4 Things Gen X’s Can Do To Guarantee A Secure Retirement

Retirement: you might think it’s a long way off and you’re too young to think about it, but the reality is that the actions you take now will directly affect your retirement.

Everyone gets old, it’s a fact of life. The people that feel secure and happy in their retirement are usually the ones that plan it that way. Statistics show that more middle-aged Americans fear outliving their money than they fear death. As people are now living longer and longer, this is a very real problem, and something worth thinking about today.

common financial fears

Take a few easy steps now and you will find that by the time you come to retire, you won’t have to constantly worry about money. Losing sleep over your finances is definitely not something you want in the golden years of your life.

So here they are:

1. Cut down your debt

Yes, it’s easier said than done, but focusing on getting on top of your debt now will mean that you won’t be paying it off at a time when you should be building your financial portfolio. Debts that you’ve accumulated in early adulthood, like credit card debt, HECS, and personal loans, should be your top priority. Make a clear plan of how you are going to tackle them and stick to it. Like all things, they won’t disappear overnight, but if you ignore your debts, they’ll come back to bite you in later life.

2. Re-evaluate lifestyle spending

You’re at a stage when you’re earning more, feeling more comfortable financially, and most likely, have more expenses than ever before. The problem with earning more is that your spending usually increases to match it. We’re not saying you shouldn’t celebrate your financial stability, but you also shouldn’t get caught up and go overboard. Take the time to evaluate big or “unnecessary” expenses, review your monthly budget, and take a good, hard look at where your money is going. If you have a family, you will find your lifestyle expenses even higher, but it’s still important to evaluate how your family’s money is being spent and how you can make some changes to secure your family’s future.

3. Review insurance policies

As your life changes, what you need from your insurance policies will change too. So now is the perfect time to review what your insurance is giving you and whether it suits your current situation. Life, health, contents, income, car; it’s time to review what your insurance is doing for you. Take the time to look at your policies, how much they’re costing you, what they offer, and whether they are still the right fit.

4. Commit to your savings

Saving is one of those things that everyone intends to do, but many don’t get around to doing. Instead of “meaning” to save, you need to actually do it. It’s a bitter pill to swallow but the money you put into savings now will help secure your retirement. Take the time to make a savings plan, determine how much per week or per month you will put away, and then commit to sticking to your plan.

It’s time to get serious about your retirement, as much as it may scare you. What you do now can help guarantee you’re secure in your future.

Still don’t know how to take the first step? Get in touch with us here and we can help.

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