Finance Globe

U.S. financial and economic topics from several finance writers.
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3 Alternatives to Traditional Retirement Saving

When it comes to saving for retirement, you know one thing to be true: more is always better. While this may be the case, some people don’t have enough time or earn enough money to reach their goals.

If you find yourself struggling to save enough cold hard cash for retirement, there are other things you can do to improve your situation.

Here are three alternatives to traditional retirement saving:

1. Retire debt free. Are you able to eliminate most or all of your debt before retirement? If so, you will not require as much money on a monthly basis to make ends meet. From your mortgage to car payments to credit card debt, consider what you can wipe free before you hang it up for good.

2. Work part-time. This may not be your idea of fun in retirement, but it is a strategy to consider if you have not saved enough money. When you work part-time you can generate enough money to supplement your traditional retirement savings. On top of this, you may find that you enjoy staying involved in the working world.

3. Make a move to a cheaper area. If your money won’t go far in your current hometown, don’t shy away from making a move. You can stay in your current country or move to another. Either way, it is likely that there are cheaper places to live, meaning your dollar will go further.

It would be ideal to save millions of dollars while working, knowing that you can rely on this money in retirement. But for many, this is not realistic.

If you don’t have enough cash in your retirement accounts, consider if the three options above could work in your favor. You may find that these alternatives to traditional retirement saving are right up your alley.
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Sunday, 10 December 2023

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