5 Years From Retirement

By Margarita McDowell

How are you feeling being just 5 years from retirement? Are you smiling and looking forward to retirement living or are you frowning and worried about your retirement years.

For 95% of people (these statistics have been the same for 50 years +), their retirement funds are inadequate to carry on a decent life. Only 5 out of every 100 people have sufficient in their 401k retirement plans.

Decrease Your Spending Pay cash not credit. Credit card debt is running away. It's way too easy to buy things on credit and pay off someday. Well someday never comes for most people and you are left paying for goods and services you probably never needed in the first place with a hefty 19% interest charge on top. Pay cash for what you really need.

Increase Your Income Ask for a raise. In a tough economy, it's difficult to get a pay increase. Bosses think you are replaceable because there are plenty of suitably qualified people to take your place. It is an option but don't get fired! Get a part time job. If jobs are scarce then it's hard to get extra work. But if not, then a part time job can add to the family budget. It usually means working late at night or on weekends, which in turn takes you away from your family. You are trading money for time and no employer will pay you more than they think you are worth. Once again there is plenty of competition just waiting to take your job.

Can You Increase Your Income And Decease Your Spending At The Same Time? If you are 5 years from retirement and want to increase your income and decrease your spending, it can be done. It requires a change in your thinking though.

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