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PRESS & DAKOTAN
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WEDNESDAY, JUNE 15, 2016
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Retirement Saving For Late Bloomers
Today s young professionals hear about the importance of saving for retirement seemingly from the
moment they are hired. In
addition to discussions with
human resources personnel
about employer-sponsored
retirement plans, young
professionals are learning
about the importance of saving for retirement thanks to
the abundance of financialplanning advertisements on
television, the radio and the
Internet.
Older workers may not
have been so lucky, and
many may find themselves
trying to play catch up as
retirement age draws closer.
While it s important to begin
saving for retirement as early
as possible, late bloomers
whose retirement dates are
nearing can still take steps to
secure their financial futures.
Pay down debts. Eliminating debt is good for men
and women of all ages, but
especially so for those nearing retirement. Substantial
debt may delay your retirement and can greatly reduce
your quality
of life during
retirement. If
you still have
substantial
debt, eliminate that debt
before you
start saving additional money
for retirement.
Once your debt
slate has been wiped clean,
you can then increase your
retirement contributions.
Eliminate unnecessary
expenses. If your retirement
savings are low (many financial advisors now advise
men and women that they
will need at least 60 percent of their pre-retirement
income each year they are
retired), start cutting back
on unnecessary expenses
and reallocate that money
toward retirement saving.
Cutting out luxury items,
such as vacations to exotic
locales or country club memberships, is one way to save
money. But don t overlook
the simpler ways to save,
such as canceling your cable
subscription or dining at
home more often.
Downsize your home.
Many empty nesters downsize their homes as retirement nears, and doing so can
help you save a substantial
amount of money. If the
kids no longer live at home
or if you simply have more
space than you will need
after retirement, downsize
to a smaller, less expensive
home. Monitor the real
estate market before you
decide to downsize so you
can be sure to get the best
deal on your current home.
Downsizing saves on monthly utility bills, property taxes
and a host of additional
expenses. Downsizing also
means less maintenance,
which gives you more time
to pursue your hobbies upon
retiring.
Take on some additional
work. While you may have
long felt you would slowly
wind down in the years
immediately preceding retirement, taking on some additional work outside of your
current job is a great way to
save more for retirement and
perhaps even lay the foundation for a post-retirement
career. Workers over the
age of 50 can be invaluable
resources to startups or
other businesses looking for
executives who have been
there, done that. Look for
part-time jobs that seek such
experience. Even if the initial
jobs don t bowl you over
financially, part-time consultant work in retirement can
make up for lost retirement
savings and may even make
your retirement years more
fulfilling.
Men and women on the
verge of retirement can take
many steps to grow their
retirement savings and make
their golden years that much
more enjoyable.
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Interesting Ways To Enjoy Travel
Research indicates that
traveling is at the top of the
list of interests motivating
today s men and women
over the age of 50.
Seniors are perhaps the
most likely demographic to
indulge their love of traveling. Retirement leaves lots
of time for recreation, and
many choose to spend that
time on the road. Travel also
can be improve adult longevity, says geriatricians at the
University of Arkansas.
Those in the travel industry understand that men and
women over 50 comprise
a large percentage of their
customers and have catered
many travel packages toward
this influential demographic.
The following is a look at
some of the more popular
travel opportunities for men
and women over 50.
Genealogical tourism:
This is one of the fastestgrowing markets in vacation
travel. Genealogical tourism
involves individuals traveling to areas of historical significance for their families,
such as churches where past
relatives may have married
and villages where grandparents or cousins once resided
or were employed. This
can create a tangible link to
one s past and open up more
opportunities to learn the
varied genealogical history
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