“I’m not that far from retirement and I’ve still got some debt. I don’t have a lot of savings, but I have some. I don’t know if I have enough time left to save now.”
It really is never too late to start saving. It just takes planning and the right savings options. Sure hindsight is a wonderful thing. We would all have liked to have been able to start putting away money when we were twenty-something, so now we can say we did it all perfectly, but the truth is many people are still looking toward retirement with not enough savings.
If I had started really saving when I was young and not done so many foolish things with my money, I would be able to retire comfortably sometime in the next 15 years, but like so many people I know, that’s not the case. Instead, I’m looking at the cost of everything I purchase and making decisions based on need versus want. Do I need to purchase a cup of coffee or can I make it at home and take it with me? The money I save not buying coffee goes toward paying down some of my debts, which in turn goes into my savings accounts. It may seem like fairly small change to think about coffee, but it’s more than that. I weigh the cost of other needs as well, because if it requires a credit card to purchase, I don’t buy it. I have given up the notion that a lending institution needs to earn money from me. Again, that savings goes toward my retirement fund.
The way I save also makes a difference. I have choices today to either put a few dollars a pay into my savings account, which earns .01 percent interest right now, save it in a Money Market Account, or use it to purchase more life insurance. Since 1979, I’ve been paying premiums for a Whole Life policy that grows cash value, earns interest and dividends. It’s part of my retirement portfolio that I tend to forget about. I can also invest in stocks and bonds if I want to put my money into something that involves more risk, but to do that, I need investment advice.
It really is never too late to start saving, even if retirement isn’t that far away. It all starts with planning and cutting back on a few simple things. Call an AC Financial Adviser for more ways to make your retirement income a reality at 800-564-3136.
