The current economic situation may have future retirees wondering what the effect will be on their retirement. With companies everywhere suffering and rising health care costs, will future retirees be expected to retire later and even then continue working at least part time?
Maybe. But the best bet is to create a well thought out retirement plan.
To begin, it’s never a good idea to “borrow” from your retirement fund to pay for things now. In an economic strain, it’s just not a good idea. Instead, pretend that your retirement fund isn’t there at all and figure out ways to budget better – cut down on luxuries and only spend when you must. Eat in more often and maybe cancel your gym membership, replacing it with jogging around your neighborhood. Giving up on these little expenses now will help your retirement be brighter and better.
It’s also very important that you understand how much money you’ll need to maintain the lifestyle you want while in retirement. If you’re lost in this area, ask us; we’ll help you out. For more information on retirement planning, contact us today. We’re Newton Insurance, based in North Adams, Massachusetts.
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