Road to Retirement: Preparing for the Golden Years

Nest EggGreat Care remembers the good ol’ days when Americans worked for 35 or 40 years with the peace of mind that when they retired, a golden nest egg awaited. The road ahead was a blissful retirement involving traveling, spending time with the grandchildren, and overall just enjoying life.

Today, reports show many Americans feel unprepared for their golden years.

“Eighty-one percent of those in the workforce are worried about their level of preparedness,” says the latest Country Financial Security Index, which measures Americans’ sentiments of their personal financial security. “Uncertainty looms over working Americans who fear they won’t be able to realize a comfortable retirement.”

Joe Buhrmann, manager of financial security at Country Financial, says money issues are driving dissatisfaction in retirement among the third of Americans who report being unhappy. Once retired, they discover reality overshadows retirement daydreams.

“Many retirees underestimate the cost of their basic living expenses in retirement, and as a consequence spend more of their nest egg just to get by. We also see that some current retirees do not have enough to afford the things they want to do in retirement.”

Some retirement fears include running out of money completely and not having the money to pay for the things they want to do or afford medical and long-term care expenses.

“Their uncertainties are fueled by underlying worries that they might not be on the path to their dream retirement – or that their path could easily be derailed,” says Country Financial. “While 4 in 10 say that not saving enough will be what sets them back the most, 28 percent worry about the loss of an income earner and 18 percent live in fear of another economic recession.”

Not all news is stressful when it comes to retirement, though.

Nearly two-thirds (67 percent) of current retirees are satisfied with their retirement, according to the latest Country Financial Security Index. Those retirees who have fully reached their milestones of saving fully for retirement claim to be happy.

“No one can predict future financial obstacles, but having a well-rounded plan can offer workers peace of mind that they are on track for retirement,” Buhrmann says. “It’s important to save and invest to build your nest egg, but workers should also take steps to manage risks and protect what they have in order to have a comprehensive financial plan for retirement.”

One way to help, Buhrmann says, is to define a dream retirement to best achieve it. According to surveys, Americans most look forward to having the ability to travel more, work less, and have more time to spend with loved ones in retirement. By envisioning those specific goals, for example, and saving money accordingly, a happy retirement can become reality.

“Of those who aren’t living their dream retirement, 57 percent say it’s because they don’t have enough money for the things they would like to do,” Buhrmann says. “For those approaching retirement, it’s important to understand your living expenses first to make sure you are also saving enough to afford additional costs, such as travel.”

But what if you want to save for retirement, but don’t have a 401(k) plan? That’s a common question that arises as job benefits change.  The U.S. News & World Report suggests these pointers:

• Fund an IRA.
• Open a Roth IRA.
• Set up direct deposit.
• Save your tax refund.
• Consider the myRA.
• Claim the saver’s credit.
• Use a taxable investment account.
• Contribute to a savings account or CD.

For more information about retirement savings:

http://money.usnews.com/money/retirement/articles/2015/04/27/how-to-save-for-retirement-without-a-401-k

The professionals at Great Care are available to talk with you and your family about all of your home care needs, including respite care. Great Care is a non medical in-home care agency providing quality and affordable elder care in Fishers, IN and the surrounding areas. Call (888) 240-9101 for more information.

About Julie S.

Julie Sullivan is the Owner at Great Care of Indianapolis, Indiana.
Great Care is a licensed, personal services agency, providing in-home care services to the Indianapolis, Indiana and surrounding areas. We serve the personal health and daily care needs of seniors or individuals who prefer to stay at home, but require assistance with everyday activities, such as dressing, personal hygiene, meal preparation, laundry or errands. Our team of certified nurse aids and home health aids can provide you with personalized, in-home care services to meet your needs, including:
• Daytime hourly in-home care
• Temporary or post-hospital respite care
• 24-hour, around-the-clock home care
• Morning and evening care
• Overnight / Slumber care
In addition, we offer our Care Compass service, to assist in setting the course for the next stage in your loved ones life. We guide you through the currents of aging, and help you find your true north. Our licensed nurses, with experience in hospice and geriatric care, will help guide you through the complex and often sensitive journey of selecting an in-home care service, and will provide a smooth transition to a new way of life for your loved one, without the anxiety and fear.
Our current nursing and management team has more than 75 years of combined experience in the home healthcare services industry. All of our caregivers are bonded, insured and screened thoroughly, so you know you’ll be receiving the greatest care possible. That’s why we stand by our mission: to deliver the same, quality care we expect for ourselves and our loved ones.