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How to survive retirement in tough economic times

by , 20 October 2014

We can discuss retirement planning for hours, yet we still fail when it comes to taking action. The problem isn't that we don't know how to plan for retirement - but that we don't take the required action.

In tough economic times, retirement planning can become even more of a challenge. You need to be even more vigilant and come up with a solid strategy in order to increase your retirement savings and secure your golden years.

Here’s a simple step-by-step guide to survive retirement in tough economic times.
Tip #1: Set a realistic goal
The first step is to set achievable goals. You need to know how much money you need to save in order to retire comfortably. To achieve the desired results, it’s better to write your financial goals down, including the steps needed to achieve those goals.
Tip #2: Reduce and control your spending
If you want to survive during tough economic times and manage to save enough for retirement, you’re going to have to make some compromises regarding your spending. Adjust your budget so that you can save a larger amount for retirement. It helps to keep track of your spending for one month to see in which areas you are wasting money, then create a budget that allows you to save more.
Tip #3: Consider delaying retirement
If the economic climate is unfavorable, you may be required to delay retirement for a few years. If you’re still physically and mentally capable of working past retirement age, doing this can positively impact your retirement savings. Working past retirement age brings with it many other benefits: you remain active for longer, you have a sense of purpose in life, you avoid sedentarism, etc.
Tip #4: Avoid consumer debt like the plague
Consumer debt is your worst enemy when it comes to saving for retirement. You spend and spend and get buried in debt until you have no control of your finances, becoming a slave to money. Avoid credit card debt and try to pay off your debts before retirement.

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Tip #5: Save more each month
Saving is a habit that must be formed. It doesn’t come easily, but it certainly pays off in the end. Forget instant gratification that comes from spending all the money you make (or even more) and delay your gratification for maximized results. Save more money each month towards retirement instead of choosing to live beyond your means at the moment and, thus, sacrifice your future.

How to survive retirement in tough economic times
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