In a study conducted by Debt.org, researchers found that more retirees are filing for bankruptcy. In another survey, findings showed that only 51% of Americans feel confident that they’re saving enough for their eventual retirement. There are more statistics that also show how many retirees are forced to work even past the age of 65 to make ends meet. These may not be nice to hear if you’re planning to retire soon, but they’re harsh wakeup calls that require action.
Here are some things you should do before you even think of retiring for peace of mind:
Hire a financial advisor.
Some people think that hiring a financial advisor for retirement is a waste of money when in fact it’s one of the best things you can do to help you make the most of every dollar you earn. Knowing how and where to put your hard-earned money is the key to a debt-free and successful retirement. Make this smart investment and hire someone who can help grow your money.
Get rid of existing debt.
If you have a long list of debt, it’s often difficult to enjoy life if you keep thinking where to get the money to pay your existing loans. There are many ways to make it work and get rid of debt before you retire. This is where hiring a financial advisor could come in. They can help you find ways on how to deal with different money matters.
Pay off your mortgage.
Many people are afraid to buy their own property for fear of mortgage. After all the years of working, being a homeowner is still one of the top-most dreams for Americans. It’s best to pay off your mortgage before you retire, so you can all the more enjoy the fruits of your labor.
Consider these tips when you are planning your retirement. When you’re debt-free, you can better enjoy retirement with peace of mind that you have money in the bank to tick off items in your bucket list when you officially say goodbye to the daily grind at work.