Part 5: I am Behind on Retirement Savings

OK, you bought a home, you have a current year car, and you put your children through college. You are getting old and you have no money for retirement. What should you do? I have five suggestions for you. 

First, contribute the maximum to your retirement savings account. If your employer gives matching funds then take the money and invest your money in a high yielding fund.   In most retirement accounts, you will also get a tax deduction while participating in the plan.  You maybe illegible for the Catch-up provision of your retirement plan. This will allow you to contribute extra cash if you are over 50 years old.  If this is the case, act on it now.

Second, stay employed as long as you can! This will help you in retirement in many ways.  Having an income gives your retirement savings a chance to grow some more. A regular income could mean regular savings. If you work for a company that provides health insurance, you won’t have to fully pay for a policy yourself. Don’t forget, you may have social benefits of working such as talking to people every day.

Third, you plan to move to a region with lower housing cost and living expenses, example moving from New York City to Franklin County, Pa. You may want to move out of your house and downsize to a smaller house condo, or apartment at a place with lower taxes.  Remember, moving has its own expenses plus you may have to leave friends behind.  Do not use your savings to buy things that you do not need. Do not start accumulating debt. This is not the time to lend money to friends and relatives. It is time for children and grandchildren to be on their own. They probably have more earning power than you do.

Fourth, you are going to have to decide when you are going to apply for Social Security. You must apply between age 62 and age 70. Regardless of the age you start receiving Social Security benefits, remember to sign up for Medicare at age 65.

A Special Note for all my reader’s around the world!  

Hi my loyal readers around the world. I just finished making my final plans of my life. I will be retiring in a few short years and moving into my luxury retirement home. I will spend most of my time getting my seven year old grandson ready for the 2028 Olympics. I have no idea what my younger grandson is going to do. As of now, I would say it has something to do with electrical engineering because at 1 years old, he knew how to operate an IPad. But whatever it is, I will be around to lend assistance to his education.


My plans also involves my readers. I am starting an online stock club design to give my loyal readers as much as one million dollars, maybe more depending on when you start my plans. That money will be to remember me by.


Please read the blog below and follow my instructions if you want a chance to get one million dollars.

http://bondinvestments.blogspot.com/2012/06/how-would-you-like-to-have-over-one.html

The younger you are; 35 and below, the greater the chance of getting over one million dollars. If you are starting at 60 years old, chances are you will only make it to $100,000.



I started out at age 23 and spent a lot of time laid off and giving money away to my children for cars. I bought 3 homes. One home was paid off in full. The other I bought in a partnership paid in cash. All my cars since 1971 were the current year and I have not had a car note since 1983. I even gave two girlfriends a car each. That is why I don’t have a million dollars today. But if you become one of my “Greedy Friends” I am sure with my instructions, you can get that million.
 

Fifth, if you are reading this blog and many other blogs that I have  written about finance then you are on your way to educating yourself about investing. Don’t put your money in the wrong place. You do not want to put your money in a checking account, savings account, or money market fund for retirement.  The objective for your retirement savings is to make far better than the rate of inflation.