The best solution is to plan plan plan, save save save, work as long as you can, and make as much money as you can.When
it comes to social security, it's good to know what to expect. It's
an important part of planning for your retirement years, NOW while
you're young and have a minimum 10 years of working life ahead.Of course, the ideal situation is that anyone aging remains able to cope with the responsibilities of home ownership. He or she or they will be able to take care of themselves and live safely where they are.How will YOU pay for healthcare when you need it most at age 62, 67 or 70?Do your own math. Do something. At least, start a home business. Grow it so you have the possibility of income should you need it.Basic living expenses refers to those costs that you must pay no matter what, such as food, housing, utilities. People in their 40s and 50-plus age bracket start to think about when they will be able to retire. Unfortunately, the younger generation should ask and prepare for retirement when they’re in their 20s and 30s.Be aware that the average life expectancy may mean you need more money, because you will live longer than prior generations.Considering today's financial marketplace, it's unrealistic to believe the future is always “someday.” It’s up to YOU to take care of you with at least a few queries::There are critical reasons for you to save now. Here's the why and when to save for retirement.
What would you do if you were 65, 67 or 70 years old, and had no money to pay basic bills? You’re in danger of becoming homeless? You have an income, but not enough to pay the rent and the utilities. What if you get sick and the bank account shows a total of $300? Is your solution to work for the rest of your life?
If you're retired or concerned about being retired with "not enough money" to pay bills. Consider starting a home business. You earn extra income and save on taxes with by writing off a part of your home, cart and other related expenses. here's some info to weigh before you say "no chance" I can do that.
A money-making self employed business website starts with obvious
prerequisites: It sounds obvious, but you can’t make money with a
website, until you have a money-making website! You need:
1. A product, service, or information to sell that is in demand.
2. A well designed, user friendly, ecommerce enabled website.
3. The ability to accept credit cards
You may already have these things in place. If you are missing one or
all of the above listed prerequisites, then plan on spending some time
and effort meeting these prerequisites.
If you are 15 or 17 or 19 years old, begin now to put aside money for the day you stop working and start living the best years of your life. It’s long been established that “Retirement” is the day you stop working a traditional job.
It’s a day to celebrate the first day when you are free from a paycheck. The truth is that “Retirement” focuses on one stage of life, but not the best stage of life.
December 2015. People used to look forward to stopping work, but in the 21st
Century... getting the traditional gold watch followed by the eternal
vacation and golf 'till you drop is gone.
Retirees used to depend on a pension plan and social security for
income. Unfortunately, pensions and benefit plans have become obsolete,
and many investments meant to take their place dropped in value with
the financial implosion of the last three years.
Retirees today face investment losses, low interest on savings, and
according to the latest reports — a reduction of 50% or more in the
value of their home… which ends plans to sell the big family home, buy a
smaller retirement home and add the rest of the profit to a retirement
nest egg. Some won't see the lost equity come back in their lifetimes.
To make matters worse, the past recession and current slow economy has
wreaked havoc on many. The price of basic living is not going down.
Jobs are scarce, especially for those 50 and over.
How Are You Going to Pay Bills?
November 2015. Retirement typically coincides with deterioration of a person's health
because of being an older age and poor health often plays a major role
in depression. The good news is that healthy elderly and retired people
are as happy or happier than when they were younger.
Retirement in itself may not contribute to depression but rather the lack of money or quality of life.
Due to failing health, many people in the later years of their lives
require assistance and some need extremely expensive treatments that
must be provided in a nursing home. Those who need care, but are not in
need of constant assistance, may choose to live in a retirement home,
but once again income and money on hand is the deciding factor.
How are you going to pay bills when you can no longer work?
August 2015. Of course, the ideal situation is that anyone aging remains able to
cope with the responsibilities of home ownership. He or she or they
will be able to take care of themselves and live safely where they are.Wise
Older Americans are unlikely to remain healthy enough (and sufficiently
independent) to go it alone indefinitely. Moving in with family may be
the only option, because assisted living facilities average $3,261 to
$6,390 per month.
These numbers are a bit frightening. The closer you get to being 50
years and older, the higher the probability is that the work you now do
will be done by someone younger. You will find yourself with a serious
reduction of income, and you will likely have a need for health care
you didn't plan for.
The fact is that adult children probably won't be able to ride to the
financial rescue for their parents: They have their own bills to pay
for, the mortgage and they have to save for their own retirement.
June 2015. How will YOU pay for healthcare when you need it most at age 62, 67 or
70? I know it's difficult to relate to being that age, but like it or
not, you can count on the fact that you are going to need some sort of
healthcare in your old age.
Health care costs are not budget friendly and out-of-pocket even with
Medicare are high including the cost of supplemental insurance
premiums.
Will you have Medicare in 20 years or will you need to pay for your own healthcare insurance premium?
Medicare is a government sponsored and mandated health care program for
Americans 65 years and older. Medicare was enacted 50 years ago in
1965.
In 2010, Medicare provided health insurance to 48 million Americans—40
million people age 65 and older and eight million younger people with
disabilities.
In 2011, Medicare provided health care for 44 million seniors and that number grew to 52.3 million in 2013.
According to every known source -- in fiscal 2019 -- only FOUR years
from now - the Medicare Hospital Insurance Trust Fund will become
insolvent . Empty. Vacant. Zero. There is no backup plan in the law to
ensure that hospitals continue to be paid when the fund is depleted.
This means YOUNG people should NOT count on Medicare, because even if you have Medicare, it will be more limited than it is now.
US News reports, "We are seeing people [who have Medicare] with a 20
percent co-pay requirement who are not able to pay the 20 percent for a
hospital stay or a series of doctors' bills for a serious illness ...
It's often already a choice of either food or medicine."
Without Medicare -- even with limited Medicare -- you need to add
insurance premiums to your budget. According to the ‘Cost &
Benefits of Individual and Family Health Insurance Plans’ report,
released today by eHealth, Inc, the average premium paid for individual
health insurance coverage in the United States in 2011 was $2,196 per
year ( $183 per month ); couples paid an average annual premium of
$4,968 ( $414 per month ).
The report also found that the average deductible for
individually-purchased health insurance plans in 2011 was $2,935 for
individuals and $3,879 for couples.
When you do the math on what you are going to need to live on in the
last 20 and 30 years of your life… ADD a big premium for health
insurance -- and savings to cover the deductible. I could cry.
Every American must have a realistic plan for the future and must absolutely stick with it.
You want self employment to give you extra money for now and later.