Facing the Initial Impact of Retirement Savings Crisis
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Every person is unique, but when you face a challenge like losing your retirement savings, you are never alone. Countless men and women have faced the exact same problem and have survived and thrived. The following guide is designed to help you navigate your journey with the best information and resources that helped other survivors when they faced the same challenge.
TSC has scoured the Internet and assembled links to the very best resources about retirement savings: Articles, blogs, forums and tools that can help you make better decisions and take action to overcome the range of physical, emotional and other challenges that you face.
As you’ll see, we always welcome your ideas and suggestions to make this Retirement Savings Guide even more helpful to survivors like you.
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Survivors Say: Best Resources for Retirement Savings Information
Survivors say these are the best resources for those wanting to better manager their retirement savings -- check them out to find out more about your options.
- CNNMoney.com Articles and tools from Money magazine to help you explore your retirement possibilities.
- AARP This nonprofit membership organization for people age 50 and up offers extensive advice about saving and managing retirement funds.
- Bankrate The personal-finance Web site has a special section, and its "Lifestages" section offers targeted advice to young adults.
The Big Picture
Every person has his or her own idea and goal for retirement savings. What we all have in common is the reality that we'll be living longer, working later in life, and therefore have to earn more for our retirement nest eggs. Not everyone will retire at age 65, and fewer people will be able to rely on a pension. What's more, recent jolts on Wall Street have shown that investing in stocks, bonds and even in bank accounts can leave you vulnerable. Understanding how to protect your assets -- or how to rebuild them after loss -- will give you greater comfort as you move toward retirement.
Your Retirement Savings
The key to protecting your retirement is understanding the dangers of investing your nest egg. Have you avoided the pitfalls of putting money in vulnerable investments? Understanding financial issues about the stock market and what constitutes risky investment behavior can offer you a new perspective.
Your World
The stress associated with money worries can lead to physical and mental illness, as well as relationship problems. Understanding your emotional state and improving your approach toward managing money will greatly help you through your crisis.
About.com - Money, Emotions and Stress
Retirement Savings Myths
Dealing With Retirement Savings Crisis
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Information and Recommended Links for Survivors:
Survivors say these are the best guides -- check them out to find out more about your options.
What to Do if You've Lost Your Retirement Savings
If you've lost retirement savings, one of the best ways to combat the loss is invest more and spend less. Though you may not see immediate results in the short term, it will help you get back on track for the long run.
If you've seen a significant drop in an IRA, there are a few options to consider for maximizing your investment.
Retirement Income Blog: How to Recover the Loss in Your IRA Savings
Though it's not an ideal situation, working during retirement can present benefits and supplemental income to ease the pain of losing some retirement savings -- just make sure you understand the tax aspects of doing so.
Safest Places to Invest Your Retirement Funds
There are safe ways to invest your money, although they'll generally show lower rates of return. When you're nearing retirement or already in the midst of your golden years and trying to make your investment dollar stretch, you'll want your investment opportunities to offer safety and assurance.
Books Survivors Recommend
Information and Recommended Links for Co-Survivors:
How you can help
- Listen. For anyone who is struggling with their financial situation, one of the easiest things you can do is offer a good ear.
- Help him reallocate funds into a low-risk savings vehicle or a money-market account. You can also help him identify some unnecessary expenses that can be eliminated, which can then be applied towards rebuilding retirement savings.
- If your friend or family member is already retired, suggest a few jobs they might enjoy doing that would also offer some extra income.
What to say:
- “I'm sorry you're dealing with this.”
- “Maybe I can help you work with your financial professionals and get your money into safe and profitable investments.”
- “You can help cover a lot of your costs by working a part-time job.”
What not to say:
- “I guess you'll be working until the day you die.”
- “You didn't do a good enough job in diversifying your investment portfolio.”
- “Looks like you won't get to enjoy your retirement after all.”
How to build a support network
- Set up your TSC Co-Survivor profile
- Create a support group for your loved one
- Interact, provide updates and share your experience
Helping a survivor deal with day-to-day challenges
- Find out what a survivor is planning to do with her wages. Help her identify how her work can help replace some of their retirement savings. If she has a job with good benefits, suggest delaying retirement and working a few more years to add more savings to her retirement fund.
Recovery and Recurrence
Losing retirement savings, or having little to none to begin, with can create a negative outlook on life. Though many people have no desire to work into old age, there are many who do, and they have found ways to enjoy the path set before them. However, it's never to late to begin saving, and if you've taken a financial hit, you can indeed replace your retirement funds -- with time, patience and wise investing moves.
CNNMoney.com: Ultimate Retirement Guide
Regardless of your age, start saving. A good way to accomplish that goal is to find a financial planner who can help you make wise investing moves and smart decisions about managing your money.
About.com: Choosing a Financial Planner
Give Back
- Create a TSC Profile and begin interacting
- Share Your Story
- Become a mentor for another survivor
If you have little to no retirement savings, it will mean that you need to continue working. That being said, it's a worst-case scenario that doesn't have to be an annoyance or hardship if you're able to find a job that you enjoy during retirement.
Find forums where you can discuss late-age working and savings options, and share your experiences with others facing the same situation.
Total Comments: 1
retirement
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