My previous posts on barriers to retirement met with concern and dismay. This post provides suggestions and ideas that will overcome the barriers to employment listed in the pervious posts. You may implement the ones you find applicable to your situation. I hope you find them helpful.
Solutions to the Barriers
I will restate each of the barriers and offer 1-2 solutions to each one:
- Vanishing Pensions
- Consult your human resource or benefits specialist about pensions
- Contribute at least as much as your employer will match in contribution
- Add as much extra as possible to your 401K or Roth IRA
- Identify potential employers that offer pensions, 401Ks, or Roth IRA’s
- Open a Roth IRA or retirement account through a credit union or bank
- Social Security Uncertainty
- Plan on other retirement income rather than Social Security exclusively
- Evaluate your social security benefits regularly
- Ensure that no one else uses your Social Security number
- Elect officials that will strengthen and protect social security plans
- Lack of Home Equity
- Stop refinancing your home in a way that extends your mortgage
- Do no include additional debt (debt consolidation) into your refinancing
- Pay additional payments to mortgage principle each month
- Reverse the trend to buy bigger more costly homes for smaller ones
- Lack of Savings, Lots of Debt
- Pay yourself up to 10% of your salary each paycheck
- Avoid credit card debt and pay it off every month if you do
- Pay cash for as many purchases as possible
- Use Pinching Your Pennies.com or other methods to save on spending
- Take a finance class Dave Ramsey, Suze Orman, Clark Howard, or other
- Jeopardized Investments
- Recognize that the current economic situation will not last forever
- Get the opinion of 2 or 3 sources before investing financially
- Diversify investments into bonds, low cap, mid cap, and high cap funds
- Working and Bridging
- Decide on service opportunities that would interest you
- Keep your skills current so that your company will still want you
- Build relationships with people of all ages, backgrounds, and beliefs
- Exercise and maintain good health practices to remain fit throughout life
Monday we will review additional situations at work to explore ethical questions
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