• Question
  • Just curious how screwed I am. If i continue the way i am. lol

    Asked by a 36 year old man from Nichols, NY on 9/29/2012

    Just curious how screwed I am. If i continue the way i am. lol

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  • Categories: Retirement Planning, How Much Do I Need?

Answers

  • Editorial 

    Editorial 
    NewRetirement

    San Francisco, CA

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  • Good for you for the "LOL!" As Bill Cosby said, "Through humor, you can soften some of the worst blows that life delivers. And once you find laughter, no matter how painful your situation might be, you can survive it."

    Well, if it is any consolation, you are not alone in feeling unprepared for retirement. I don't have access to your financial profile, but hopefully our automated retirement calculator was able to give you some interesting information.

    I can offer some general guidelines. Most experts agree that the most effective ways to make retirement finances work include:

    ----> Delaying Retirement: There are three key benefits to delaying retirement. You can: 1) Dramatically increase your monthly Social Security benefits for retirement. 2) Contribute more money to your retirement savings accounts. 3) Reduce the period of time in retirement when you are relying on those savings. Seventy four percent of all households who retire at age 62 fall short of having adequate assets for retirement. Delaying retirement to age 67 dramatically reduces this figure to 47 percent.
    ------------------ More about benefits of working: http://www.newretirement.com/Services/Working_In_Retirement.aspx

    -----> Taking a Reverse Mortgage: The typical U.S. household approaching retirement has nearly $140,000 in home equity making it the largest asset outside of Social Security. Reverse Mortgages allow those age 62 and older to extract their home equity while remaining in their home.
    ------------------- Estimate your Reverse Mortgage loan amount here: https://www.newretirement.com/Services/Reverse_Mortgage_Calculator.aspx

    -----> Controlling Spending: There is more than one way to retire with financial security. Reducing your day to day expenses can be more effective than increasing your assets or income. And, if you cut your budget while still working, you can add those savings to your retirement nest egg for even greater security.

    We wish you the best of luck!

  • Login to rate this answer:   Answered on 10/3/2012
**All above answers are provided as general information only. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or CERTIFIED FINANCIAL PLANNER™ as to your unique financial situation.