Oct 23, 2012

Planning On Retiring? Social Security and Pensions May Be a Thing of the Past: Consider these 4 Best tips for Getting and Staying Ahead of the Game

retirementretirement (Photo credit: 401(K) 2012)

I thought that guest blogger,Grand Webb, did a beautiful job of putting retirement in the "possible" column for everyone.You will find his ideas unique and innovative. b

By Grant Webb with Bisk CPA Review. Since 1971, Bisk has been one of few CPA review providers that offers both a CPA Exam pass guarantee and money-back guarantee.

According to the Social Security and Medicare Board of Trustees 2012 report, social security remains “vulnerable.” At the current tax rates, social security payments would only be secure until 2033. By 2086 only three-quarters of the scheduled benefits would be able to be paid. While raising taxes is not a popular notion, neither is going without social security or a pension in retirement years. Therefore, professionals must be savvy about retirement savings at an earlier age, but what if retirement years are right around the corner? Here are some tips for getting ahead and staying ahead with regard to retirement strategy for the young, and the not so young.

1. Start Early
While the recent economic upheavals left some well-planned retirement goals in shambles, other professionals found new opportunity and hard lessons learned through working through the struggles. To plan for a good retirement takes strategy, a little luck, and a lot of know how. Seeking the help of a seasoned accountant, CPA, or other financial planner early in a career can help diversify a retirement plan and better secure it against unexpected events both in life and in the economy. Older adults with fewer years left to plan for retirement can also benefit from seeking expert advice that may be able to help locate money for retirement through budgeting, asset management, and creative planning.

2. Create a vision and Make it a Reality
While retiring at a certain age is a great goal to have, securing the ability to retire at that desired age takes deliberate planning, resilience, and sound judgment. Comparing current retirement pension offerings of companies now with the same company offerings in the past generally reveals that pensions across industry have taken a significant cut as companies struggle to balance budgets and keep employees. This means that professionals need to be creative, resourceful, and aggressive about preparing for retirement. From looking at every item in a budget, to creating more income through side ventures, to looking more comprehensively at how families can pool assets for investment, today’s workers need to create a plan and stay committed to it.

3. Get Creative – Work Together
Nearly every blog on retirement says to “save more,” “budget more effectively,” “get another job,” but many people who are doing all those things, and working hard (often at more than one job) still will not have enough money to retire. Recently, more creative retirement strategies have emerged. With the help of innovative accountants, families with a penchant for thinking outside the box are creating unique family success strategies. When preparing to do something off the beaten path it is important to seek sound advice from a knowledgeable expert in the field of accounting who can help you get it right the first time. Working together as a family to build wealth, is one way to secure prosperity over the long haul. See, Family Money Values: Build a Long Term Family Wealth Plan for Future Prosperity

4. Try Something Extraordinary 

Here are several creative ideas, in association with effective budgets and saving plans that are working for others:
  • Pooling resources with other family members with the assistance of a skilled accountant. Whether it is an investment of a rental property in a strong market, or the investment other assets, grouping resources now can assist both the older and younger generation in achieving a more comfortable retirement. See: Build a Long Term Family Wealth Plan for Future Prosperity
  • Consider geographic re-location to an area where the job market is growing strong. See: U.S. Cities with Fastest Growing Job Markets.
  • Consider changing careers or investing a certificate or online course in an area that is expanding, especially if the new area overlaps current skills. Utilize the human resource department and local employment services to identify careers with regional growth. See: Bureau of Labor Statistics Fastest Growing Careers
  • With the help of your local small business administration office identify a small business needed in an area that is growing and pool family talent, ingenuity to explore this option. See: Best Industries for Starting a Business
  • Seek a career mentor from the local chapter of a professional organization in order to polish skills, identify areas of growth, and expand horizons; maybe even build up a consulting firm on the side. When all working professionals in a family are networking to their fullest potential, new opportunities can present themselves over time. See: Yahoo Business Directory

While every situation is different, it is important to realize that traditional safety nets which supported retirement in the past may not be here in the future. As an individual and a family member there are many actions to take in order to prepare the best retirement possible. Many state offices of job and family services have resources for individuals to find out about investing and retirement planning.
Additionally many credit unions, community centers, and two-year colleges offer basic seminars and courses related to looking at a retirement strategy. While life and the economy may be unpredictable at times, aggressively preparing for the future no matter how old or young you are may make a comfortable retirement more probable and possible. When planning for retirement, finding a seasoned retirement professional that can help explore traditional (and non- traditional options) may help build a strategy that works better and more effectively than working alone on a plan. 

For more information about creative retirement plans, see:
How to Retire During a Recession,
Getting [Seriously] Creative About Creating Retirement Income
Ways to Make Extra Money in Retirement

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