Times are changing most people have been planning for their retirement for years as they should, and there are those who have not been planing at all, something to stop and think about. So, what do you do when you are finely at this age and have no retirement funds? well, it’s still a lot of things you can still do to try and help make up for all the time when you wasn’t saving for your retirement, it’s not to late to start saving at this age but, you have to be really committed to your future because, you’ve already wasted to much time getting started and there’s no time like the present. Here are a few suggestions to help get you started.
1.) First If you’re still working you need to save more than before in order to catch up, add up all your expense to find out just how much more you can save.
Try to save big at this point you may have to give up a few things in order to do this, go through you expenses to see what you can get rid of and I’m sure you can find something you really don’t need usually everyone have something they can eliminate from their budget, you have to think about it really hard and decided on whats important and what’s not, and at your age your retirement is important because, you don’t know when if ever you may become disable where you can’t work.
2.) If you do not work you still need to save even if it’s ten dollars in this case you save what ever you have, and than try to find work any kind of work so that you’ll have more money to save. There are plenty of things you can still do at this age depending on your background and level of education if you have an education use it to do things like writing, writing a books, teaching at a daycare, or kindergarten, work in a store, at the Y.M.C.A., or the health club. If you have no education than try to get some training in something you like because, training doesn’t take as long, you can even do some babysitting, the point is to try to do something before you’re not able to. Look at your other talents, because most everyone has some kind of hidden talent they didn’t even know they could do, you have to pull out all stops, and options, and explore avenues you never explored before to see what else you’re really good at, and you’ll be surprised at what you may find. , So, to make sure you have some money when you retire, you’ll need to know how to survive at age 45-50 with no retirement funds it have to start now, try to save more than you have in the pass so that you can be able to survive.
3.) If you can save at lease $100.00 or $150.00 – $200.00 per month after getting rid of a expense you really don’t need, in five years you could have around $9,000 to $12,000 dollars, yes, it’s hard but, it’s even harder if you’re to old or disable and unable to work with no money so,start now you’ll have even more money in ten years, of course, save more if you can but, start now and save,save save. For those of you who is still working keep right on working and paying into your retirement fund. It will also help if you you have a saving account as well because, who knows what will happen with our retirement fund years from know, you know with social security and Medicare, we really don’t know if it will be there when we need it .
4.) At this age try not to borrow money from anyone because, that will only put you in further debt, you don’t want to owe anyone at this point because, you want to save your money now, save everything you can, as they say for a rainy day! It is possible to still save at this age before you actually retire.
5.) Stop buying things like clothes, and more shoes than you’ll ever need. And of course, if you have kids only buy them what they need, most people kids are all grown up at this time or is old enough to work. You can only spend so much on their education and than they will need to try to get financial aid or a student loan, plus work to help with their college education because, you can’t exhausted all your funds knowing you’ll need it when you retire.
6.) Remember you’re trying to survive at 45 or 50 and you can still do it with some sacrifices and put what you really need first.