Most of us probably envision a nice lifestyle in retirement. We all want to retire rich. Who wouldn’t be? The problem is, while we are still in the workforce, we always get carried away and shop, shop, and shop until we drop. There is the allure of the sale word whenever we see the circulars or that email in our inbox. When that paycheck is coming in regularly, it’s easy to indulge thinking that the next paycheck will always come.
We reach our 40’s or 50’s and beyond with nothing to show for. Age sneaks up on us, and that is reality.
While there’s time, we can still give our finances a little face-lift. But that is only possible if we are willing to buckle down and implement the following strategies that experts deem to be important:
- Save, save and save more!!!
- Find a way to increase your income.
- Tax breaks should be taken advantaged of (i.e. invest as much as you can on your 401k as the money you contribute here are pretax, such that the money grows tax-deferred).
- Be a wise investor. Diversify!
- Stop making your house your cash cow. Borrowing against your house is NOT good. You may end up unable to pay your mortgage when you’re ready to quit working.
- Lead a healthy lifestyle. You need it to be able to work, and stay on the job longer. Financial experts predict that in the not so distant future, age 70 will be the new 65.