Many of us are depending with trepidation on Social Security for our retirement years. It’s not that we want to depend on Social Security; it’s that we don’t have any other option. We don’t have retirement from the companies we’ve worked for; we don’t have fully-funded retirement accounts; and we don’t have the money we need sitting in bank accounts or investments.
The problem is, Social Security was never intended to be the only source of retirement income for senior citizens. The plan was based on providing 40% of a retired person’s income, not 100%.
Yet it is often a much higher percentage of a retiree’s total income, simply because they don’t have other sources.
With this in mind, it just makes sense to get the most out of your Social Security benefits. That means getting the biggest payments possible, so that you have enough to live on.
Let’s face it, prepping can get expensive. I don’t care who you are, unless you have a rather sizeable income, trying to be prepared to survive a disaster is going to take e sizeable chunk out of your budget; that is, unless you are extremely careful with your money and know how to make the most of it.
Most of us who call ourselves preppers aren’t wealthy. Oh, there are wealthy preppers; but for the most part, they’re the ones who are buying their survival retreats in New Zeeland or buying a private island.
While they may read some of the same materials you and I read, their idea of prepping is a whole lot different, simply because they can afford to do things that you and I can’t afford to do.
Of all the challenges facing us for retirement, financial challenges are very likely the greatest. Times have changed since our parents’ generation, and so most of us Baby Boomers don’t have the retirement packages that our parents had.
Oh, the companies we worked for might have talked a good talk, but when it comes down to it, what we thought we might get and what we will really get may not be anywhere close to the same thing.
So how are we going to make it though our retirement years?
If you’re anything like me, retirement is just around the corner, sneaking up on you. We’ve tried to put it off and pretend that it isn’t there, and everything is going to be just fine once we retire.
Some of us might even have some idealistic dreams about having time for travel or for our hobbies once we retire, but there’s always something missing from those dreams. That something is the money to fulfill them.
Can we be honest for a moment? Most of us really aren’t at all ready for retirement. We’ve ignored all the advice from the investment and retirement gurus and don’t have the million dollars of savings that we’re supposed to have in order to retire.
We’re lucky if we have a few thousand dollars stashed away for a rainy day. Worse than that, we’re in debt up to our eyeballs, after decades of living on 110% of our income.
Let’s look at some of the ways you can help your budget survive retirement!