We as humans have the tendency to plan for things way ahead of its time. A trait that can many argues that it is taking our present away and we live either in past or in future rather than staying in the present.

However, there are many variables that come into play here and it is not just the planning that is needed or such that will keep our mind occupied and keep us in the zone of thinking all the time and gives us very little time to act on it.

When we talk about retirement, it is a viable thing to do that we need to plan for it since the day we start earning. In order to make out later years golden, we need to break a lot of sweat in our working era.

In today’s post, we will talk about how you can have constant incoming money even after you retire.

Also, you have the control of your future income in the present, here are some tips you can follow to have some of the best later years of your life:-

1.   Work a bit more before retiring – Yes, it might put you off initially as you might have worked for a good 20 to 25 years and going to work a day more can be daunting. However, we you put a broader horizon into perspective; you see that you will end up with more money than you might have planned.

As the employer pays for health insurance for additional years you out in, imagine that you put away $10 a year for 20 years. The average interest rate is 8%, so you might end up with a good amount of $494,000, which is considered a good amount. But if you work for some more years, at the same interest rate, let’s say 3 more years then the total comes to $657,000, which is a hefty $160,000 extra that you will make with the same effort.

Now that you have worked more before retiring, it is time to –

2.   Work a little less in retirement – Yes, it might sound off when we talk about working after we have hung up the boots but it is very highly noticed that you will miss the structure and opportunities to meet new people and learn new things. Work for say 12hours/week at some local store to have good interaction with people and make money as well. You could babysit, walk dogs, tutor kids in subjects and multiple other options are here for the taking.

3.   Focus on debt FREE retirement – it is not a bigger sort of deal to carry the mortgage on home into retirement, but it is advised for all to pay off the debt while you can still work and the body supports or else it will eat up a lot of your amount once you stop working. As the interest rates can go higher up to 25%, you are giving a lot of money the longer you carry the loan. If you 37 or on the verge of going home forever, make sure to pay the loan PRONTO!

4.   Get maximum juice out of the retirement savings account – Investing more into such accounts like the IRA and 401(K) will also fetch more dividends at the end as well. There generous limits offered by them will help you gain more out of the whole deal. Putting away 5,000 annually for 25 years will get you nearly $400,000 and also, in turn, you will be able to invest a large sum of money as you earn and the contribution limit will also rise.

5.   Use the Social Security wisely – having a right strategy when it comes to using up the social security can be a viable choice to make. You can also increase or decrease the benefits by claiming the SS earlier or later than the defined retirement age. Also, you can get more out of the deal when you work in tandem with your spouse. If the spouse has lower income than you, then you can use their benefits and reserve yours for later part and hence enjoy the benefits for a longer time and also in an efficient manner.

I hope this post helps make better investment choice and open up a broad perspective for you to invest your time, money and efforts into a better direction. You can also hire professional help to plan your investments and these experts will help you find better prospects.