Saving for retirement is no small feat these days. With most experts suggesting that you put away 10% – 15% into your retirement accounts to have enough to last through your retirement. There are some key things you can do to help you save for retirement today (it’s never too early).
- Set up automatic savings deposits, even $25 a week into a sub account will add up by the time you are in your 60s
- Look for holes in your budget and where you can scale back, maybe you switch to home brewed coffee instead of a Starbucks frap every morning
- Review your budget periodically to make sure your expenses are below your income and you have enough to save
- While not always an option, look at your employee benefits for any kinds of retirement savings plans or ways to put money away in a nest egg.
If you find yourself in a situation like many seniors and you don’t have quite enough saved up, just remember that it is never too late to start. Some ideas you can look at include:
- Consider a part time job to supplement your retirement income
- Downsize to a smaller living space
- Speak with a financial adviser at your bank about options that suit your situation and level of savings to stretch your current retirement fund
- Make sure you are utilizing all pension benefits available to you
- Take public transit more frequently to save on gas costs
If you have any concerns or would like some help living more comfortably at home, please don’t hesitate to give us a call at 1-866-982-2737 and speak with an advisor about setting up a complimentary at home care assessment today.