Retirement Savings: Money tips for the cash-strapped retirees

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Contributed by Debt community Member

Spruce up your finances and live debt free

You work really hard throughout your life just to lead a comfortable retired life. You know that you'll have a lower income level when you're retired and therefore you hopefully have paid off your entire mortgage loan and also shunned your credit card debt as well as have adequate retirement savings.  Doesn't this sound like an imagination? Well, with the present financial condition in the US, an increasingly large number of retirees are struggling to make ends meet and in large parts of the nation, they're gradually being walloped by the ill-effects of the inflation. You never want to spend your post-retired life running to the professional debt relief companies like the debt settlement firms for financial help. Getting help from a retirement advisor is required as you always need to take the advice of the experts in order to take the most important financial steps.

Financial tips for the retirees – Gaining a control on your retirement savings

Here are some personal finance tips for the struggling retirees in the US, which, if followed can ensure a financially comfortable life. Check out how you can bolster the benefit of your retirement savings even when you do have only modest income.

  1. Diversify your investments: It is usually true that people's investment portfolios exhibit less risk as they age but it is also true that US life expectancy in retirement has also increased. Therefore, protection and longevity of the retirement savings nest egg is key. If you're a retired, you must always make sure that you diversify your investments in order to minimize your risk.
  2. Be aware of the pitfalls of using credit cards: There are many couples in the US who are still addicted to using their plastics as they feel that this is a better option than carrying cash. However, the fact is just the opposite. Plastics may seem to be very appealing but they are the root cause of the consumer debt level that is spiraling out of control. Nothing can be worse than drowning in high interest debt when you have no income at your disposal. Avoid using your cards as much as possible if you notice even the slightest difficulty to control your spending.
  3. Get help of a professional when you can't manage money: It is always better to get help from the professionals when you feel that you can't manage your money on your own. Bearing in mind the ill-impact of debt on your personal financial life, you must get help of a professional expert who may help you with debt management as well as risk management.
  4. Look for secondary sources of income: With the debt level soaring in the nation, you must keep looking for secondary sources of income, though you're retired. The Internet can offer you with various income opportunities. You can sell on-line photographs, make money blogging, become an online content writer and also promote a website through affiliate programs.  Here are additional sources of supplemental retirement income.

Therefore, if you want to protect your retirement savings due to some wrong financial decisions, follow the money tips mentioned above to enjoy a better retirement.  if possible, keep on working so that you never fall sort of funds and require running to debt settlement and consolidation companies for help. Repay your high interest debts and enjoy your 'golden years'.

24 thoughts on “Retirement Savings: Money tips for the cash-strapped retirees

  1. Your Name says:

    The point i like is finding some secondary source of income, so instead our main source is empty we still have something to go for the rest, thanks for your nice advise

  2. Star Plus,Colors tv says:

    Thank you for the information. Your ideas will surely help everyone after retirement to live a stress free life..

  3. home solarpanels says:

    Great article, if more people planned for their future there would be a lot less problems with people retiring then running into financial problems then putting pressure on the already strained resources of the state. This will become an increasing problem especially with ageing populations. People just need to sensibly plan and be responsible for their futures by listening to advice such as this.

  4. Samantha Stevens says:

    Your Tips could surely help me when I retired next year. Thanks for sharing!

  5. Ian says:

    We are approaching the tipping point were government old age pensions will not be anything like as generous or reliable as they have been since WWII.
    Planning and contributing early to your own pension is
    without doubt the only way to secure your fanancial well being upon retirement.

  6. There are many sources of additional retirement income. One of the best is a small business - it gives you an interest, ongoing contact with other people and a reliable source of income. Plus it builds capital.

  7. july romeo says:

    Ahh FINALLY good tips on saving money for retirement! Gives me a little bit of relief since I'm trying to retire pretty soon lol. It just suck I didn't know this information earlier, but oh well as long as I watch my money like mentioned here and stay debt free I'm good, thanks for the advice!


  8. jacque smith says:

    The Internet can offer you with various income opportunities. You can sell on-line photographs, make money blogging.....

  9. Steve says:

    thanks for this good tips, i think they will help a lot for my retirement in a few years!

  10. Stephen Jack says:

    It is my appeal for every reader of this blog to share this post as much as they can. Just imagine how much it would be difficult for the senior citizen to manage their livings when all of their savings gets wasted by paying mortages etc

  11. Richard says:

    I am a strapped for cash retiree and I really appreciate all the great tips. Thanks for the info, i am going to bookmark this site.

  12. tommy says:

    I like tip no 4 especially, there are so many ways to make money online

  13. Robert Smith says:

    Retirement the thing i dread i've got a plan for my retirment savings but this has helped me so thanks 🙂

  14. thiet ke web Bluestyle says:

    This is very helpful for me when I decide to retire in the future!

  15. Promo Gifts says:

    I like number 4 with finding an online income source. There are many online ventures that you can now access online to help boost your income.

  16. Dale Green says:

    I don't agree with tommy.If you retired,you should enjoy your golden years.Don't work if you economy allowed.I prefer NO.1

  17. Ana Heisin says:

    I'm now employer of a web design company.After retirement
    i invest online business.

  18. Anna says:

    So glad I didn't take out a pension a few years ago but bought property in the UK instead. Also started some websites as extra revenue as I think we are all going to need the extra money with the utility bills and food prices starting to rocket. I cannot imagine how difficult life must be for so many pensioners these days, it is not fair.....

  19. Frank says:

    I hope to retire in comfort, well that's the idea. I already save a large percentage of my salary with the intention of investing in bricks and morter when the times right.

  20. Making safe investments is always good option but I know that can be easier said than done sometimes. Communicating with an adviser and trying to understand the markets is important.

  21. Viktminskning says:

    Very helpful post. I will show this to my grandparents that just retired. Good tips on how to save money if u are retirees.

  22. Remake America says:

    Yahoo! News is looking to highlight the stories of retirees who are struggling to make ends meet for the online webseries "Remake America." If interested, please apply online at remakeamericacasting dot com

    For more information, search "remake america yahoo"

  23. ModParent says:

    Your own need may be more or less than the above illustration. But in addressing how much to retire, you can use the illustration as a staring point. If you need $30,000 annually, and not $60,000 as in our example, you will need at least half as much or $500,000 in retirement savings.

  24. christopher sertraline zoloft says:

    Retirement Savings is really an important issue but it's quiet hard to make a decision. Everything seems to risky. But according to my point of view Stock trading is lucrative to me although it's more risky too.

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