My husband and I are not far from retiring. Actually, I'm closer than he is. He has to work to at least 65 until to continue with our health care coverage. I'm a couple of months older than he is. Of course, the big question we have, like many of you, I'm sure, is; are we ready?
Well, we are, unless the economy totally fall to pieces in which case we'll all be in the same unhappy boat together! But how did we do it? I'm something of a budget nerd. For the last 20 years I've kept a monthly and yearly budget of all our expenses and net worth. I personally handled all our retirement accounts and watched over them like a hawk. We both worked but always lived on one income, saving the rest for retirement. This paid off well when I lost my job in 2009 in the big down turn in the economy. I was never able to fully recover, earning much less than what I had in my original career. But, we were ok because we had saved and lived for the future.
Hopefully, many of you have done the same. If not, what do you do now? What if you are 5 years from retirement like we are and have no money saved for retirement, or even worse, have debt going into retirement? Get real. Make changes now so you can retire. Find a financial planner to help you. Find a good one. Get a fiduciary. This person is required by law to have your interests in mind before their own. Pay down your debt. Get a second job.
There is a mountain of information available today to help you. I've included a couple of links for you to look at. They agree with my advice. I guess it's common sense. I've also added a link to annuities. For years and years I was against annuities and then I talked to a financial planner who talked me into putting a portion of our retirement assets into some annuities. Ours included a rider for long-term care insurance. I know it is costing us more, but we can't afford it in the open market due to pre-existing conditions. In our annuity, we have coverage.
Don't wait any longer. Prepare for a comfortable and fun retirement. Your retirement could last a long time. You don't want to be forced to go back to work.
With just a little thought, you can have a happy retirement!