Start Thinking About Retirement Now
In the wake of the Great Recession many individuals have had to make changes because of the effect that the United States housing crisis and the European currency debacle has had on the rest of the world. Jobs are much more difficult to come by, and the jobs that are available, with fewer benefits than ever before.
No matter your situation, there will come a time in which you simply cannot work anymore. When this is the case, you will have to rely on the money that you have saved up during your working years. Forget just setting aside a portion of your income - if you have not directed a great deal of effort of your working life into finding opportunities that would allow you to save for retirement, you face a potentially dangerous situation when you actually must retire.
If you are not thinking about retirement now, it is time to start thinking about it. Below are just a few of the things that you should be looking at in terms of living beyond your working years.
One - People around the world are living longer.
Your lifespan will likely be much longer than that of your parents or your grandparents. This means that you must save a great deal more money to last for those increased number of years. Either you must push back your retirement age or earn more money during the age in which you plan to work. This requires some planning, and it may require that you forgo some luxuries in this present to save for the future.
There are many calculators online that can approximate the amount of money that you need based on the average lifespan of your particular demographic. Although this is far from scientific, it can give you a good starting point as to how much money you will need to work up.
Two - There are many less opportunities than there were in the past.
If you are employed with benefits from before the Great Recession, consider yourself extremely lucky. For instance, if you work for a company with a 401(k) matching plan and medical benefits, you should do whatever you can to hold onto that job. New jobs that are coming out in the wake of the Great Recession do not have anywhere near these types of benefits. These are the benefits that will allow you to save your expendable income for your retirement.
About the Author
Danielle Briggs is a full time financial expert. She loves to share tips about good investment, retirement planning and how to utilize its benefits. Visit http://www.sunsuper.com.au/combinesuper/ for more information on how to Consolidate Your Super.
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