In this brutal economy it is very hard to retire, let alone be happy while retiring. The stock market crash destroyed up to 50 percent of retirement accounts. Even after the crash millions of people are retiring and enjoying every second of it. A lot more people are following this and retiring even with the economy the way it is. Many people who retire show that your time post career can be scripted in many ways at many different income levels.
Whether you want to travel the world or golf everyday with your buddies, you must have the money to retire happy. There are ways to have this money when you retire. Follow the tips below to make sure life in the hammock is great for you. You know you can retire happy if…
You Won’t Run Out of Money
Make sure you have enough money to last you until you reach the age of 95. Now days a 65 year old female has a 41 percent chance to reach the age of 90. A male has a 28 percent chance to reach the age of 90. Make sure you will have enough money to last. You never know how long you will live.
You Can Wait for Social Security
Try to wait as long as possible before you start getting social security. 65 is a good age to receive it. If you can’t wait until 65, you start to receive lower payments than someone who waited. With these lower payments you will not have the money to do things you want to do. This can make your retirement less happy.
You Own Your Home
You want to own your home so you will not have to pay any more mortgage. 50 percent of people who own a home age 55-64 still have to pay a mortgage. If you retire and you don’t own your home you may use up your savings to quickly, leaving no cushion for your retirement.
You Have Guaranteed Income
Make sure that at least 40 percent of your income is guaranteed. Even though you do want to invest some of your money to try a make more money, be sure that you do have some guaranteed income to have in case you lose the invested money.
You Can Cut Spending
Make sure that you have enough money saved up so that you will be able to cut your spending by one fifth in hard times. If you can reduce your spending at will you will be even happier during retirement. Another benefit of cutting spending is when the hard times are done you will have even more money.
If you can do all of the above before you retire, when you retire you will be happier than someone who didn’t. Make sure you have some cushion for maximum happiness when retiring.
It is extremely hard to retire these days with all of the crappy economies. I am 67 and still working.