Hitting Midlife With No Retirement Plan? 6 Ways To Kick Your Financial Future Into High Gear
Midlife presents you with many challenges, but if you suddenly realize you've done nothing for your retirement yet, midlife is even more precarious. How will you care for yourself in old age? Where can you afford to live? How golden will those years be, without a plan in place? After the panic, you need to take action. Start with these six steps to get your financial self on the right path:
1. Consult A Professional ASAP
While your lack of retirement planning is urgent, it's not hopeless. However, you need fast and accurate advice on how to set course for a more financially sound future. Talk to a financial expert who knows exactly what you need to get the ball rolling, and then get it growing. With the right guidance, you'll pick up momentum, putting you in the driver's seat when it comes to retirement and how you fill those years.
2. Realize Your Savings Potential
Because you've delayed retirement planning, it's vital that you maximize your ability to save money now. Set goals and refuse to fail, no matter what. Replace the frivolous with the frugal and dedicate yourself to your own future.
3. Start Investing With Direction And Guidance
Once you've developed the discipline of saving, ask your financial planner to help you expand your investment portfolio in a safe and effective manner. You'll need to consider present and future taxes and just how the financial structure of your savings will drip-feed your monetary needs during retirement.
4. Consider Downsizing Different Areas Of Your Life
The amount of money you contribute to your retirement plan should gradually increase, meaning you either need to earn more or spend less. Look at the different ways in which you can minimize your cost of living now, so that you can have more in the future when your income is limited.
5. Understand The Many Benefits Of Stress Management
Healthcare is one of -- if not the most -- staggering expenses in retirement for everyone; thus, whatever you can do to improve your physical and mental condition is essential to the long-term retirement plan. Stress has both short and long-term negative side-effects on your health, and in fact can be debilitating or deadly. Learn how to put stress in its place now, to hopefully avoid the burden it puts on your mind and body later.
6. Follow Your Financial Planner's Advice
Whether they sound like words of wisdom to you at this time or not, your financial planner knows what they're talking about. Since you've put off retirement planning for so long, you really can't afford to follow your own whims or disregard the disciplined advice you're now hearing.
No matter what your current circumstances, you need to start preparing for retirement, and soon. Whether you're happily married or blissfully divorced, a high-earner or on a low budget, you owe it to yourself to get serious and get busy on your retirement. A retirement planner will set you on the right course and help you stay there, sailing securely into the future.