I can't retire, I'm a farmer
Tips for making sound financial decisions now and in your golden years
Folks who are just getting their feet wet with retirement basics usually want to know how much they should save and when they should start. But COUNTRY Financial® knows post-retirement questions are just as important, and they tend to get skipped over.
The latest COUNTRY Financial Security Index survey finds 60 percent of men compared to 50 percent of women think they can retire comfortably. That leaves a good chunk of Americans uncertain over how they will live out their golden years. So, whether you’re retiring tomorrow, 30 years from now, or you’ve already left the workforce, it’s important to think about your life post-retirement.
Here are a few tips to ease you into the right mindset:
- Plan your “paycheck” and“playcheck.”
Once you’re retired and have a limited cash flow it’s more important than ever to have a budget and stick to it. You should account for all ongoing fixed expenses while also considering your, “wants.”
- Look into downsizing.
Despite having Social Security benefits, personal savings, a 401(k), and/or pension income, many people find money to be in short supply once they retire. To ensure there’s enough funds to make ends meet, you may want to adjust your lifestyle. Downsizing can free you up a bit and help you maximize your retirement savings
- Consider annuities.
An annuity is a financial product that pays out income and can be a great supplement to your retirement savings. They’re useful because you can choose a plan that fits your financial situation. You invest an amount of money into it that works for you. The amount you receive from your annuity after retirement can be a fixed amount or variable, which means it would be tied to the overall market or group of investments.
Most people don’t have the ability to predict the future, that’s why cutting back, saving and creating a budget could offer you a sense of security when you are no longer working. A fixed income will be just that – a set dollar amount that will be unchanging. You’ll want to make sure it can go as far as it can.
We hope these suggestions give you a good start at making sure you’re thinking about your fiancial future. For more tips check out our blog at www.countryfinancialsecurityblog.com. In the meantime, follow us on Twitter @helloCOUNTRY.