Common Retirement Mistakes

Many folks try to save money for retirement, but make little financial mistakes along the way that can hit hard when they least expect it.

One way to ensure you have enough to live on after retirement is to invest as much money into your company's retirement plan as you can afford. If money is tight, try to at least invest enough to get your company's matching funds.

Once you invest this money into a retirement plan, don't withdraw it! The temptation will be there now and again, believe me! But if you do withdraw money, you will lose valuable interest that will be very hard to replace. Even though some plans allow for the loans, try to avoid this, because you will face penalties or an early withdrawal fees.

After investing, don't just sit back on your laurels and hope for the best. You must monitor your investments so you can be aware of any discrepancies. If you are carefully tracking your investments, then you will know when to change strategies.

A big mistake people are facing now is simply relying rely on social security to supply the income. Social security will more than likely provide a large portion of your income, but you should always have a back-up plan. The best back-up plan includes: a company pension or retirement plan and a personal savings. You should never rely on your spouse's retirement plan. If your spouse should die or divorce you, then you will be left without any income. Each person must have a separate plan for the best security.

Here is a question you need to ask yourself, "Am I taking my retirement planning seriously?" By starting early, you will grow a large nest egg and may actually be able to retire early. People make the mistake of thinking they have plenty of time to plan for the future. Right now is the perfect time to speak to a broker or financial advisor and start saving today.

Do remember it is your money, don't trust just anyone with it. Check out the advisors credentials and track records. Don't put all your investments in one stock, but diversify so that if one drops in value the others may increase. Also if investing in one stock, you take that chance of the company filing bankruptcy and losing it all.

A few minutes a month watching over that growing nest egg isn't too much to ask, now, is it? Not when you consider the benefits! Take care of your money now, and it will take care of you in the future.

How to Enjoy Your Retirement

By making your retirement about you, you can ensure your enjoyment of these years. No one ever has time to do all the things we want to do, in part because we're doing for others. Now it's your turn.

Think back to when you were younger and had ideas and ideals about what you wanted to do with your life. Much of that you've likely accomplished but you may find that there are still things you wanted to do but haven't had the chance or the money or something else stood in your way.

It may be something as simple as learning a foreign language or learning to crochet. Neither of these require a whole lot of money or time. You could even take a class if you like. Speaking of class, what if you once had your heart set on a college degree but weren't able to finish? People on into their 70s and 80s have graduated from college so if this is one of your unfulfilled dreams, you can change that now.

Obviously there will likely be some things that if you didn't do them in the past you won't be able to do them now. However, there are more things that you can accomplish than the things you can't. Maybe your goal is to finally relax and travel or to watch anything you want to on television. Perhaps you'll finally finish that book or project you once started.

Retirement isn't about ending anything; on the contrary it's a new beginning. The only thing that should end is the hustle and bustle you've likely dealt with for many decades. Enjoy the time that is finally yours.

Can you live with Retirement?

Have you started planning what you are going to do at retirement? Most likely you have thought about what you want to do with your time once you retire. But have you started planning financially? If you have, then you know that you will have more monthly income in retirement that you have now, right? If you think about it, you will need more money per month when you retire than you need now. Let's think about this for a minute. You not only have to have money for the fun stuff that you plan to do, but you have to have more money for medical purposes for things that are not covered by your insurance of Medicare. Getting old is not cheap.

Even the ones of us in the best of shape will need more medical attention as we age. The older we get, the more preventive maintenance we need, not to mention repairs. A happy retirement is about more than just having the money to do the things you want to do. You have to be able to get out and do those things physically as well. So many of us think about retirement and think about the financial aspect of it, all the while working hard to make that extra dime to save for our golden years. But we do not always think about the affects of that extra dime on our bodies. To get that extra little bit of money, we may have to work extra hard. Pushing your body to do more work than it should is not a way to live well into your retirement years.

While planning financially is very important, planning with your health in mind is even more important. If you don't have your health, you may as well not retire. I have listed some basic steps to start out on your Retirement Regimen.

Start an exercise program today. If you think you don't have time, just get yourself a treadmill or elliptical machine and put it in front of the TV. Work while you waste brain cells on watching TV.

Cut the processed junk from your diet. Start eating fresh fruit for a snack instead of that chocolate bar. Cook with fresh vegetables whenever possible. You may be surprised at how much better the taste is when the flavor is not cooked out of the vegetable. A diet high in natural foods can reduce cholesterol and blood pressure as well — both added bonuses to your health.

Drink lots of water. Drinking eight to ten glasses of water a day is a good way to keep your body flushed of the things it does not need. Drinks that include water such as tea and coffee do not count. Pure water is best for the body. If you find it hard to prepare 8-10 glasses a day, keep a large water bottle on your desk at work. If it is a 32 oz bottle, you only have to fill it 2 times per day to get your recommended 8 glasses. If you do this and drink water at home in the evenings, you will get your cleansing water in for the day.

Think about dietary supplements. You want to find some that are high in anti-aging antioxidants. The diet is a good place to start to get these supplements, however, the veggies that are grown in strained soil and sprayed with chemical fertilizer, then boosted with something to extend shelf life do not always have the best antioxidants left in them by the time they get to your plate.

Talk to your doctor. Find out from your family physician what type of diet he or she recommends to get you started on your Retirement Regimen.

By taking these few things and adding them to the things that you learn from your doctor, you can begin a healthy lifestyle that will lead you to a healthy retirement. Can you live with retirement? Yes, you can!

Making Retirement Living Easy

Hopefully, you've been planning for your retirement for some time now. If you have, you will reap those rewards now. This isn't about money. This is about clutter and things you've needed to do for a long time. If you do need to straighten out any business dealings, take care of that as soon as possible.

If you're married, make sure your spouse knows where all the important papers are and consider both of you making living wills so there will never be any confusion if one of you becomes incapacitated. Organization is the real key for anyone's life to run smoothly. Consider volunteer work but choose something that you will enjoy as well as the benefit you will bring to others. Sometimes people just continue to do what they did before retirement, only with more time to give to those things.

Take advantage of the specials offered to senior citizens such as discounts for meals and special "senior citizens day" sales. Under no circumstances let anyone you don't know talk you into letting them do work for you or conduct any kind of monetary transaction with a stranger.

The simpler your life is the easier it will be. Emotional clutter can be as messy as physical clutter even if it's someone else's baggage. Don't allow others to dump on you or upset you by constantly bringing you their problems.

Retirement can be the best time of our lives. Most of us look forward to it for many years. Now is the time to be able to relax and enjoy the things you haven't had time to.

Cut Prescription Drug Costs

Years ago, you may have never thought twice about taking the medicine that your physician prescribed for you. So why should you have to after retirement? The pharmaceutical companies offer many assistance plans that enable you to receive the medicine you need without zapping all your income!

There are lots of people at retirement age that are living on a fixed income and cannot afford all of these high price medicines. Here are a few ways to help you save some money on your prescription.

When the physician starts writing out a prescription for you to have filled, ask him if he would have any samples that he could supply you with. There are several drug companies that distribute samples to their doctors so they can hand them out to their patients. So take advantage of this one way to save a few dollars.

Also, many doctors' offices participate in drug savings plans and can possibly supply all your medications at no cost or at a minimum $5 or $10 a month co-payment.

Always ask about this possibility. It has saved my aunt hundreds, if not thousands of dollars in medicine costs over the long haul.

Since many drugs are so expensive, the drug companies have now made some equivalent generic brand drugs. When you go to your pharmacy to get your next prescription filled, consider asking for the generic brand. This strategy alone can save up to 50% on your prescriptions.

Another good way to save some money on your medicines would be to use over the counter medications. Ask your physician or pharmacist if any over the counter drugs would be close to your prescription and if you could possibly use them instead. These medicines are normally cheaper.

Comparison shopping for medicines may seem odd, but you may want to try it the next time. Medicine prices vary greatly among chain stores. And believe it or not, sometimes those small local drug stores have the best prices! It pays to check it out.

These are just a few ways to cut the costs of prescription drugs. Never just quit taking your medication without discussing it with your physician first. That could do you more harm than good. If you still have money issues, then ask around about a discount drug program or ask your doctor if you might be able to split your medication and take less.

Reduce Stress and Retire Happy

We look forward to retirement at the end of our career, happy in the thought of the next phase in our lives. We think the transition from set routines and busy work schedules will be an easy one, but retirement in itself can be stressful. Couples who have grown accustomed to being together on an infrequent basis now find the togetherness may cause unexpected stress. Retirement represents a radical change in expectations and, at times, a complete role reversal. It becomes increasingly difficult when one partner retires before the other, resulting in possible anger and resentment. Why should I have to go to work, while you stay home and enjoy life? Or, the partner who once stayed home alone now has someone invading his or her space.

With some forethought, understanding, and planning, there are ways to reduce stress and retire happy. Just because you now have the freedom and perhaps the financial resources to do exactly as you please, without planning, retirement will not be what you expected. Begin to plan retirement well before it arrives by discussing activities to share, the travel and entertainment you both enjoy, and the individual interests you expect to pursue.

Single people approaching retirement may also find themselves at loose ends, what to do with so much extra time. Think about the things you've always wanted to do and be happy in the thought of occupying yourself with a hobby, spending more time with family or friends, and even part-time work, following the leisurely schedule that only retirement allows. Reduce stress and plan on retiring happy.