People have a very personal relationship with their money, especially in the Western world. And it is not hard to see why.
There is frequently a sign of = stuck between having money hand having freedom to do whatever one might desire.
However, having sufficient funds safely tucked away on our bank accounts becomes essential once we enter the so-called golden age.
There is often a feeling of vulnerability, even fear, once people reach a certain age as most of us are aware we will need more in terms of health care or just help in general.
Sadly, it is often that vulnerability combined with the need to feel safe and protected in our autumn years that could lead to bad financial moves.
Pensioners are More Prone to Being Scammed
Statistics can be great, but those pie charts and graphs can also be scary, especially when they show just how easy it is to fall prey to various scammers. This, sadly, is especially true for people who are retired and want to put just a few more coins away.
With many retired people being Internet-savvy, online trading ads promising an easy profit can seem like a great idea to a pensioner living on a shoestring budget.
Nonetheless, this is a risky business with frequent and sudden market strings and seeing this as a solution to make and save money should be reconsidered. And while binary options trading can be both profitable and fun, it does require knowledge as well as skill.
This industry is also susceptible to scam, with many unregulated brokers swindling hopeful traders out of thousands of pounds.
In fact, it has been reported that scam brokers managed to empty the entire retirement funds of traders eager to turn a profit. However, if you are seriously considering to invest in online trading, do yourself a favour and pick a regulated broker with a stellar reputation.
Tricks to Stretch the Retirement Savings
For those who are looking into stretching the funds you already have a bit further, several simple tricks might provide you with more to work with.
Naturally, it would be ideal to work as long as possible, if your health and circumstances allow for it. Still, if the full-time job is not an option then think about some part-time solutions which you could manage and pocket some extra money along the way.
Working into your golden age has another advantage as well – you will feel better as an active member of the society.
Another good advice is to put off collecting your social security benefits. The calculation is simple – the longer you wait, the more you can pocket later on. Ideally, you should wait until full retirement (between the age of 65-67) to start collecting your social security.
Downsizing is another handy solution, be it your house which has become too big or too expensive to upkeep or getting rid of other money-draining items like your car.
As most people today, regardless of their age, use the Internet and social media, it might be a great idea to sell off things you no longer need on Facebook or eBay. Especially if they are vintage and in good condition.
Moving to a cheaper area or even finding a roommate to share the cost of living could be a great idea to save money and stretch your nest egg. This can also be beneficial in terms of the company as many people feel lonely once they retire.
No matter what you decide to do to save money, get informed and don’t make rash decisions based on fear as those could have serious consequences.