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My parents aren't alone — many seniors worry about running out of money. I spoke about this fear with Michele Cagan, a CPA and author. Heris "Retirement 101: From 401 Plans and Social Security Benefits to Asset Management and Medical Insurance, Your Complete Guide to Preparing for the Future You Want.
In addition, not everyone needs the same amount of money in retirement. Factors like whether you own your house outright and the cost of living in your area will impact how much money you need to save. Make a retirement plan that takes your circumstances into account."There are other things you can invest in besides the standard stocks and bonds that can add differentiation," Cagan said. She suggestedInvestments go up and down over time.
"A scarcity mindset also makes people afraid of locking up their money, which, with retirement accounts, you often have to," she added. because you can access the principal before retirement without penalty. If even that is too much for you, you can save money in a regular investment account or money market account. It will still be there for your retirement.
If you're dealing with parents or other older relatives who have anxiety around money, she suggests you start by listening to their fears. We moved them to a great retirement community near my sister. We also contracted with an elder care law firm to help draft estate planning documents and get services for them while we prepared for the move.
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Millions of Americans cannot imagine owning a home let alone having tens or hundreds of thousands in savings. The grim poverty of 'retirement' - a luxury increasingly rare as our aging workforce shows - is living on a $1100 social security check and SNAP
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