Social Insecurity: How to avoid being broke beyond retirement

Enjoying your “Golden Years” might be a lot more difficult if you’re struggling to stay afloat post retirement.
A growing trend in the United States puts retirees in the unenviable position of attempting to live comfortably after they’ve decided to call it a career. The transition from 40 hours per week to living off the wealth and savings you’ve amassed during your time working has been anything but seamless for a generation of hard workers who find themselves flirting with poverty or forced to go back to work in some form or fashion.
That sad tale has transformed from the exception to the norm. A shocking number of retirees or those ready to retire in the next decade don’t have the kind of money set aside that they’ll need to live out the rest of their life without fear of foreclosure or bankruptcy.
The first mistake that demographic makes is the assumption that Social Security will be enough of a monthly income, in addition to what money they have saved. That fact is incredibly narrow minded and shortsighted, especially if you’re approach the age of 62 and are still carrying debt or paying off your house or car.
Social Security is only a piece of what should be a much larger retirement puzzle as you approach your post work lifestyle. That memo needs mailed out to the masses, particularly the age groups that should start thinking about their retirement at this very moment.
If you don’t already have a 401K or IRA either on your own or through your job, you should strongly reconsider participation, especially if the company matches what you’re putting in as well. It’s hard to imagine anyone balking at the idea setting aside a pretax percentage of your pay, plus what your employer adds to that total.
Let’s say you struggled to save money your entire life, and you’ve convinced yourself that Social Security and the little you do have is going to cut it. That blueprint is a recipe for disastrous results, which is why you should turn your financial misgivings over to a professional to put you on track and make investment suggestions.
And if all else fails, just employ a little bit of logic, and reassess your necessities versus luxuries and start prioritizing accordingly. Eliminating a few spa treatments or extravagant vacations now will afford you the opportunity to breathe much easier money wise later.