According to a recent article “Retirement Planning Fears: Tips for Older Americans Losing Sleep” in the Huffington Post, if you are over 50 and are concerned about not having enough money when you retire, you are not alone. The article provides 4 key tips to conquer your fears:
- Decide to take control of your financial situation;
- Understand what you make and what you spend on an annual basis;
- Develop a plan to address your financial situation (eg. to reduce expenses, increase savings); and
- Adjust your expectations for retirement that better reflect your financial situation (eg. will you work longer before you retire or work part-time when you do retire).