Sufficient income during retirement is a goal that most people want to accomplish, but with the economy over the past several years, it's not uncommon to find those who have little to no savings. Either they haven't been able to save, or the recession really wiped away what they had. If you are in this situation, you're not alone by any means. You can save for retirement, and it's never too late to start.
Even a Little Money Will Build Up
It is very common to find that your pay barely covers your bills, with basically nothing left to save for retirement, or so it seems. Do what you can to squeeze out more money, be it through a part-time job, some freelancing, selling items online, or even just cutting back where you can. Start with anything, even a few dollars a month, and eventually, you'll have enough to open a retirement fund that you can contribute to even more.
You Have More Options Than You Think
Even if you don't have access to your employer's retirement plans (or if your employer doesn't offer plans), you still have more options. These range from IRAs to annuities and bonds. A good financial planner can help you find options for squirreling away money for retirement. And if you run your own business, even a freelancing business, you have self-employed retirement fund options to help you out.
You Don't Have to Give up Coffee
One of the more popular pieces of advice involves giving up things like that daily coffee on your way to work. What that advice does not take into account is that sometimes that one treat each day is what makes your day bright enough to get through it. Listen, if you have a daily or weekly spending habit that is only a few dollars and that brings you more happiness than saving that money would, keep the habit. Everyone is different. Of course, if you really need the money to pay essential bills, that's different. But if you can cut back elsewhere instead, and you don't mind those other cutbacks, do those, and keep your preferred habits.
Start by talking to a financial planner who has experience helping those who don't have a lot of access to traditional employer retirement plans and who need to build up a fund quickly. It is possible to save and have more of a retirement than you thought possible. For more information, contact a business such as Family Financial Partners.