“Golden years” is simply passé. When you think of retirement and golden years, you are most likely to imagine kid-free house, no mortgage, trips to remote and unheard-of islands, holidays with grown-up kids and spoiled-rotten grandkids, growing old together with your partner, simple yet comfortable living and of course, no job or money pressures instead, you may now be looking at unknown years of caring for your grandkids, delayed retirement, credit card debts and mortgages – not really a sight to look forward to, ain’t it?
Unfortunately, it is quite impossible now to go back and change your life – what’s done is done, no use in dwelling about it. Furthermore, you don’t have to stress yourself too much by thinking of those could-have-beens and what-might-haves, you just have to move on.
Protecting your retirement dreams should be your priority now. Or salvaging what was left of it and making the most out of it. Here are few tips on how to still be on top even if your current situation does not suggest it:
* Seek help from a professional. Hiring a financial adviser must be your wisest decision right now. Getting a professional perspective on your current situation will help you understand it better thus arriving into a more doable solution. Bear in mind that your financial woes can never be remedied overnight. It takes time and a little bit of work.
* Examine your documents. It might be a good idea to do a thorough go-over on your legal documents. This should include your insurances, pension plans, etc. knowing where you gain and where you lose provides a good starting point in replanning your retirement.
* Clear up your debts. It is very much advisable that you enter your retirement debt-free as you won’t be needing that kind of pressure now. As much as possible, work on paying your debts before you go unemployed and build a plan on how you could still pay them if you won’t be able to make it to deadline.
* Budget your money. Nothing beats budgeting your money and learning how to stick with it. By having a weekly or monthly allowances and setting aside some for emergency situations, you won’t worry about having to go penniless later in your life.
* Consider your options. If you, by now, are really convinced that your financial situation won’t get any better, perhaps you should start thinking of ways to supplement your nest egg. Reverse mortgage, for one, has many flaws but nobody can’t deny how it was able to help many seniors during the strongest phase of the financial crisis.
