This is a guest post by Jane Smith.

For most people, a savings account usually consists of all the money they would ever need to save. This would cover emergency funds, travel funds, big purchases, education funds, and whatever else you feel is necessary. For those incredibly savvy savers, you might also have a good number of CDs (Certificates of Deposit) and investments on the board too for those long-term savings goals.

My savings organization was definitely this simplified (if not more simplified) for a while, and now that I’ve maintained multiple savings accounts, I cannot stress to you how much of a pain having one main all-purpose savings account was. While it is nice to simplify your finances, fact of the matter is that you will have multiple savings goals, and separating one savings account into multiple goals in your head can be a huge pain.

The Beauty of Multiple Savings Accounts

While the idea of spreading out your savings is nothing new, I find that most people are unaware of the concept of having multiple savings accounts. The advice usually applies more to CDs and investments, but what about short-term savings goals that you can achieve in less than a year (such as a vacation or big purchase)?

Before you write this idea off, thinking that you don’t want to have to login and manage multiple accounts, keep in mind that many online banking institutions (like ING Direct, FNBO Direct, and Ally Bank) allow you to create multiple high-yield savings accounts and manage them with just one login and no extra paperwork. You can just create one online account with the click of a button.

So what makes having multiple savings accounts so great? Well, instead of segmenting one lumped savings account into multiple goals, I can just create a new savings account for each goal. It cuts down on a lot of mental frustration for those not mathematically inclined (such as myself). Best of all, having multiple savings accounts works seamlessly with Mint.com’s goal-tracking feature. So not only will you know how much many you have saved for each goal, you can also tell whether or not your savings goals are on track and which are behind.

Things to Keep in Mind

Particularly when it comes to online savings accounts, you should consider that actually withdrawing your cash can take a couple days. This is due to federal regulations surrounding bank to bank transfers, so if you’re used to having a linked checking and savings account on the same bank (which typically don’t offer multiple savings accounts), you may miss having instantaneous access to your savings. Keep in mind that some of these online banks offer linked checking and savings, allowing you to withdraw from savings more quickly. Even then, you will likely have to use multiple ATMs (and give your bank a call in advance) if you plan to take out a lot from your savings.

Author Bio:

This is a guest post by Jane Smith from background check. She is a Houston based freelance writer and blogger. Questions and comments can be sent to: janesmth161 @ gmail.com

Post from: Senior Money Memos

How to Organize Your Savings

Technorati Tags: atm, online banking, Savings account

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Health Canada points out that oral health is important at all stages of life, especially since older adults and seniors are keeping their teeth longer than ever before. Most experts agree that maintaining proper dental health is critical to the health and wellbeing of senior citizens. Recent studies have linked certain dental problems like periodontal disease to strokes, diabetes, respiratory disease, heart disease and more. Plus, despite being preventable, periodontal disease and tooth decay (cavities or caries) are the leading causes of tooth loss in seniors.

However, older adults may have less access to oral care services and dental professionals because of lower incomes and/or a lack of dental insurance.  The Academy of General Dentistry (AGD) confirms that dental insurance can be helpful to patients in defraying the costs when paying for dental treatment. Insurance, however, can sometimes be a double-edged sword and it is important for consumers to investigate what plans will keep them and their families smiling in the future.

Discount dental plans for seniors are a great dental insurance alternative. Plus, since they are not dental insurance plans, seniors don’t need to worry about paperwork hassles, health restrictions or annual limits. Everyone is accepted!

Participating dentists have agreed to accept a discounted fee from discount dental plan members as payment-in-full for dental services performed.  Individuals pay a monthly premium that provides basic coverage for exams, hygiene cleanings, root canals, orthodontics, etc.  The discount dental plans for seniors available from DentalPlans.com are a great way to save at the dentist if you don’t have dental insurance.

Post from: Senior Money Memos

Oral Health Is Critical For Seniors

Technorati Tags: dental, dental plan, insurance

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This is a guest post by Biljana Dimovska

Summary

This article explores the recent HSBC bond mis-seliing, how it affected those saving for care home fees, and explains how to avoid getting caught out.

Stories about care home fees are pretty common in the news at the moment. There are some serious concerns in the UK, as it has an ageing population and the amount of investment required for care of the elderly is likely to increase significantly over the next few decades. There are suggestions that people should do more, wherever it is possible, to put money aside for their own care in old age.  The fact is that many people are turning to different types of investment in order to make sure that the money is available when they need it.

It’s a sensible precaution for those who can afford it, but unfortunately some investors have found themselves either out of pocket or unable to get at the funds when they need them because they were given poor advice by their financial advisors. A number of these investors have, however, since been compensated for being mis-sold to, so don’t panic if you find yourself in this position – there are things you can do.

A recent high-profile case involved a company that was bought by HSBC in 2005. This company specialised in selling investment bonds to people on the presumption that the investment would pay or go towards any care home fees that may be needed in later life.  The problem was that the bonds they sold were entirely unsuitable for the clients and in addition important information was withheld. While the clients were making an average investment of over £100,000 each, they weren’t told that the money needed to be locked away for at least 5 years to generate a good return.  Any period shorter than that would result in hefty penalties and the likelihood that the amount returned would be less than the initial investment. Add on to that the fact that the average investor was over 80 years old and likely to need the money within 5 years, and it became a recipe for disaster.

Fortunately for those who invested in this particular product, the Financial Services Authority responded to the complaints of mis-selling and carried out a full investigation. HSBC were given a record fine and ordered to pay compensation to the victims, or their estates if appropriate. It is unlikely that HSBC are the only company who have been involved with this kind of problem though, and the chances are that we’ll see many more similar cases before the issue is properly resolved. In the meantime, you can try and protect yourself.

The best way to avoid these problems is not to get caught out in the first place. Make sure that the terms are suitable and that the financial advisor has sold you a product which is suitable for paying for nursing home fees, i.e. the funds are accessible when you want them and there is no lengthy tie-in unless you’ve agreed it. Even forearmed, though, problems may occur so if you or any relatives have already invested you may be able to request a review to ensure the investment suits your needs. Consult a specialist for advice if you are in any doubt.

Author Bio:

Biljana is a blogger exploring the topics of nursing home fees and the care provided for this population in the UK and worldwide.  She is trying to find better ways to cover care home fees and publish useful advice about this topic.

Post from: Senior Money Memos

Care Home Fees – An Investment Scandal

Technorati Tags: care home, Financial Services Authority, HSBC, investment

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This is a guest post by Teena Celis.  Although it applies to US citizens, citizens in most other countries will find the ideas useful.

The rising costs of everyday commodities are causing people all over the world to cut back on their expenses. Disposable incomes are getting limited; it’s getting tougher for people to make ends meet. 59% of available senior income is going towards housing and health care. This means there’s not much left over for food, transportation and other needs. How does a senior person save money in this kind of scenario?

Look For Senior Discounts

1. Don’t be afraid to ask for senior discounts for airline, bus, train, boat and other fares. Check online on the transport website for discounts.
2. Apply for an AARP card (http://www.aarp.org/benefits-discounts/) to become automatically eligible for accommodation discounts.
3. Check with credit card companies if you can get 50% off on interest rates, with no annual fees for your age.
4. Call your power company to ask for discounts for turning up the heat, adding insulation, and weather stripping, free energy assessment and so on.
5. Check for local grants for home improvements, infrared heaters and space heaters to keep your home warm.
6. Combine home and auto insurance with the same agent to obtain lower rates and ask for a senior discount on top of it.
7. Buy your fluorescent bulbs from Home Depot and Costco to enjoy rebates and a 6 pack for the cost of 2 bulbs.
8. Many stores and restaurants offer special discounts for seniors on certain days of the week; be sure to check.
9. Offer to pay your bill for 6 months at a time and obtain discounts for services such as your phone, cable and internet bills.
10. Take a defensive driving course and check with your auto insurance company if you can raise your deductibles.
    

    Save On Medical expenses

11. Medicines cost similar rates for dosages that are close, such as 5 mg and 10 mg. Invest in a pill splitter and split higher dosage meds in half and save money every month.
12. Buy diabetic and specialty supplies online to save money. Check auction sites for better rates when it comes to medical equipment.
13. In case your medical insurance does not cover certain expenses, ask your doctor if you can get a discount for paying in cash.
14. Check your insurance plan to see if you can avail discounts by ordering six months’ worth of routine medications at once by mail.
15. If you are not medically insured and are not eligible for Medicare, check if you are eligible for state-administered Medicaid programs. See http://www.cms.hhs.gov/MedicaidGenInfo for more information.
    

    Leverage Government Discounts and Assistance

16. The U.S. Department of Housing and Urban Development helps seniors and low income families pay their rents. See http://www.hud.gov/renting/index.cfm for details.
17. You can obtain help from SNAP, the USDA’s Supplemental Nutrition Assistance Program to buy nutritious food every month. Check for details on their website: http://www.fns.usda.gov/snap for qualification requirements.
18. The Low Income Home Energy Assistance Program, (LIHEAP) helps pay heating bills, provides energy-related home repairs and weatherization assistance for free. Check their website here http://www.acf.hhs.gov/programs/ocs/liheap.
19. To know about other senior citizen and low income group aid programs, visit http://www.usa.gov/Citizen/Topics/Benefits.shtml.
20. If you limited income, the Medicare Savings Programs (http://www.medicare.gov/contacts/staticpages/msps.aspx can help you increase your Social Security payment and minimize your medical insurance premiums.
21. Based on your eligibility criteria, you can cut back medicine costs via Medicare’s Extra Help and local prescription drug assistance programs.
22. The IRS helps senior citizens reduce $500 to $2000 from their annual tax  through local abatement, circuit rider and work-off programs. See http://www.irs.gov/individuals/retirees/index.html for more information.
23. Check with your state department if you qualify for a free cell phone plan. Each state has its own rules with regard to eligibility criteria.
24. Visit your local U.S. Department of Health & Human Services Eldercare Locator to find out what public benefits you’re eligible for. You can also get your eligibility screened online for free through NCOA’s BenefitsCheckUp® service.
    

    General Tips And Assistance

25. Look up senior citizen specific personal financial management tips and tools by Visa, at http://www.practicalmoneyskills.com/retirement.
26. Look up AARP insurance recommendations if you’re over 50 years of age, for home and car insurance. You can successfully save more than 25% by increasing your insurance deductibles
27. Sign up for AAA, AARP affiliate programs and leverage member discounts for various things. You can do the same with credit card issuers as well. Keep checking their websites for the latest offers.
28. Many stores offer free customer rewards programs; be sure to sign up for these. You’ll get a store loyalty card and some coupons and discounts as well.
29. Clip store coupons from your Sunday papers, or browse coupon sites online. Through clever couponing, you can reduce your expense burden a great deal.
30. Check your community calendar for free events. You can get free entertainment, free meals and free stuff as well.

Author Bio:  Teena Celis is a freelance writer working for Adrenalin, a gift ideas company from Australia.

Post from: Senior Money Memos

30 Money Saving Tips for Senior Citizens

Technorati Tags: AARP, coupons, discounts, government

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This is a guest post by George Gallagher

As 2012 approaches, many people will take time to sit down and think about the goals they want to accomplish next year, things they want to change and improve. If you’re in that number and your list of New Year’s resolutions includes improving your financial forecast, why not do it the SMART way?

What is the SMART Way?

According to an article in JS Online, SMART is an acronym for specific, measurable, attainable, realistic, and timely. When you stop and think about it, those are exactly the qualities any good resolution should have. Let’s take a look at each of those steps individually.

Make Your Goals Specific

When your resolution is just to “improve my financial life”, you’re not being specific. You need to narrow that down into precise goals, like reducing credit card debt, starting or growing your retirement savings, or paying off $5,000 of your student loans this year.

Track Your Progress

When you have specific goals, you can measure your progress. When June arrives, you need to be able to see how much you have accomplished so you know if it’s necessary to tweak your strategy so you can achieve your goal by the end of the year.

Don’t Kid Yourself

If you set a goal that isn’t attainable, you’ve already defeated yourself. If your resolution is not to spend any money on new clothes this year and you’re a fashionista, you’ll never make it. A more manageable goal is to cut the amount you spent on clothing this past year by 25 percent. That allows you to indulge your passion for fashion and reduce your spending at the same time. Attainable and realistic are basically the same concept. If you set your goal too far out of reach, it won’t be long before discouragement takes over and you stop trying, so keep it real.

Create a Time Frame for Your Resolution

Unless you have a specific time frame for accomplishing your goal, it’s easy to put it off. Break that goal down into even smaller goals. Instead of saying you’re going to eliminate your past due medical bills by the end of the year, figure out how much you will need to pay each month to make that happen and then build it into your monthly budget. That way you get started heading in the right direction without procrastinating.

Add a B to that Acronym

The article at JS Online is an excellent one, but when it comes to financial resolutions, there is one addition you need to make. Instead of calling it a SMART plan, change it to a B SMART plan. The B stands for budget. You won’t be able to accomplish financial goals without one. If you’re unsure how to make a budget that fits your income, there are several websites that will teach you. One that is especially helpful is The 50/30/20 budget fix. That article clearly breaks down the divisions you need to make a workable, realistic budget no matter what size your income.

The majority of New Year’s resolutions end up forgotten and scattered like so much confetti after the big party on December 31. Don’t let that happen to your financial resolutions. B SMART and make it happen.

Author Bio: George Gallagher is a finance and education writer and blogger. He also has a knack for helping parents figure out their private student loans for their children.

Post from: Senior Money Memos

Preparing Your Financial Resolutions for The New Year

Technorati Tags: goals, new year, resolution, SMART

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This is a guest post by Daniel who writes on behalf of Stannah Stairlifts

One of the biggest challenges for seniors comes from losing mobility. Aside from the personal challenges that come with losing mobility, it also poses some challenging financial issues. For example downsizing will save you money in the long term, but the costs of finding and moving into a smaller home can pose a significant initial barrier.

There is also the cost of making changes to your home so as to make it easier to move around. For example you will want to ensure there is good lighting and that the floors have a decent grip. In areas such as the bathroom, grab bars can help you move around and stay secure. And of course for the stairs, getting a stairlift will make going upstairs far easier.

However there are ways to save on these costs, one of the simplest being to simply look at buying reconditioned equipment. Reconditioned stairlifts and other mobility aids are pre used equipment that has been repaired so as to offer the same quality as new equipment for a lower price. They are also far less likely to have ‘teething’ problems. While this guide focuses on stairlifts (they are what I know best) much of the advice can be used for other equipment such as scooters.

What you Should Look For

Of course it goes without saying that if you do decide that you want to go for a reconditioned stairlift you should be very thorough in checking the reliability of your supplier and what they are offering. Ask friends and relatives who they have used and see if you can find any reviews online.

The minimum you should expect from your supplier is:

• A full check up by qualified engineers.
• 1 year warranty including parts and labour.
• Installation by trained engineers.
• Any equipment should be no more than 18 months old. This will ensure that you can get spare parts

A good way of ensuring that you get the best deal is to shop around. When looking at suppliers remember that customer service is just as important as the price. After all if you buy mobility aids only to find them breaking down just out of warranty you probably won’t make much of a saving!

New or Reconditioned?

The main disadvantage of buying a reconditioned stairlift is that it is likely to have a shorter lifespan than a new one. With new lifts you should expect around ten years of service, whereas a reconditioned lift will probably last for around five or six years. These figures are estimates, rather than set in stone as there several factors which can affect the lifespan of a stairlift, but they are generally accepted within the industry.

This means that it  is worth considering how long you expect to be in your current house. For example if you are considering downsizing but think it might be a few years before you do so, then a reconditioned stairlift could be just what you need. On the other hand if you anticipate remaining in your house for a while and have slightly more cash on hand then a new model will probably provide a better long term investment.

About the author: Daniel Frank is a blogger and online marketer who is currently working on behalf of Stannah Stairlifts. He writes on a variety of issues including senior health and financial advice such as whether to buy Reconditioned stairlifts

Post from: Senior Money Memos

Do Reconditioned Stairlifts Provide a Saving

Technorati Tags: mobility, reconditioned, stair lift, stairlift

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This is a guest post by Mike, the founder of CreditCardForum.

When you think of credit card rewards, the first thing that pops in your head is probably “cash back” or “airline miles.” But those are only a couple of the different types. These days you can find rewards programs for almost anything, including ones to boost your retirement savings.

How do they work?

These operate in a very similar manner as a regular ol’ cash back credit card. You earn a percentage of your purchases back – but instead of getting the rebate as cash – you get it in the form of a direct deposit to your retirement account.

In the United States, these rewards are funneled into a linked IRA account. For example, with the Fidelity Retirement Rewards card, you earn a straight 2% rebate on all purchases, which is automatically deposited into your Fidelity traditional IRA, Roth IRA, or SEP IRA account. There are also a number of more generically branded credit cards, which provide this as one of several redemption options (i.e. in addition to IRA deposits, you can opt for a rebate check, travel points, and so forth).

In Canada, to the best of my knowledge there are no broker-affiliated cards like this. Nor are there any cards which are specifically marketed as a way to save for retirement. That being said, some Canadian banks allow cardholders to redeem their rewards in the form of a direct-deposit to a bank account. Depending on the bank, a Tax Free Savings Account (TFSA) or Registered Retirement Savings Plan (RRSP) may be eligible for that deposit.

Are they a smart idea or not?

Because credit card rewards sometimes feel like “free money” the whole idea of using them to grow your retirement account may seem like a good idea, but there are both pros and cons to this approach.

Advantages

• Easy and automatic: In today’s economy, coming up with extra money for retirement isn’t always easy. These types of programs are an automatic way to increase your contributions, without changing your budget.
• More practical: As mentioned at the start, there are reward programs for literally everything under the sun. For example, some store cards offer a 5% rebate, but it can only be spent on more clothes. What’s more practical… buying more clothes or saving for retirement? I think most would agree with the latter!

Disadvantages

• Tax implications: The biggest drawback is that these rebates will count against your annual tax-free limits. For 2011, the IRS allows an American to contribute up to $5,000 tax-free to their IRA/Roth IRA. So if you earn $1,000 this year on your Fidelity card, you will have to subtract that amount from your tax-free limit. When you consider the fact that credit card rewards are generally non-taxable as it is, wouldn’t it make more sense to contribute your regular income instead, since doing so will be tax deductible?
• Not always lucrative: It’s hard to beat the straight 2% offered on the Fidelity card – but aside from that – most cards which offer retirement rewards aren’t very lucrative. The Edward Jones card for example only gives 1 point per dollar. Being that the points are usually only worth 1 cent or less, this is hardly anything to write home about. So you may not always be earning a high percentage with these programs.

Conclusion? Before signing up for one of these cards, you will definitely need to consider the good and bad that come with them. At the end of the day, it may be smarter instead to just use a regular cash back card and manually deposit those earnings into your retirement account yourself.

About the Author: Michael Dolen is a full-time blogger. He started his site, CreditCardForum, back in ’08 as a place where people could ask questions and get answers about credit cards. Not only will you see him reviewing the best credit cards, but also giving advice for just about every issue related to credit and debt.

Post from: Senior Money Memos

Credit Card Rewards For Retirement

Technorati Tags: IRA, rewards

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Many Canadians don’t have an emergency fund according to a RBC survey.  The RBC Index also showed a sharp drop in consumer confidence down to 70 against its baseline of 100 established in November 2009.  That is a drop of 24 points in the last quarter.  Clearly there is no umbrella for the possibly rainy days ahead.

The October RBC Canadian Consumer Outlook Index found that 57 per cent of Canadians didn’t have money set aside for emergencies. Three in 10 respondents said they had used their savings for either everyday expenses or emergencies.

The drop in consumer confidence is not surprising given the ongoing global economic uncertainty.  Even though the Canadian economic fundamentals are strong, there are no sure way we can be shielded from the global turmoil.

Most financial experts suggest you should have at least three months’ salary in your emergency fund.  Having an emergency fund means having one less thing to worry about when the unexpected happens. If you find yourself in a situation like a medical emergency, an out-of-the-blue home repair, or losing a job, you don’t want to be worrying about how you’re going to manage expenses or going into debt to cover costs. An emergency fund will let you focus on getting your life back to normal.

Given this situation, it was not surprising that the survey found that Canadians are very focused on finding ways to manage their finances.  Over the next 12 months, 33 per cent said they plan to reduce their debt, 30 per cent intend to spend less, 21 per cent expect to save or invest more and 21 per cent plan to do all of the above.

Canadians are not alone in their concerns.  An article about the US population was titled The $0 emergency fund.

There’s one area where Americans are really falling down: emergency funds:

• Most households ignore the oft-heard advice that they have savings equal to at least three and preferably six months’ expenses. The majority of households don’t even come close. 
• 43% of households have less than $1,000 in liquid savings, according to SMR Research, a market research company.
• 28% live literally paycheck to paycheck, an ACNielsen poll found, with no savings whatsoever.
• Just three in 10 households have a cash hoard that would tide them over for a minimum of three months, according to Ohio University researchers.

The article suggested that even though you may not have an emergency fund, the important thing is to realize you may have more financial flexibility than you realize.   Working with a financial planner will ensure that you manage your financial resources in the most effective way to be ready for the rainy day.

Post from: Senior Money Memos

No Emergency Funds And Falling Consumer Confidence

Technorati Tags: Credit Cards, debt, emergency, fund, rainy day, umbrella

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This is a guest post by Mariana Ashley.

Assisted living facilities are designed for those who struggle maintaining their own homes and need regular assistance from professional caretakers. While many homeowners don’t ever really plan on relocating to an assisted living facility, there may come a time when this option seems ideal.  In fact, according to the American Healthcare Association, about 1 million senior citizens choose to relocate to an assisted living facility to live out the rest of their Golden Years.

But assisted living typically doesn’t come cheap. According to the most recent statistics, the average price for a one-bedroom assisted living apartment is $3,185. That’s a whopping $38,000 a year. But there are some ways you can reduce costs by planning ahead. To ensure that you can make your new living arrangements affordable for both you and your family when/if the time comes, consider following these money saving tips listed below.

Choose the Smaller Layout

Often, assisted living facilities will offer its tenants two different sized-rooms: a one-bedroom apartment and a “studio.”  The one-bed apartment will have a layout similar to a college dorm.  They might be a tad smaller than what some are accustomed to, especially if one is used to sleeping in a grand master bedroom in their own home. But they are rather cozy. Studios on the other hand are much larger. They have more walking space and larger closets, but they also come with a hefty price tag. By choosing a one-bedroom apartment layout as opposed to a studio, you can save as much as $7,500 a year.

But sometimes the one-bedroom apartments are the first to go and you may be waitlisted. So prepare accordingly. Don’t expect to get a room immediately. Plan at least six months ahead.  Additional tip: Assisted living residences, similar to other housing facilities, are subject to meeting certain quotas and must fulfill a certain occupancy rate. Thus, facilities (especially the larger ones) often give “specials” or price reductions at the end of each month or financial quarter if they do not meet their occupancy goal.  These discounts can include waiving “community fees” or “move-in fees” which can save you hundreds of dollars.

Double-Up

While renting a one-bedroom apartment is cheaper, if you are married and are expecting to move into an assisted living facility with your spouse then the best option would be to rent a studio-sized room and share it. This same idea can be applied to single tenants as well. Think college-life and a dormitory lifestyle. Granted, this arrangement is not ideal for everyone. But if you have a best friend who is looking to relocate to an assisted living facility as well, or you find someone else who is looking to save a few bucks by sharing a room, then get yourself a roommate.

Go Smaller, Not Bigger

Lastly, generally the larger, multi-level assisted living complexes seem more appealing because they typically house more tenants and provide more amenities, but  they are also always more expensive. Smaller  facilities offer the same level of care but are more intimate, tenants  get to know just about everyone (including fellow tenants and staff) and most importantly its cheaper. Smaller facilities in rural and suburban areas can also be cheaper than facilities in the city. This is partly due to the city having higher real estate value and assisted living facilities must find a way to cover costs.

About the Author:

Mariana Ashley is a freelance writer who particularly enjoys writing about online colleges.   She loves receiving reader feedback, which can be directed to mariana.ashley031@gmail.com.

Post from: Senior Money Memos

How to Save Money on Assisted Living

Technorati Tags: Assisted living, Nursing home, Old age, United States

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Your retirement savings account may have been what you hoped would provide the retirement you dreamed about.  The first upsetting factor may be a good news / bad news issue.  You will probably live longer than your parents lived and than you may have envisaged.  Yet you are in great health and feel you can go on for ever.

The second factor has affected a large number of retirees and that is the major recession that is now easing but leaving many funds in much poorer shape than they were before.  For either or both reasons you may find that you are short on retirement funds.  Here is what Rob Carrick recommends.  Don’t panic:  it’s a time for some strategic thinking.

Anxiety about not having enough put away for retirement is rampant in this country. Fortunately, there are solutions. If you simply can’t contribute more to your retirement savings plan, you can work longer. You can also try ramping up the risk level in your retirement portfolio to achieve higher returns, and scaling back your retirement lifestyle aspirations to comfortable but not extravagant levels.

If you feel that it is only you that is affected by this, then consider a recent survey commissioned by BNN, CTV and Standard Life.  They found that:

• only 35 per cent of participants are confident of having enough money to live on in retirement
• 41 per cent have enough to live on, although their standard of living may decline or they will have to continue working
• 16 per cent said they will have to rely on the Canada Pension Plan and Old Age Security to supplement their savings, and
• 8 per cent said they will not be able to afford retirement at age 65.

Given this, many are considering working in their retirement years and thus extending their retirement savings.

If you have strong nerves then ramping up the risk level in your portfolio with more exposure to the stock market is an option to consider.  However it is a tricky way for beefing up your retirement savings, so approach it with caution.

The safest way of addressing your concerns about a retirement savings shortfall is to scale back your lifestyle aspirations for your senior years. It will be something like the economizing that’s necessary when you’re raising children and carrying a mortgage. And for your leisure time, develop affordable hobbies.

Post from: Senior Money Memos

Retirement Savings Account

Technorati Tags: pension, Savings account, Stock market

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