How to Prevent A Retirement Savings Shortfall
March 11, 2021 | Louis Tully
A retirement savings shortfall comes about when you retire and you don't have enough income to cover your living costs.
The problem is that most people seem to believe that Social Security and company pensions are supposed to carry them until they reach the end of their life. However, that's simply not the case. These money streams were invented to supplement your personal retirement savings, not to be your only income source.
So, the best plan of action is to prevent a retirement savings shortfall from happening at all. Luckily, we know exactly how to do that! And we will show how a title loan can help if you are facing a financial shortfall.
How to Prevent A Retirement Savings Shortfall
1. Plan In Advance
Overall, planning in advance is the best way to stop yourself from experiencing a retirement savings shortfall. It will allow you to put yourself in full control of your finances, even when you are no longer working.
In this plan, you will make sure to budget for any extenuating circumstances and unlikely events so you'll never be caught off guard.
Ideally, you should construct this retirement plan with a skilled financial planner. This way, you don't have to worry about getting things wrong — someone else will do it for you.
2. Use Your Home's Equity
For those of you who have been living in your house for a long time and have almost (if not, already) paid it off, you can use the equity to increase your retirement money.
There are plenty of ways to do this. However, the most common methods are as follows:
- Take out a reverse mortgage
- Sell your home and move to a smaller one
Again, you should talk to a retirement financial planner before you make any life-changing decisions like this. They will be able to properly advise you on the avenues that will benefit you.
3. Delay Your Retirement
While this might not be ideal, working for longer than you necessarily planned to allow you to earn a better income for longer. In turn, this will increase your retirement savings.
It's worth noting that you don't need to keep slogging away at a full-time job. Instead, you can do one of the following things:
- Go into part-time employment
- Start a business from the comfort of your own home
- Conduct a phased retirement
Regardless of the option you choose, it will help you prevent a retirement savings shortfall.
4. Lower Your Expectations
For those of you who are reaching your retirement age and don't have the money you wanted to keep your current lifestyle, you'll need to change your expectations.
Of course, you are bound to feel let-down by this thought and wish that you didn't have to. But, at the end of the day, it is what it is. Anyway, a lot of people find this to be an important — and sometimes enjoyable — route to take as they go into retirement.
5. Limit Fixed Expenses
Finally, you can prevent a retirement savings shortfall by limiting your monthly outgoings. Whether it's downsizing or getting rid of that expensive car, cutting back will allow you to live a fuller life during retirement.
How a Title Loan Can Help With a Retirement Savings Shortfall
For those of you who are already experiencing a retirement savings shortfall, a title loan can help tide you over while you figure out how to get your finances under control.
What Is A Title Loan?
A title loan is a financial aid that can be used to cover the cost of emergencies (medical bills, residential fixtures, and more). By using the value of your vehicle, you can borrow up to $15,000. Here at Southwest Title Loans, we don't place your credit score in such high regard like most lenders. Instead, we look at your lien-free vehicle title and other aspects to determine whether you qualify.
How to Get A Title Loan Online
Our application process is incredibly quick and easy to understand. Just follow this step-by-step guide:
- Go to SouthwestTitleLoans.com.
- Either fill in the short application form or give us a call to start the process. Use the form for convenience, the phone for speed.
- If you took the online route, wait for one of our loan representatives to call.
- After the phone call, bring your driver's license, vehicle, and lien-free title to your closest Southwest Title Loans location.
- Wait while a loan representative examines your vehicle, gets any extra information from you, and looks at your paperwork.
- If you're approved, you will receive your money on the same day — sometimes in as little as half an hour!
Get an Arizona Title Loan Today
Preventing a retirement savings shortfall is the key to a happy, healthy life. But all is not lost if you're already experiencing one. Just contact us and we'll be happy to help you overcome your financial stresses!
Follow our tips to know how to prevent a retirement savings shortfall! Let the experienced representatives at Southwest Title Loans, Inc. make it easy on you with a same day title loan.