A new study focuses on the savings rate that people in a workplace retirement savings plan need in order to achieve a more secure retirement.
Los Angeles-Long Beach, CA (PRWEB) February 08, 2014
In an article published on February 4, 2014 in the website of Debt Consolidation USA, the debt relief company revealed a retirement problem that some consumers are facing. This problem is forced retirement. This means consumers are forced to retire before they are even ready. Although a lot of people would want to retire early, it is not when they are still lacking in retirement funds. With the rising cost of living and the expensive health care cost, it leaves retirees with inadequate money to finance their needs.
The article titled “Retirement Problems: What To Do When You Are Forced To Retire,” discussed that although retirement planning is effective, it does not always come out as planned. There are certain events that will disrupt the plan like the rising inflation rate, the shaky housing market or the economic crisis. The article focused on the combination of early retirement and lack of funds to retire comfortably.
Debt Consolidation USA discussed that this is a reality for a lot of individuals. And to help them cope, the debt relief company provided some tips that will hopefully make their meager retirement funds last.
The first advice given by the article involves studying their finances carefully. The retired individual is advised to look at how much they have saved over time - regardless if it is short of the target amount. After that, Debt Consolidation USA encouraged consumers to look at possible benefits that they will receive - primarily Social Security benefits.
In case the benefits will not be enough, the article suggested that retirees should consider downsizing their lifestyle. An option provided by the article is for retirees to consider joining the Tiny House Movement. This extreme downsizing can hopefully help the consumer stretch their limited retirement fund. The goal here is to make the fund outlive the retirees.
Lastly, the article mentioned that the possibility of working while in retirement may have to happen. If the funds will really not last, the consumer has no choice but to look for work. The article encouraged retirees to find a type of work that they enjoy doing to keep it from ruining their retirement lifestyle.
The article also provided suggestions as to what jobs will work best without removing the fun out of retirement. Click on this link to read the whole article from the Debt Consolidation USA website: http://www.debtconsolidationusa.com/personal-finance/retirement-problems-forced-retire.html.
To find more articles about debt and personal finance, visit the Debt Consolidation USA website. They have uploaded hundreds of articles to provide consumers with information that will help them with their pursuit of financial literacy.
Read the full story at http://www.prweb.com/releases/2014/retirement_planning/prweb11556812.htm