web analytics
April 23, 2014 / 23 Nisan, 5774
At a Glance
Blogs
Sponsored Post
Spa 1.2 Combining Modern Living in Traditional Jerusalem

A unique and prestigious residential project in now being built in Mekor Haim Street in Jerusalem.



How to Retire When You Don’t Have Enough Money

Douglas Goldstein

Douglas Goldstein.

Share Button

Very often, life doesn’t turn out the way you expect it. For example, over the years you may have dreamed of having a certain income or level of savings when you retire. For various reasons, however, that has not happened. Maybe certain things occurred within your personal life that meant that you had to spend the savings that you worked so hard to accrue, such as a serious illness, major, unexpected repairs to your home, or more. Perhaps you started investing too late, or you put your money into investments that did not bring you the returns that you anticipated. Or maybe you were just one of those people who spent too much every month.

Whatever the reason, if you reach retirement age and you see that you are not going to have enough money for your anticipated needs, what should you do?

First of all, don’t stress about it. Although this is not the ideal situation, you won’t necessarily end up on the street. There are some steps that you can take to make your life a little easier if your nest egg isn’t as large as you would like it to be:

Keep working part time. Consider partial retirement instead of full retirement. Though older people do not always find it easy to get new employment, there are still places where the experience of a senior citizen is appreciated. Any income you receive means that you will be withdrawing less from your savings account.

Turn down the volume. As you are going to face a cut in your income, learn to cut down your expectations. A trimmed budget doesn’t necessarily mean you need to cut out recreation, just find cheaper or free means of entertainment. Visit the library, not a bookstore. Visiting free public museums, going for walks along the sea front, and offering to take your grandchildren for one afternoon may not be as glamorous as a luxury cruise, but they cost a lot less and believe it or not, they can be just as rewarding.

Pay attention to your spending habits. While some people watch their budgets for most of their lives, there are plenty who don’t. If you fall into that second category, it’s time to change. Start taking note of your budget now, even before you retire, and you will be better able to cope with living in reduced circumstances when the time comes.

Keep up with your investments. If you do have a few investments, don’t panic when you retire and start selling them all. Consult with a financial adviser on how to make the best of the investments that you have and what you can do to make the best of your retirement years under the circumstances.

There aren’t any magical solutions to retiring comfortably without adequate savings, but there are certain strategies you can use to avoid and fix personal finance mistakes.

Share Button

About the Author: Douglas Goldstein, CFP®, is the director of Profile Investment Services, Ltd, a financial planning firm located in Jerusalem. He specializes in working with clients in New York, Florida, and Israel and is a licensed financial professional both in the U.S. and Israel. Securities are offered through Portfolio Resources Group, Inc., Member FINRA, SIPC, MSRB, SIFMA. Accounts held at Pershing LLC., Member NYSE/SIPC, a subsidiary of The Bank of New York Mellon Corporation. Neither Profile nor PRG gives tax or legal advice. Before immigrating to Israel, it is advisable to consult with a tax attorney who is knowledgeable about Israeli law. Doug’s newest book The Expatriates’ Guide to Handling Money and Taxes is available at www.expatguidetomoney.com. He hosts a weekly finance show, Goldstein on Gelt, on internet radio. Listen live or download podcasts. Toll-free from U.S. 1-888-327-6179, Jerusalem: (02) 624-2788. Follow on Twitter: @DougGoldstein or contact at doug@profile-financial.com.


If you don't see your comment after publishing it, refresh the page.

Our comments section is intended for meaningful responses and debates in a civilized manner. We ask that you respect the fact that we are a religious Jewish website and avoid inappropriate language at all cost.

No Responses to “How to Retire When You Don’t Have Enough Money”

Comments are closed.

SocialTwist Tell-a-Friend

Douglas Goldstein
Current Top Story
Palestinian Authority Chairman Mahmoud Abbas. Who will he take to the dance?
It’s Prom Time, and Abbas Must Choose a Dance Partner – Israel or Hamas
Latest Blogs Stories
The IDF is creating a global interactive Holocaust Survivor Commemoration.

The IDF will take everyone’s #WeAreHere stories and create an interactive, dynamic honor to the Shoah survivors.

A woman sits next to the grave of an Israeli fallen soldier on Har Herzl.

Peace, true peace, isn’t up to us. We’ve offered it on gilded platters forever. Nothing we do will bring peace to our Land.

Community Surveillance.jpg

The Justice Department allows the FBI to use demographic mapping, but the NYPD no longer can.

The Trophy System creates a protective dome which shields tanks from anti-tank missiles.

Check out the IDF’s most innovative weapons (at least the ones they can tell us about.)

When will the State of Israel decide the Palestinian Arabs are a hostile enemy and treat them as such?

Like Hamas, Hezbollah also builds tunnels. Those tunnels pose a serious danger to IDF border patrols.

Visa has ads in an Egyptian magazine in which a story describes Jews as vampires. And worse.

World Council of Churches expresses solidarity with “Palestinians” ‘languishing’ in Israeli prisons.

The Seder: We starve (during the sometimes endless recitations and discussions) and we feast.

The unique skills of people on the autistic spectrum adds great breadth to IDF intelligence work.

Passover is a road that we still travel, a long journey from slavery to freedom.

In Iran, 131 offenses are punishable by death, including blasphemy, adultery and homosexuality.

Women must eat Matzah on Pesach too but that is also a time bound positive commandment.

Pro-Israel leaders on campus are as important as the troops in the IDF and professional hasbaraniks.

The seder reminds us of our freedom now that we are home again in the land of the Nation of Israel

IDF helicopters are ready to act on a moment’s notice to defend the State of Israel.

More Articles from Doug Goldstein, CFP®
Doug Goldstein, CFP

Factors that you need to take into account when deciding whether to rent or buy a home.

Doug Goldstein, CFP

The president of the Cambridge Satchel Company talks about the exponential growth of her company.

He won the Nobel Prize for chemistry, now Dan Schechtman wants to be president of Israel.

gnite Social Media created social media programs for companies such as Microsoft, Nike and Disney.

Learn how to navigate the new business paradigms so customers can find and purchase your products.

Stable banking systems: by design or by default?

In the first part of this week’s podcast, Diane Coyle, professor of economics at Manchester University and author of GDP: A Brief But Affectionate History and The Economics of Enough, talks about measuring economic progress. What is the GDP (gross domestic product), and is it really an accurate benchmark for understanding economic performance? Find out […]

    Latest Poll

    Now that Kerry's "Peace Talks" are apparently over, are you...?







    View Results

    Loading ... Loading ...

Printed from: http://www.jewishpress.com/blogs/goldstein-on-gelt/how-to-retire-when-you-dont-have-enough-money/2012/08/30/

Scan this QR code to visit this page online: