With all of the economic doom and gloom that we are constantly exposed to how do you see your retirement years? Will you still be able to live your dream retirement or will you be one of the many that will be scraping by just to make ends meet?
A number of years ago it looked like the retirement dream was achievable for many, especially if they had been doing what has always been encouraged and that is investing and saving to build a financial portfolio that would comfortably sustain them through their retirement years.
That special retirement dream will remain just a dream for so many more seniors now, many have had to give up any thought of retirement -period. Many are facing way more financial pressure than their parents did. Many seniors will still have mortgages to pay some have had to refinance their homes just to get by.
It doesn’t look as if things are going to improve anytime soon either, so it’s not just affecting the already retired and the soon to be retired it can have long term affects for those Baby Boomers way down the road.
The over 50s are soon approaching retirement age and most have no idea what it will mean to them by the time they get there. The current economic climate is swallowing up people’s nest eggs left right and center. Many have had to start pulling in their belts now which is not a bad thing because most can cut back on unnecessary expenses which will make you more aware of the changes that can be made when it’s really needed.
The present situation is creating a lot of concern and naturally with it a lot of disappointment to new and older retirees that should be and deserve to be reaping the benefits of their years of work and saving. It’s a huge blow to those that thought they had a secure pension to rely on. Many are left scrambling for other ways to help support their income after finding their pensions are worthless.
There is a lot of adjusting to be done, to help their financial situation some seniors are selling their homes then buying something less expensive, or they are renting a place. It’s also becoming more common to share accommodation with other family members in order to make ends meet.
Some seniors are finding ways to make additional income to pay bills and have a little money set aside for a rainy day. Others are fed up and have had enough of what’s happening where they presently live and like thousands of others have already done and continue to do every year, they are moving away to live in other countries where they are guaranteed to find a cheaper cost of living and able to have a good lifestyle.
In the end the solution is yours to find and any decisions are yours to make, but you can’t give up! You can look for new opportunities. Things may be quite different to the way you had visualized your retirement years to be, but you can change your vision and it may even turn out to be better than your original plan. Will you have your retirement or have too much debt to be able to retire?