Don’t rely on Social Security alone for retirement income

For many people, depending on Social Security alone to fund their future retirement isn’t a viable option. The cost of living today is already high and you may not be comfortable that the government program will be enough by itself to support you in your retirement years.

Of course, each person’s financial situation is different. If you’re a working adult thinking about how to save for retirement, here are a few ways to augment your Social Security income.

Fund a retirement plan

Having a reliable alternative source of retirement income is a crucial step so that you’re not relying only on Social Security. Creating a retirement plan early in your career (or any time during it) is always a smart move. If your employer offers a retirement plan such as a 401(k) savings account, take advantage of it, especially if it offers matching contributions. If you have available assets just sitting in a savings account, open an Individual Retirement Account and get that money working for you toward your retirement.

Live within your means

If you haven’t yet, start a budget and stick to it during your working years. Don’t live off credit cards and focus on paying down your debt instead of adding more to it. Over time, such practices will likely allow you to live a similar lifestyle once you retire.

Part-time income helps, too

Part-time employment for retirees aren’t easy to come by but they are available to help you in retirement. Along with the financial assistance, these opportunities provide retirees with a change of pace in their daily routine and a more active lifestyle.

Travis Credit Union members have free access to professional financial counselors who can help you if you need advice on paying down your debt before retirement. Visit our BALANCE Financial Fitness Program to learn more.

BALANCE Financial Fitness Program