(WTNH) — Saving for retirement is no easy task. President & Managing Director of IKOR James Sullivan has some statistics and tips to help you create that financial safety net.
Aging Baby Boomer demographic – in 2017 the US population of Americans age 65 and older hit 50 million+ for the first time in history. Each day, more than 10,000 baby boomers will retire and begin receiving Medicare and Social Security benefits. Outliving their financial assets is a top fear of seniors in the United States.
What should people do?
- Develop a Plan & meet with a qualified financial advisor to develop a road map ASAP – do not wait
- Continue to maximize your contributions to your 401K’s, IRA and other retirement plans
- Take advantage of employer matching programs to your retirement plans if available
- Take advantage of catch-up contributions if you are age 50 or older
- Automate your savings
- Develop goals, create a budget and stick to it – rein in your expenses
- Plan for the unexpected
If you are already retired or about to retire, here are a few tips to make sure you have the resources you need.
- Postpone Retirement – If you haven’t retired yet – consider postponing retirement for some period of time
- Postpone collecting Social Security – delay it until full retirement age (67 at present)
- Encore Career – Consider getting a retirement job which may have the added benefit of increasing your personal satisfaction and purpose in life
- Postpone Withdrawal of Savings – maximize investment as well
- Tap Your Home Equity of need be
- Create & budget and know what you have and what you will need
How can IKOR help?
- Reduce healthcare/medical costs through risk mitigation, care coordination and implementing best practices promote independence, safety, health and improve the quality of life for our clients, saving time and often money in the process.
- Avoid costly and or life-threatening crises
- Advise on the most economical living alternatives consistent with your goals and objects
- We can help people age successfully in place and reduce their overall costs compared to more costly alternatives
- Provide financial advocacy and working with our clients other financial advisors to assure they are being adequately represented and to develop a credible and successful long term plan