money. Freelancers and remote workers are in demand today and you will get a lot of opportunities if you tell the world of your skills and capabilities.
- Make sure you are technically competent. This is not only because you plan to work online. Even if you want to continue working in an office, you still need to learn how to use the computer and the Internet to your advantage. Hiring managers usually require computer and Internet skills before hiring anyone – regardless of the age, position and work history.
- Learn to use your networks. If the young ones can boast about their technical skills, you can boast about your networks. With all the years you have spent working, you should have amassed a sizable network of professionals. You may want to use this to your advantage. Call a former colleague or a friend to ask if they can help you secure another job. Pull some strings so you can get a job that will help you increase your retirement money.
- Revise your resume. If you will apply as an employee of a company, you may want to take a look at your resume. Update it and make sure that you include the skills mentioned in 1 and 2. Do not be bashful about your accomplishments and reveal it to them Be proud of your professional achievements – especially your experiences.
- Know where to look for work. Do not waste your time looking for work in places where you know seniors like you will be discriminated against. There are a lot of companies who have positions that are specific to the elderly. Not only that, there are positions where you know you will shine best. For instance, consultation jobs or training programs – these should be a great career where your experience will really be very valuable.
- Do not be too demanding when it comes to the salary. While you want to earn as high as you can, you may want to hold back negotiations for a bit. Remember that you are not really in your prime anymore. Be willing to bend your income expectations even for just a little bit. A small income is better than none.
- Work with what you have. In case you are having a hard time getting employment, you should probably think about just building your own company. Use your skill and be your own boss. There must be something that you can do to earn you money without being employed.
If you are going to be employed, make sure that you research on what you need to know about retirement income. There are some tax implications even if you are a senior. As long as you are earning income, you need to pay taxes. Make sure you know about these – especially if you will be putting up your own company.
How to make your retirement fund last longer than you
At the end of the day, your efforts will always be focused on making sure that you can keep your retirement fund from retiring before you. It is important that your funds, outlive you. To help you stretch your retirement funds even without earning an income, here are a couple of tips you can follow.
- Downsize your life. This could actually mean a lot of things. You can move to a smaller home. You can exchange your expensive cars to a more efficient one. You can also opt to move to a different place that has a lower cost of living. According to an article published on HuffingtonPost.com, more and more Americans are relocating abroad just because they find the cost of living to be smaller. Lowering your spending each month is a direct way of making your retirement money last longer.
- Do it yourself. Another thing that you can do is to do things yourself. If you used to live on take outs, it is about time that you start making your meals from scratch. After all, you have all the time in the world because you are already retired. You can also learn how to do your own garden so you do not have to hire someone else to do it for you. That should save you money.
- Budget your money. This is an important tip regardless of your age. You should learn how to budget your retirement money so you know the type of lifestyle that you can afford to live on.
- Take care of your health. Lastly, you may want to keep yourself healthy. One of the expenses that can eat up your retirement funds in big chunks are medical related expenses. Remember that you are no longer as robust as before. You will need medical attention and treatments every now and then. If you keep yourself healthy in the first place, you may be able to keep the medical expenses at bay.
Just in case you are starting late in saving for your retirement money, here is a video that you can watch to get some helpful tips. This video was created at the height of the Recession and it should provide you with great tips on how to save despite very limited resources.