Plan For A Secure Retirement.

Financial revelations, during the past 10 years, have shown millions of senior citizens that their hopes of a secure retirement have lessened.  Most seniors are now living longer in retirement years, and are being forced to live on less retirement income. Despite some discouraging indicators for present and upcoming retirees, there are ways seniors can assure themselves of adequate retirement income. Examples of secure retirement income include Social Security, annuities, reverse mortgages and pensions.  However, most seniors should look at a combination of these potential sources to secure their retirement rather than putting all their financial eggs in one basket.  And one of the keys to having a secure retirement income is thorough planning, and then executing that plan.  Most seniors benefit by having professional help and direction.

Consider these four steps for an adequate. guaranteed retirement income:

1. Realistically assess your current situation.

For seniors who have access to the internet, there are a number of retirement income calculators to help you determine retirement expenses. Similarly, make a realistic assessment of your assets and anticipated retirement income, and current debts which should be eliminated prior to retirement.  Don’t forget that your home and rental properties are excellent retirement income sources.

2.  Reduce unnecessary expenses now.
Few people start planning their retirement income far enough in advance to make it easy.  The later in life – particularly past middle age – the plans are made, the more difficult they are to execute.  It’s never too early for individuals to start reducing their debts so that the additional income can be invested for retirement.  Statistics show that the average American between 55 and 64 has credit card debt that eats up more than 30 percent of his or her current income.

3. Consider ways to increase income. 

Increasing income at any age will make it more likely that income is available for retirement.  Unless heath becomes a factor, many seniors can extend their working years well past normal retirement age.  Another alternative is to plan for part time retirement in which you continue working a more limited schedule.

4. Consider products that will help you stretch your retirement income and offer guarantees that you will never run out of money.

A number of companies offer guaranteed lifetime annuities, and insurance companies offer products which will help cover living expenses in case you are unable to work.  

There are many options available to seniors nearing retirement age, and if you don’t have assurance of a comfortable retirement, your first step should be to seek professional help to guide you and inform you of the options available.