Retirement Plan B

 Low savings? No problem, retirement is still possible!

Will I ever have enough to retire? Will I outlive my savings? How can I catch up if I haven’t been saving? As a Financial Advisor, these are questions I often hear when meeting with clients, and it is my job to help my clients plan and prepare for their future retirement.

In general, my clients usually fall into two major categories, early-bird planners or fashionably late planners.  One situation is not necessarily better than the other, there is just a different strategy depending on your financial situation.  When my clients come to me early in their career, it gives us more time to layout a long-term strategy for investing and saving for when retirement does come. But just because you don’t have a large savings built up does not mean you can’t enjoy retirement; it simply means you must plan differently.  Planning for your retirement may seem like a daunting task that is far off in the distance, but it doesn’t have to be complicated. If you seem to be hitting roadblocks, get with a finance professional and devise a plan B.

One common concern for many of my clients is that the more debt they are in, the longer they have to put off planning for retirement. Don’t let debt hold you back from retiring.  If you aren’t making the kind of money you were hoping for, reduce your spending.  I know this is easier said than done, but once the spending slows and your savings grow, retirement will start looking clearer than ever.

Another affective concept, but not always the most popular, is to delay your retirement. If it is possible to work a few years longer and give yourself time to save and get finances in order, it may turn out to be the most valuable years of your career.  Your can also supplement this with a post-retirement income.  That may not be the most exciting subject to think about, but if you can find an interesting job you can do during retirement you just might find a fun new income stream.

Lastly, and maybe the most important advice you can take is to relax and enjoy life. You don’t have to take on all the stress when planning for retirement.  Seek out a qualified, knowledgeable financial advisor to help guide you  through these retirement decisions, they can help you no matter what stage you are at in your life and remember…young or old, retirement is never too early to plan for.

Image courtesy of MorgueFile: