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What To Do When You Retire

February 23, 2012 | Comments: 0 | Views: 111

For many people, when they think about when they will become a senior citizen, they don't want to think about possibly having to live in a nursing home, but rather their retirement. For a lot of young people, the thought of retirement may seem way too far away to think about, but the truth is it may be there before you know it. Many senior citizens or soon to be senior citizens think about it every day. So, what all might you be able to expect when you retire and what can you do afterwards?

For some people, the thought of retiring, in and of itself can cause a lot of stress and anxiety, but if you can come up with a plan then it may be easier to accept. The first thing you need to know is what it means. Retirement means you are no longer in the work force or at least you are no longer working for your business or in a specific occupation. The reason why this may seem daunting is because it also means that you are no longer getting a paycheck. However, there are still ways for you to be financially stable and independent.

A retirement fund or 401K is normally used to ensure that when you reach the qualifying age, you will still have money even though you may not be getting a pay check anymore. The difference between the accounts is that a 401K is normally set up through your company(s) and you normally set up the other. Some companies will do 401K matching which means that for whatever amount you have taken from your pay check to put into this account, they may match you a certain percentage. These accounts ensure that when you are no longer in the workforce you will still be getting an income.

Another source of income for people in this part of life is using social security for a supplemental income. The social security was first set up in 1935 by President Roosevelt's New Deal plan to help ensure that the elderly and disabled would not be in poverty. Currently, taxes are taken out of every ones pay checks and put towards this fund and the elderly are given a set amount as an income. However, many people argue about social security and that by the year 2036, the United States will have run out of social security, which is a lot sooner than expected.

Many seniors have different views about their own retiring plans, but many look at it as a chance to do something they have always wanted to do. For some, this may mean starting a second career that, after having been through one career they have found something that can make them happy and not b e so much about earning money. Others decide that the later years of their lives will be spent traveling the world. Of course, if you wish to just sit and relax that is always an option too. Some people decide to move into assisted living facilities to cut down on housing cost while they are renew their life plans.

Julia McCartneySenior Care Options Senior Day-Care

Source: EzineArticles
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