Tags: Retirement | Savings | Planning | Economy

Some Simple Steps to Take Now to Make Retirement Easier to Attain

Thursday, 13 November 2014 12:32 PM

Cut back on holiday spending. Make that phone call and ask for a lower rate on your credit card. Pay off that big credit card debt as soon as you can. Adjust your tax withholding rate. Contribute to that 401(k). Skip that pricey coffee at the local java stop. Create and stick to a budget.

Experts claim that a few simple steps you take now can make retirement easier – and much more enjoyable – for you later on in your life.

Middle-class people have a median of $20,000 saved for retirement, far short of the $250,000 they think they'll need during that time of their lives, according to a new Wells Fargo survey of 1,001 adults, ages 25 to 75, with a median household income of $63,000.

Financial experts Lynnette Khalfani-Cox, founder of AskTheMoneyCoach.com and author of Zero Debt: The Ultimate Guide to Financial Freedom, and Elli Dai, director of participant services for Wells Fargo Institutional Retirement and Trust, recently offered USA Today the aforementioned simple steps you can take to easily reach retirement.

"Sometimes people tell me they can't afford to save, and I say, 'You can't afford not to save,’" Khalfani-Cox says.

Dai adds that "when you combine several seemingly small changes, they can add up to make a big difference in your retirement savings over time."

A recent CBS News poll found that most Americans who aren’t yet retired have trouble paying their bills and padding their nest egg and paying their bills — and 64 percent worry they have saved far too little.

A total of 55 percent think they will be financially prepared to retire when they want to while 41 percent fear they will have to continue working.

But if you have hit retirement age and find yourself in a dire situation, some experts suggest turning to family members for help first.

"We're finding that families are having to lean on each other so much. You can't turn your family away," Andrew Meadows, a producer of "Broken Eggs," a documentary about the looming retirement crisis, and a spokesman for The Online 401(k), which provides small businesses and individuals with 401(k) plans, told US News.

If that isn’t a feasible option, other experts suggest leaving the U.S. totally.

"Some parts of the world allow you to live like a king on your Social Security alone," Tony Fiorillo, president of Asset Management Strategies Inc. in Fishers, Indiana, told US News.

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Experts claim that a few simple steps you take now can make retirement easier – and much more enjoyable – for you later on in your life.
Retirement, Savings, Planning, Economy
Thursday, 13 November 2014 12:32 PM
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