Saving money for retirement can be beneficial but can also be very hard to achieve. According to a survey from 2019, nearly half of Americans had no savings for their retirement. Even though you have planned ahead to save money for your retirement, it may also not be enough for the reason that people live longer life than ever. Also, unexpected things may happen which could upset your plan. Here are some alternative ways you may want to consider if you are retiring and worry about not having enough money or no money for your retirement.
-Social security income
Many people are living on their social security income after retirement. Social security income is a program when you pay during your work year and make withdrawals after you retired. You may want to check if you are eligible for relaying on social security benefits. To be eligible for social security benefits, you need to have enough length of working years and credits collected (usually 40 credits in total over 10 years period). In contrast, the more you earn and the later you make withdrawals, the more benefits you will receive. For many people, social security income may only cover a portion of their spending since the average payout is $1503/month as of December 2019.
-Secure a pension
No every company offers a pension. Usually people who worked for government or public-owned corporation enjoys benefit of a pension. If you work for a company that offers pension, you are likely receive a guaranteed income for each month after you retired. The key for maximize your earning from pension is to stay at the same company for a long time. However, there might be a chance having a pension may reduce your social security benefit.
The more you work the more you could save for yourself. If you are worried about not having enough money when getting older, you may want to continue working after your retire age.