DIY Pension from Retirement Savings
I’ve been thinking a lot about retirement lately. While I still have a ways to go before I get to age 65, I can’t help but be a little worried that I haven’t saved enough. I read a study recently that really put a shudder in my piggy bank. It revealed that more and more elderly Americans are filing for bankruptcy because their savings just aren’t enough to cover their living expenses, rising medical costs, and lingering debts. That’s really frightening. I definitely don’t want that to be my future.
Most of the full-time jobs I’ve worked didn’t come with pensions. And now there are concerns that Social Security may not be there by the time I’m ready to collect. What’s a person to do?
I’ve always been a bit of a do-it-yourselfer, so it looks like I’ll need to take that skill set into retirement and figure out how to get myself set up with enough money to live on in my gray-haired years. Luckily, there are some ways to make sure you’re covered. This downloadable infographic and flyer give you a step-by-step on why and how to do it. For more information on the RMD strategy referred to below, Knowledge Place has an in-depth article on this subject as well.
How about you? Are you thinking about how you will fund your retirement? What’s your plan?