A long time ago, retirement was something to look forward to.  After decades of hard work, you look forward to a life of relaxation and enjoyment.  However, at present, life expectancy and the cost of living continue to rise, and so looking forward to retirement is something that can cause anxiety instead of excitement.  In reality, as much as a third of people approaching retirement have no saving to speak of.  In order to reverse this troubling trend, consider the tips given below.


Government data shows that more than a third of Americans rely on social security as their primary source of income.  The amount you receive from social security can help a lot, but if unexpected events occur, it may not be enough.  And this is the reason why savings is important so that when you retire you can cover for all these unexpected spending.  Whatever amount you can save each month, save it, and do it religiously over many years.  Savings done regularly will help you accumulate much in time for your retirement.


Together with savings, it also help to reduce spending and cutting back on things that are not really necessary.  You can lower your monthly bills by getting a cheaper car, cheap health and life insurance etc.  Look at the fees you pay for your phone, internet and cable.  You can always find good deals when you shop online for food, clothes, or whatever needs you may have.


If 401k is offered by your employer, then participate in it.  These plans offer greater savings potential than regular bank accounts.  Matching your contributions by your employer is also a possible option.  Not every boss is generous, but the ones that are still exist.


Open an IRA.  A traditional IRA lets them make tax-deductible contributions which are true for most workers.  Until withdrawals are made later on, investment earnings can also grow tax-deferred.  Tax-free earnings and withdrawals are allowed for Roth IRAs which are funded with after-tax contributions.  You should speak to a retirement planning professions at to find out what IRA is best for you because these accounts can be complex.


If you delay receiving social security payments, you can receive more in the future.  Even if you only delay for a year or two after the earliest age you can start receiving benefits, or sixty two years old, you will get an increase in your monthly check.  Some even defer payment up to age seventy so they will receive more income in the coming years.  Presently, full retirement can be drawn at age sixty seven or above.



These steps at can assure you of being prepared for your golden years.