Retirement is seen as a time to enjoy the finer things in life. Many plan on international trips, golfing every day, and living a little more luxuriously. What they don’t take into consideration, is that they will no longer have an income to replenish what these grand plans use up. Some retirees need to rethink their retirement plans and look at it a little more realistically.
Instead of increasing expenses, it is more beneficial to downsize. Moving to a less expensive residence and taking a long look at what expenses they could cut might make them feel better in the long run. A little reimagining could be the difference between living comfortably the next 20 to 30 years and feeling panicked at the lack of money in their bank account.
Of course, a way to keep those luxurious plans alive is too bump up retirement savings. Soon-to-be retirees can look into investment opportunities and try to increase what they have already saved. Self-directed IRAs can help by offering more options for investing and increasing savings. But the key here is to still be honest with themselves. Waiting until the last minute to do this won’t help much.
Mountain West IRA offers different types of plans to help everyone find the one that fits their financial situation. With self-direction, those planning for retirement have many more investment options including real estate, precious metals and more. They can help build the ultimate retirement machine.