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Retirement Is Expensive!

January 25, 2012 | Comments: 0 | Views: 177

When you look at that title, you might be thinking, "Thanks a lot, Captain Obvious! We couldn't figure that out for ourselves."

For the past few years, I think that I realized that retirement was going to be expensive on some subconscious level or another. However, like many people, I dismissed the thought blithely saying, "Oh well, that's something I don't have to worry about right now. I'll get back to it later on." Oh, how foolish and naive that was! Does any of this sound like you? There are a lot of people in this boat.

When the fateful day came, and we received the last salary check from our former employer, all those subconscious thoughts from years ago came back to me with a bang.

Those of you who have been retired from a while are probably chuckling at me right now, and I don't blame you. My head-in-the-sand mentality was starting to bite me. Now I realize just how expensive this part of life is! Besides the regular day-to-day expenses of living, there are the new ones that go along with getting older in America. There is Medicare, Part B premiums; there is a Medicare supplement insurance that has to be considered. Many of those plans also have a premium. Your adult children may need help. Expenses for health care go up, and if that's not all, what about paying for your funeral and burial plot, and the list goes on and on.

It's enough to choke anybody especially since, for most of us, our retirement income is just a fraction of what we made when we were working. I have met a lot of people who've said to me that they simply cannot retire because they cannot afford it. There is no savings, no retirement plan, no 401k, just work. For such people, dreams of travel, golf courses, leisurely reading or writing, and spending more time with the grandchildren go unnoticed. There simply isn't time, energy or money to do them, and life is so expensive and so demanding that they just have to keep on working.

Does any of my story sound familiar? Strike a chord? Ring a bell? I would like to offer you a glimpse at my list of attitudes that I needed to change, scrap or adjust in order to cope with the realities of the expense load of retirement. I believe that by implementing these, your life can improve whether you are years out from retirement, a boomer about ready to retire, or someone who has been retired for years. Are you ready? Here they are.

Social Security payments are good, but they are not enough for most of us. Additional income will be needed. This is not only true to afford some of the luxuries of life, but the necessities as well. Lifestyles will need to be "scaled back." If you are going to make it over the long haul, either in terms of your health or finances, you have to simplify your life. Remember the old acronym - KISS. (Keep It Simple, Stupid!) This is no more so than in retirement. It is not a good idea to depend on your children to live near you. That seems rather harsh, doesn't it? But consider how young people live these days. Let's say you decide to retire and live near your son or daughter and the grandkids. Sounds good, but what happens if Son or Daughter come in and announce, "Mom! Dad! we got a new job! It 's in another state, and we are leaving in two weeks! Aren't you happy for us?" Then, what do you do? Move with them? Stay put? My solution is not to plan on them in the first place and save this kind of upheaval. As you get older, more likely than not, your healthcare costs will rise. Medicare doesn't pay for everything. What will you do to fill the gap?

I could go on with this list, but I think you get the idea that attitudes have to be adjusted or changed altogether. We have found some answers that work for us, but by no means do I think that I am wise enough to propose what anyone else should do.

I will, however, tell you what I did. Last year, because of some health issues I was having, I had to retire somewhat sooner than expected. When I saw it coming, I realized some action must be taken. I wasn't ready to put my financial future totally in the hands of the government especially when I knew how thin is the thread that is holding Social Security together. I knew I had to do something, but what?

I decided that I should go to work at home writing articles like this one and helping others like me on their own journeys to reach their goals. Whatever you choose to do, remember this. Don't be caught off guard. Take action. Take control.

The future has too many unknowns in it as it is, and I believe that as boomers, we should take charge of all that we can and not leave our future. There are many paths to choose from to reach the goal of taking charge. I found one that works for me. I would like to point you to a website that explains more about the help and the system I found. I takes work, but nothing worthwhile is ever easy.

Here is the link.

I hope to see you on the other side.

Source: EzineArticles
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Article Tags:

Social Security


Retirement Income


Baby Boomer


Boomers And Retirement


Getting Older


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