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Being over 50 without any savings for your retirement can sound scary. However, as much as you should be concerned, it shouldn’t worry you too much. With savings, it’s never too late to start. Here are eight tips to help start saving for retirement after 50.

  1.   Reinforce Positive Thinking

Yes, you’re a bit late with starting your retirement savings plans. But that doesn’t mean you sit and wallow. Start planning for it now. Reinforce your mind with positive thoughts. The best thing is, you’re thinking about it now, and you’re going to do it. Avoid panicking. It will mess up your brain and deter you from thinking straight. Surround yourself with people who encourage and support you to achieve your goal. After all, small savings are better than no savings.

  1.   Set a Target

To develop a saving strategy, set your target before you start saving. When you know how much you will need during your retirement, you can make successful plans of the amount to save per year. Though it’s hard to have an exact figure, as a rule of thumb, you’re likely to spend 25 times the amount you expect to use during your first. With this estimation, you can set a goal for each year and further break it down into quarters to make them achievable.

  1.      Consult a financial advisor

You do not want to get overwhelmed when planning for your retirement savings. Make your work easier with the help of a financial advisor. An advisor will help you do more accurate calculations and advise you on planning to achieve your goal. Also, the advisor will help you with suitable investment plans for better returns. Before you engage with one, make sure they are credible, do a background check. If you have to, ask friends and relatives for referrals. Otherwise, you might just get swindled.

  1.   Payroll Deduction Strategy

You can’t achieve your savings goal by the same payroll deduction. Therefore, it’s important to increase your deductions. Although this will hurt your paycheck, it will be worth it. Instead of increasing the deductions at once, consider rising by a certain percentage every quarter until you’re at your target deduction. Thus, the change in your paycheck won’t be so drastic, and you can adjust to it appropriately.

  1.   Maximize your Employers Match

Most employers offer a dollar-for-dollar match which can go up to 3% of your salary. This means your employer will contribute to your retirement savings an amount equal to what you contribute as long as it’s not more than 3% of your annual salary. Thus the more you save, the more contribution you get from your employer. Don’t decline free money; take advantage of that match

  1.   Find Other Ways to Earn

Saving from your salary alone can be overwhelming, especially if you don’t earn much. The solution here is to devise other ways of making extra income. You can start a small business doing something you enjoy or offer services that you’re good at. Also, if you are a professional and can offer consultation services, you can charge people for it. It could also be a talent; maybe you can make art or décor or design people’s houses and lawns during your part-time and get paid for it. 

  1.   Invest in Home Care

Everybody dreams of growing old, healthy, and fit enough to still care for themselves. However, we can’t be too sure. Anything can happen in life, forcing you to require home care services. There are excellent home care service providers who will care for you when incapacitated. For instance, there are competent aged home care providers in AdelaideHome care contributions are good because they are a product of government subsidies. Therefore, you only contribute a part of the amount, and the government makes the rest of the contribution. Check out some government-affiliated aged care providers in Adelaide.

  1.   Invest In Insurance

Insurance is a good way to save, especially for unexpected health conditions. Age-related ailments can easily empty your life savings. Having comprehensive healthcare insurance will help you save money as you will not have to spend your savings on health services.

Finally, the best way to start saving after fifty is to start saving. You can establish a plan as you go along. It’s not about how you save but what you save. Instead of thinking how late you are, organize for a pay cut with your employer, work extra hours or years, or find a side hustle. Really, you have to do something if you want retirement savings. 

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