In the USA the figures don’t make good reading. Many citizens are carrying credit card debt that incurs a high rate of interest. Too few have sufficient in their retirement fund and seem to think that Social Security will make a significant contribution to comfortable retirement. The latter is simply untrue; it was never designed for that and the System is increasingly under pressure as the fund is dwindling. Don’t expect the Republican Party to increase taxes any time soon to boost it. You need to be saving and one thing that you can do immediately to help if you have credit card debt is to borrow ironically. A personal loan can pay off that balance and the interest you will be paying is significantly lower.
You deserve a comfortable retirement after a long working life but you have to earn that as well. The sooner you start to save, the more chance you have of success. If your dreams of traveling, fishing and spending time with the grandchildren, you will need money and after the regular monthly paycheck stops, you must know where the finance is coming from. Today’s population that is approaching retirement has begun to understand the problem. According to a recent survey by Transamerica Center for Retirement Studies almost half fears that its investment is insufficient.
Here are a few things to consider when you are thinking about retirement:
After looking at each of these aspects, you may be closer to reaching a decision on retirement. You need to consider how you will spend your time, bearing in mind you will need to be able to finance those activities. If you have many friends who have retired that is a different position than if your friends are mostly working. One thing is certain; there are too many Americans today who have not got the luxury to retire early with plenty of money to enjoy the dreams they had when they were younger. If this is you and retirement is still some years away, act now, reduce any debts you have and start to save.
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