Are Generation X Retirement Plans Going To Give Them The Lifestyle They Have Been Working Hard For?
Are Generation X retirement plans in a healthy state? There are millions of Generation X members around the world who are worried about what they are going to do when the day comes when they want to retire.
With that said Generation X retirement plans have two options. Carry on working through your retirement date or start to contribute more to your pension pot.
The first option is a hard decision for people to make but an easy option to actually implement. I know lots of people who have had to take this option.
This can be because the pension plan has either collapsed or has not returned as much as they were promised or they simply started contributing too late in their working life.
This can be a result of the expense of bringing up a young family, mortgage payments e.t.c I myself have only just started my pension contributions after 24 years of my pension plan being frozen for that exact reason.
I am now 48 now so although I lost those years at least I am now contributing again at a higher monthly amount to try and claw some of the deficit back.
My dad did not start until he was 50. His pension gave him a comfortable life but never had that extra to do everything that he and my mum wanted.
Also where I am from which is the UK the pension age for the state pension keeps going up. For men it used to be 65 but now is 67 and for women it is 66 instead of 60. So having your own pension plan is vitally important otherwise we may have to wait until we are in our 70’s to get any form of pension.
So the upshot is that people are having to work longer in the years where they are supposed to be enjoying themselves.
So if you don’t like the thought of the 1st option of working through your pension retirement date then you will have to go for option 2.
That is paying more into your pension pot than you are doing now. This could be starting from scratch or upping your current contributions.
So how can you do this? You have a few options at your disposal. Some of them you will not like but there are some that may interest you. More on that in a while.
So how can you generate more money for your generation x retirement plan? First look at what you earn and spend per month. There will be things that you have to pay like mortgage and rent which can not be reduced.However there are ways to tighten your belt.
Here Are Some Ways To Top Up Your Generation X Retirement Plan
- Your utilities. Turn your heating down in the winter and put an extra layer of clothes on. Also conserve water to save money.
- If you have car finance then sell the car and get a cheaper on with no payments.
- Satellite television or Paid television – Stop your subscription.
- Hobbies & Interests – If you are a member of a gym, spa or golf club then cancel your membership.
- Eating Out – If you go out once a week and eat out only go out at the end of the month.
- Get A Second Job – If you have got time after working 40 – 50 hours a week in your main job you could work evenings or weekends in a second job. By doing this then you may as well cancel most of what I have said because you won’t have the time to enjoy yourself anyway.
Now I am sure that there are more things you could cut out of your life but do you really want to? You can either carry on the way you are and enjoy the now and not look to the future or maybe there is another option.
Before I go into that you need to think ahead and decide the lifestyle that you want you Generation X retirement plan to give you.
Lifestyle is the key word. As I have mentioned I have started my retirement contributions again. Also what I am doing is creating a lifestyle to enjoy the now and future.
I made the decision to relocate countries. I used to live in the UK but I know live in Cyprus and I work on my balcony with sea and mountain views. Basically I work from home.
Now you don’t have to move countries but you can look at the option of working from home. Also you could do this in the evening instead of having to take another job which takes you away from home.
This gives you the opportunity to keep all the luxuries that you have in your life as well as earning an additional income to put towards your retirement.
So if this interests you then have a look at what I am doing. You can do this by clicking the image below to receive a 7 day video training series and $350 worth of online business education.
To your success.
Digital Marketer & Home Business Coach
Six Figure Mentors Elite Member