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5 Steps Towards Preparing for Retirement

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Deciding when to retire and how to get there may be more difficult for some than for others. Majority of us spend most of our life preparing for retirement. Whether you are dreaming of living it big or having simple comforts during retirement both usually take money. Here are 5 steps you can take to increase your savings and in return increase your happiness during retirement.

1. Downsize

If you have not done so already it may be a good time to consider downsizing to a smaller place. By relocating you can lower your cost of living and be in a location that will better fit your retirement activities. Another perk to downsizing is putting money back in your pocket by selling items you no longer use around the house.

2. Pay off your Mortgage

Make it a goal to pay off your mortgage before you retire. By reducing the amount of monthly bills you have to pay in retirement, you will be able to spend your money on more indulging things.

3. Increase Social Security

Try to delay dipping in to your social security. The longer you wait the more your benefits will increase. For baby boomers the average age is 66, but waiting until you are the age of 70 can make a huge difference in your benefits.

4. Save Every Penny

The years of working up until retirement can make the biggest difference to your savings. According to MONEY, "Workers ages 50 and older can contribute up to $24,000 to a 401(k) in 2016." You will be surprised how much of a difference every penny makes once you are no longer working.

5. Work Longer

The decision to worker longer depends on the person. Some people enjoy working while others have been counting down to retirement for years. If possible, try working longer than you intended. Just one additional year of work can give you the financial cushion you may need further down the road.

We at Timothy J. Sierra Attorney at Law would like to state that our blog posts and links, on our web page or any other social media outlet, to any other web pages are not intended for legal advice. We are not responsible for third party website information. If one is in need of legal advice please contact an attorney directly.

Source: MONEY | Finance

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