Never too old to ride a bike; never too young to plan for retirement

There was a time when planning for retirement was relatively straight-forward. A person simply worked at a job until age 65 and then retired to live off pension plans and Social Security benefits. This was the reward for years of hard work with one employer and paying into a dependable government-sponsored retirement fund.

Life has changed

Much has changed in terms of retirement planning and benefits. Years ago, life expectancy for most seniors was much lower than it is today. Today, people are living longer, which is good news. On the other hand, retiring at age 65 isn’t always financially feasible with people living to age 90 or longer. As life expectancies increase, it becomes more difficult to acquire adequate funds for a comfortable retirement.

Jobs have changed

Today, most people change jobs or careers several times during their working years. In many of these jobs, pension benefits do not exist. To compound the problem, Social Security benefits have not kept up with cost of living increases, and most people cannot live comfortably on them today.

Health care has changed

The problem becomes overwhelming when you add health care costs to the mix. Health care costs, especially for older people, tend to be uncertain even as they continue to rise. Because of this, the future support of many elderly individuals is in question.

Have you started to think about your retirement?

With all these retirement issues facing every person in the United States, it would seem reasonable that we would find alternatives to existing retirement plans and begin saving money for our retirement years. Planning ahead makes sense, but a lot of people are at a loss when it comes to taking action.

Plan for the worst, hope for the best

Experts agree that everyone should begin their retirement planning by assuming the absolute worst-case scenario. We should assume that Social Security benefits will not be available or, at least that they will not be sufficient to support us. Also, we should assume that medical care will create a significant financial burden. No one hopes that these worst-case scenarios will materialize, but we should plan as though they will so that we are prepared. In the unlikely case that they assumptions don’t materialize, we’ll have more than enough money to live on, and what could be wrong with having a little extra to do the things you’d like to do?

Plan for a comfortable retirement

Here are a few suggestions for insuring that your retirement is a comfortable one:

Start an emergency fund. Save as much as possible or, at the very least, have six months of living expenses in a savings account earmarked for emergencies. If you’re like a lot of people today, your living expenses may exceed your wages or salary and you may have to rely on payday loans or credit cards to get through a month. When you figure out how much you need to save and set aside, consider your actual living expenses and not just your income.
When available, participate in your employer’s retirement plan. If you don’t have a retirement plan at work, invest in an Individual Retirement Account, (IRA). Sometimes employers will match a portion of the contributions you make.
Set financial goals and stick to them. Many people dream of sending their children to college, retiring early, and traveling the world. The reality is, however, that these things will not happen without proper planning. Taking the time to sit down and seriously assess the financial backing that will be needed to support these goals, and then creating a plan to invest and grow money over time is the only way to make dreams like these come true.

Start planning now!

Almost everyone who lives long enough will eventually have to retire from working. Some people look forward to retirement, while others dread it, fearing that they won’t be able to survive. The sooner you start to think about and prepare for retirement, the better off you will be. Retirement planning is not just for the elderly. The more time you have to plan and the more time you have to save, the more you’ll look forward to the day you retire, so the best time to start planning is right now.

Image from Flickr.

People tend to get very stressed out during the holidays. From mid-November to January, the ringleaders of families or groups of friends often appear tightly wound and overworked. If you’re the one saddled with hosting, planning and making Thanksgiving dinner this year, it doesn’t have to be that way.

The key to having a low-stress Thanksgiving is knowing “perfect” is a relative term. Realize in advance that everything will not fit the textbook definition of perfect. If you’ve got food and people at the table, you’re in good shape. Don’t get caught up in the details. Remember that Thanksgiving is remember what we’re grateful for, not being upset about things that don’t go as planned.

There are a few other things you can do this weekend to help things goes smoothly.

Plan your menu

A little planning today will save you a lot of stress next weekend and in the days just before Thanksgiving. As you’re planning out your meal, make sure you take cost into account so you don’t end up needing online cash loans at the last minute to pay for food. This weekend, sit down and plan your menu. If you have others contributing, call them to confirm what they’re bringing.

Find recipes for all the dishes you plan to make. Print them out and make a shopping list so that next weekend you are ready to hit the grocery store. Make sure you check your kitchen for the stuff you already have. Think carefully about kitchenware that you’ll need so if you have to buy a whisk or a turkey pan or a serving dish, you can get all of the food at extras at the same time.

Get your RSVPs

Make sure you know how many people are coming to your dinner, as this is crucial to planning your menu. However, I recommend making extra food for two reasons:

1. Leftovers are awesome
2. It will keep you from stressing out in the event of unexpected guests

My family and friends are the type of people who would invite the UPS delivery person in for a slice of turkey. If you make extras, you can open your home to people who happen by and share the warmth of your celebration and your food without feeling added pressure. If you end up with the expected amount of guests or fewer, keep the leftovers, and that’s a few more days when you won’t have to cook.