3 Ways To Prepare For Retirement When You’re Financially Strapped
While you might have had every intention of saving for retirement and giving yourself the chance to retire with enough money to support yourself when no longer working and provide for your needs like moving into a senior living facility or medical expenses that arise, many people find that, after years of living paycheck to paycheck, retiring might seem like more of a dream than a reality. Thankfully, there are things that you can start doing now, regardless of how long you have until retirement age, to help you be at a better place financially when the time comes.
To help you see how this can be done, here are three ways to prepare for retirement when you’re financially strapped.
Consider Disability Insurance Coverage
When you don’t have a lot of money in reserves, especially in a retirement fund, one of the scariest things to imagine is losing your ability to work. And while this can happen due to old age, it can also happen if you become disabled for one reason or another. So to protect yourself financially from a potential injury or disability making it so you can’t work anymore, you may want to consider getting disability insurance coverage.
While certain disabilities can qualify you for government assistance, if you have supplemental disability insurance options through your employer, putting money toward this each month could be beneficial to you. Especially if the cost is low, being able to continue making money when you can’t work for physical reasons can make a huge difference. This can help ensure that you’re on more solid financial footing.
Think About Jobs You Can Still Do At Retirement Age
Depending on the type of job that you’re currently working, you may be able to continue this work past the traditional retirement age. But if you can’t, you may want to start thinking about jobs you could do at retirement age to help supplement your finances if you aren’t able to fully retire.
For many older people, working part-time or finding freelance work can be two great options that will allow you the freedom to take care of yourself physically by not having to continue working full-time while also helping you continue to make money as you get older.
Work To Get Out Of Debt
The last thing you want to be doing with your money as you’re nearing retirement is having to pay off debt. So to keep this from happening to you, try your best to stop getting deeper into debt now and paying down the debt that you do have.
If you’re able to do this, you’ll free up a lot more money that you can contribute to a retirement fund and use when you really need it.
If you’re having a hard time putting a lot of money toward retirement, consider using the tips mentioned above to help you find some options you could look into.