Retirement is an exciting time in your life where you say goodbye to work and focus more of your time doing more of what you love and spending increased time with family and friends. But with all these changes, there are new considerations to make – especially when it comes to your finances.
Financing your retirement may not be something you think about often. In fact, only 66% of baby boomers think they’ll have enough money in retirement. So, how exactly do you become more confident in your retirement savings? Thankfully, there are a few techniques you can do now to help finance your retirement.
How to Increase Retirement Savings
- Start now. There’s no time like the present when it comes to saving for your retirement. If you don’t feel comfortable with your current retirement savings or investment strategy, reassess what needs to happen in order to get you to a solid financial position. Even a small change to your plan can make a difference because it compounds over time. The more you save and invest now, the more you’ll have to withdraw from when the time comes.
- Set a goal. You may have been saving and investing into your retirement fund for years, but you may not know exactly how much you’ll want to aim to have in your retirement savings. By sitting down to consider your current and future expenses, you’ll have a better idea of what you’ll need in order to fully enjoy your golden years.
- Leverage simple saving tricks. Saving for your retirement doesn’t have to be difficult! There are a few simple things you can do that will help you grow your savings, such as scheduling automatic payments, so you don’t have to think about it and considering delaying Social Security for even one year.
- Talk to a financial advisor. A financial advisor will take a deeper dive into your specific situation and offer advice that will help you grow your retirement savings. They will be able to look at the big picture of what you have saved and what it will take to achieve your ideal retirement lifestyle.
- Consider downsizing. Although your beautiful house may have been practical while you were raising a family, you may not need as much space in your retirement years. Housework and home maintenance come with a price and, with a smaller living area, you’re able to stretch your dollars even further. Think about moving to a more manageable living space, such as a senior living community, to make your retirement savings go even further.
Discover Senior Living Designed for Your Needs at Heritage Senior Living
One way you’re able to stretch your retirement dollars is by moving to a senior living community like Heritage Senior Living. Here, you’ll find everything you need in a community you call home. Leave the maintenance and yard work to us and relax with new friends, excellent services and unbeatable surroundings. From a coordinated schedule of outings and activities and exquisite culinary creations to an integrative wellness program, Heritage Independent Living ensures residents have what they need to continue their rich and fulfilling lives.
Interested in learning more? Find a community near you or contact our expert team today. We’re here and happy to help you navigate what it means to choose Heritage Senior Living as your new home.
