According to a recent Gallup poll, roughly 46% of U.S. non-retirees say they will NOT have enough money to live a comfortable retirement.
Not only that, but of those Americans who are already retired, the #1 concern is still outliving their savings.
These are just examples of how woefully unprepared many Americans are for retirement.
But it doesn’t have to be this way.
Because there are a several simple things every American can and should do to increase their ability to retire comfortably.
Here are 3 big ones to start with…
One of the easiest things you can do – and that more than 50% of American’s somehow fail to do – is to create a budget.
I know, this sounds like a “no-brainer”. But you’d be surprised how many people don’t maintain even a simple financial outline.
And that means, they have NO IDEA how they’re spending their money or how to actually save anything.
But if you’re conscious of where your money is going, it will allow you to spend more wisely – and when you do that, the savings will follow.
However, you have to be honest. And that’s the most important thing to take away from this tip.
Write down EVERYTHING you spend money on – from standard bills like mortgage and electric bills to groceries and gas to your minor
indulgences like a monthly dinner out.
Write it all down.
Then, add up all of your income – from salaries to pensions to dividend payments to Social Security.
Now take the difference.
Whatever’s left if what you have to “play with” – either to save for a nice vacation or to buy presents for your kids or grandkids.
Whatever makes you happy.
That’s the “Magic Number” you’ll need to live a comfortable retirement.
One of the easiest ways to add extra retirement income to your account is to maximize your Social Security payments.
And the easiest way to do that is to hold off on collecting Social Security until age 70.
Now, based on the amount of savings you have or how long you plan to stay in the workforce, that might seem like a difficult prospect.
But the fact is, the longer you wait to start collecting Social Security, the bigger your paychecks will be. It’s that simple.
And by following this one tip, you could add an extra $890.07 per month to your Social Security check.
Not too bad just for waiting a couple extra years to start collecting, eh?
Now, again, you should only do this if you’ve got a nest egg that allows you the freedom to do so.
But, if it’s at all possible, waiting until you’re at least 70 to start collecting your regular Social Security checks could give your retirement income a sizeable boost.
One of the largest expenses facing retirees is medical care.
According to one estimate, a single retired American will need an average of $142,500 just for medical expenses during retirement.
That’s an awfully big financial burden. So saving money on medical care wherever possible is a must.
One of the easiest ways to do that is to start buying generic over the counter medications as opposed to the name brand variety.
Now, don’t worry… Generic drugs are just as effective as the designer brands. By law they have to be. However, they are much cheaper to buy, and they’re as readily available as the name brands. You can find many popular ones at stores like Wal-Mart and CVS.
All of that said, you should always consult your physician before you make any decisions regarding your healthcare.
However, this simple tip could translate to thousands of dollars in savings on your medical expenses every single year. So it’s definitely something every retiree should consider.
These are just three simple things every retiree can do to live a happier more financially free retirement. But there are dozens of others.
And there’s a new book out the lays out 43 other retirement tips that could add real cash to anyone’s bank account.
Seven Figure Solutions and its representatives do not give investment, tax or legal advice. Past success is not indicative or a predictive of future gains. Not all the strategies work for everyone. Individual results will vary and depend on many factors, including eligibility for government programs and current income to name a few. As with all investments, the risk of loss exists and is not suitable for all investors.