We are told to never give up, but that is easier said than done.
By AARON KATSMANNew England Patriots quarterback Tom Brady reacts after winning the Super Bowl(photo credit: REUTERS)My greatest point is my persistence. I never give up in a match. However down I am, I fight until the last ball. My list of matches shows that I have turned a great many so-called irretrievable defeats into victories. – Bjorn BorgThis week we witnessed what some have called the greatest Super Bowl football game ever played. I would probably dispute that, but it was the greatest comeback that we have ever seen in the championship game. Many viewers decided to turn off the TV when the score was 28-3, my two boys included. But those who watched to the end were treated to history. As for my boys, it turns out that the hot dogs and iced tea at 2 a.m. were a bigger treat than staying up all night!Keep the faith The inner fortitude and never-give-up attitude shown by leader Tom Brady and the rest of the Patriots team was inspiring. It’s also something that we should try and incorporate in our own lives. We are told to never give up, but that is easier said than done. After we see that principle actually come alive before our own eyes on one of the biggest global stages, it seems that it can be more than just a motto.One of the biggest issues facing those in their 40s and 50s is the lack of retirement savings. How can people within 10 to 15 years of retirement, who have little in the way of retirement savings, catch up after years of neglect? The answer is to not give up. There is still time.DelayWhile this may not be the most cheery advice, it may be the most effective. Delaying retirement by a few years can be a huge factor in being financially able to retire. By working, not only do you push off tapping your retirement funds, you can keep saving for a couple of more years. According to the Oblivious Investor blog: “Whether it’s sticking it out for an extra couple years at your current job or picking up part-time work in a more enjoyable field after leaving your job, retiring later is often the highest-impact thing you can do for your retirement finances.”Stuff your bank account You might say you can’t save any more money. Well, as you get closer to retirement, there is a good chance that your kids may be out of the house, which means you can save on tuition. It’s also important to create a budget where the first expense item is to “pay yourself first.” If you create a disciplined budget with an increase in built-in savings, you will be surprised at how much you will be able to sock away. It may not be fun, but you have no choice if you want to be able to retire.The Wall Street Journal ran an article about retirement that said: “The place to start is by being aggressive about saving. More is always better, but even relatively small amounts of money can make a difference. And with the kids out of college and hopefully out of the house, being disciplined about budgeting and potentially downsizing a home sooner rather than later could free up helpful amounts of money from each paycheck. ”Delay Social Security While you can start taking Social Security benefits at age 62, for those still working and trying to build savings for retirement income, it pays to wait on taking your benefits until you reach the age of 70. According to Forbes: “Delaying the start of Social Security benefits until age 70 can boost the monthly payout by as much as 80%.”Getting back to football, former Seattle Seahawks coach Chuck Knox used to say: “You have to play the hand you’re dealt.” While it may not be how you envisioned your preretirement years, if you take the tough, necessary steps now, you can still enjoy a financially independent retirement. Don’t give up, there is still time!The information contained in this article reflects the opinion of the author and not necessarily the opinion of Portfolio Resources Group, Inc., or its affiliates.aaron@lighthousecapital.co.ilAaron Katsman is a licensed financial professional in Israel and the United States who helps people with US investment accounts. He is the author of the book Retirement GPS: How to Navigate Your Way to A Secure Financial Future with Global Investing.
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