Did you know that over half of Americans have zero savings for their retired years? While the other population has saved around $1000 or not more than that. These figures are alarming and reveal how one must start saving for their retirement in advance. If you have taken the time to save for your post-work years, pat yourself on the back. You are way in the lead compared to most individuals. However, getting ready for your retirement does not only involve saving money. It entails figuring out the activities you do in your next new chapter of life. Have a look at some of the secrets that you can prepare for your retired years so that you can enjoy the next stage of your life.
Have sufficient savings for your retirement. Having adequate savings is one of the first steps that you need to take as you make yourself ready for your post-work years. The last thing on your mind is spending all your savings after a few years and then you have no option left but to return to work. Make sure you have saved around 80% of your pre-retirement income if you’re going to lead a comfortable life in your golden years. For example, if you earn $100000 per year, you will want about $80000 every year for each year of retirement . Part of the income can come from social security, and most retirees consider taking a part-time or seasonal job to avoid boredom.
Boost your social security benefits. You might have saved enough for your retired years, however, the chances are that you might still depend on social security to give you income in your golden years. Therefore, the more you can enhance your benefits the better. To begin with, stay away from taking out benefits before you have attained your full retirement age because you will be automatically deducted. Also, if you do not need the money as soon as possible, you can choose to delay your benefits past your retirement age. You will still get this service 8% more annually until you reach 70 years.
Determine how you will spend about your retirement days. Going from full-time employment to a free schedule can be tricky. That is why it is essential if you have an idea of how you intend to fill your days. Some of the ways on how you can fill these your time in retirement include; getting a part-time job, take care of and spend your time with your grandchildren, or join a senior group to socialize more. However you choose to occupy your days, try as much as you can to have a schedule as this can assist in preventing you from feeling purposeless.