Age 60 and feeling broke?

What about all your travel plans in retirement?  

Alice woke up one day and realized that she is almost 60 years old. That reality hit her like a blast of dynamite. She was now just a few years from retirement when she could finally relax, read books and TRAVEL, her lifelong dream. She had spent nearly 30 years in the public relations department of a small, local firm that hired her when she was left with three kids to raise after a nasty divorce.

Life was hard then, but one day . . . someday . . . Alice hoped, she could retire and travel across the country; maybe, even, around the world. The years between her dreams and the day she could finally quit working seemed to have gone by overnight. Alice was filled with regret.

Is it too late to realize retirement dreams?

Are you like Alice? Here she is . . . just a few years away from retirement age, and she hasn’t saved a cent. Her condo fee just increased another $150 a month. She really needs a new car, and the price of groceries goes up every week. Supplementary insurance is so expensive that her social security checks wouldn’t be enough for anything else after health care premiums and other living expenses. Sure, some of the costs, such as work clothes, office lunches and gas for the car will go down, but the price of almost everything else is bound to keep going up annually.

Is there anything Alice can do in her final five years to make a difference? Is there any way she can escape near-poverty in the next stage of her life? How could she ramp up her retirement income to make leisure time a little more enjoyable? Here are a few suggestions for Alice and others in her shoes:

Start a retirement account immediately. It’s not too late. If your company doesn’t offer IRAs (Independent Retirement Accounts), 401Ks or other retirement plans, start your own. Contact a financial advisor to help you set up your own IRA. In your final years of work, make enough sacrifices to save as much as you can in your retirement account. Eliminate unnecessary expenses. You could have a small next egg in a few years if you:

  • Trim take-out food from your budget and avoid grocery goodies like ice cream and cookies.
  • Stop shopping for clothes at malls or online, and look for deals in thrift shops instead.
  • Cut off coffee stops on the way to work, and avoid any unnecessary driving to save on gas.
  • Pare down the price of gifts for kids and grandkids. Buy less and take advantage of sales.                                                                                                                 

Work a few years longer. If you stretch out your career for another few years . . . say, to 67 or 70 . . . your social security check will grow bigger with each extra month you work. To expand your retirement income even further, plan for a part-time paid position with a temporary agency with flexible work days, giving you open time for travel!

To find out how you can prepare for the good life, set an appointment at aamllc.com to discuss options.

Manage Your Money . . . financial facts for a brighter future provided by Advancd Asset Management LLC                          

Follow our blog: aamllc.com                 

Ronald Van Surksum, CFP               

4555 Wilson Ave SW – Suite 2               Grandville, MI 49418                            

rvansurksum@aamllc.com                

Phone: (616) 531-5220                             Cell: (616) 450-8439                               

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Advanced Asset Management
4555 Wilson Ave SW, Suite 2
Grandville, MI 49418

Phone: (616) 531-5220
rvansurksum@aamllc.com