Just as it costs money to live during the working years, it also costs money to maintain a decent lifestyle in retirement. Many workers expect their cost of living to fall drastically when their careers come to an end, but what they do not realize is that most common expenses remain largely the same at retirement.
Sure, you can unload your home loan and you won't have to commute to work. But you still need to maintain your home and pay property taxes on it and you need a means to get around town. In the same way, you still have to eat, pay for healthcare (the costs are likely to increase as you get older), cover supply bills and, ideally, have enough money left for modest amenities like cable and basic leisure. [1
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Therefore, it is important to save on retirement during the working years, while social security will help cover your high cost of living, these benefits will not come close to paying for them alone.
Unfortunately, a large number of Americans do not have a fantastic job of saving for the future. An estimated 42% of US adults have less than $ 10,000 in retirement provision And, in a recent Gallup survey, 60% of workers cited a lack of money for retirement as a major financial concern, so if your savings need serious increase, there are a few things you need to do immediately.
1 Bank your travels  It's a beauty to get a raise that they extra The money you get in your paychecks is not already earmarked for existing expenses. So all you have to do is avoid touching new bills so you can send extra money straight into the IRA or 401 (k). If you have access to the latter, just ask your employer to distribute that portion of your retirement income so that it does not actually hit your account. In this way, you will eliminate the temptation to spend the money to not retire. IRAs do not always offer automatic transfers, but some do so, so it pays to see if this option is available if you save in one.
2. Disassemble your tax refund
Most tax files receive a refund every year. If you have money coming back to you from the IRS, you can either contribute a similar amount to the IRA, or have the employer deduct the corresponding amount from your earnings for 401 (k) and then reimburse yourself.
3. Getting a New Job
Working with a site description is a great way to drum up extra money for the golden years, and if you go this route, you will be in good company. An estimated 14% of side shooters use their additional revenues to contribute to the retirement plan, so if you don't have a raise or a tax refund, another game is your next best bet.
4. Think of Your Lifestyle
Many people struggle to save on retirement because their cost of living monopolizes their income, leaving them little or no money left in the end of each month. If that happened to you, it may be time to rethink your lifestyle and start scaling back. So take a look at your budget (or create one if you don't already have one), see where most of your money has gone, and find ways to cut costs. It could mean that you get a great chance, like reducing your home, or it could mean making a number of small changes at once, such as canceling your training membership and limiting your habit of ordering takeaway every three nights.
Let us be clear: Your retirement will not pay for itself, nor will it be as cheap as you think. Most workers are told they will need 70% to 80% of their previous income to live comfortably in their senior years, so if you don't want to avoid struggling financially later in life, make an effort to make better savings.