Gone are the days when you could live your life carelessly, knowing you have a government retirement plan to rely on after 40 years of work, work, work everyday.

That’s ancient history.

Today, unless you save money for retirement starting as early as possible, you might not have enough of a budget to rely on in your golden years!

Unless you’re barely fresh out of high-school, you surely have a retirement plan in mind!

No one wants to work forever, so of course you’re thinking about what you would do when you can finally enjoy the freedom of not having to work anymore.

What do you think about when you picture yourself as a retiree?

Are you old and grey and tired?

Or are you still strong enough to travel, build a future for your grandchildren or finally follow a hobby you never had time for?

Retirement can come at an early age as well, if you’re smart enough to make the right financial moves and start saving money today!

Are you saving enough for your retirement?

Don’t rely only on Medicare for old age

While Medicare is ‘there for you’ once you turn 65, you should still set money aside for healthcare.

Some healthcare items are not covered by the insurance, so you’d still have to pay extra for dental premiums or eyeglasses or hearing aids.

Medigap also comes to mind, since so many people now plan on traveling the world once they retire.

Downsize

Are you worried you’re not saving enough for your retirement?

Downsize!

Move into a smaller home.

You’ll have smaller bills to pay.

Unsubscribe from unnecessary magazines.

Opt for a smaller cell phone plan.

There are many ways you can downsize and use the ‘leftover’ money to set aside for your retirement.

 Don’t overspend just because you can afford to

Say you get a nice raise or inherit some money.

If you plan on having a nice money cushion to rely on when you retire, them you better not spend it too quickly!

Splurge a little, everyone deserves a nice vacation and nice things, but make sure to save most of your financial windfall for your golden years.

The sooner you reach your retirement financial goals, the better!

Plan to maintain the same lifestyle when retired

When you no longer have a job to go to, you won’t spend as much on transportation, clothing, lunch with work buddies.

However, your lifestyle shouldn’t change dramatically, you’re still you, even if you’re older.

When planning your budget for retirement age, make sure you save enough to be able to maintain the same lifestyle you have now (more or less).

Don’t postpone updating your retirement portfolio

Saving money for retirement doesn’t just mean setting aside 15% of your income.

If you’re afraid you’re not saving enough and won’t be able to reach your financial goals, maybe you should think about working on your retirement portfolio.

IRAs and 401(k) are a great way to get you started.

And if you think there’s room for more, you can always start investing in stocks, bonds or real estate.

Saving enough money for retirement depends on many factors.

It depends on the age you plan on retiring and the age you start saving money for it.

It depends on your salary and on the lifestyle you plan on living once you no longer have to work.

If you’re wondering how much money you should literally set aside, consider the 4% rule.

Regardless of the age you wish to retire, you should make sure you can afford to annually withdraw 4% of the total amount tucked away, without running out of money anytime soon.

The sooner you start saving for retirement, the better.

The important thing to remember is not to let your savings prevent you from living now!

Make a plan, start saving and balance your financial decisions wisely.