3 Ways to Help Secure Your Financial Security After Retirement

Your retirement is supposed to be a time to relax and enjoy the spoils of a lifetime of hard work. Yet, more and more people are postponing retirement until they are forced out of the workforce due to illness or corporate restructuring. A large number of people also find themselves returning to work, at least on a part-time basis, to help make ends meet at home. That makes planning for retirement early more important than ever. By using a careful investment and saving strategy and thinking toward the future, you can actually enjoy your retirement. Some strategies have proven more useful than others.

Start Saving Early

You are never too young to start thinking about the future. Even children can benefit from an investment account that is designed for the long term. Savings doesn't have to be done all on your own. You should give serious consideration to participating in any company-sponsored programs, too. In the case of a company match or the rare pension program, this is basically free money. Contribute the maximum amount your employer will match, even if you are still paying off student loans or other debt. Chances are you aren't paying anywhere near 100% interest, so you'll make out in the end. If you are paying interest like that, refinance your debt now.

The earlier you start planning for retirement, the sooner you will be able to achieve financial stability in it. The growing Financial Independence, Retire Early (FIRE) movement is a testament to thinking about retirement early. It all about living a frugal lifestyle in order to retire during the prime of your life. Most adherents to this program leave their careers in their 30s or 40 and live off their investments. Of course, you will need to have hefty investments put away before you can plan to retire at such a young age, and your nest egg will be subject to market fluctuations. However, it is giving young people a chance t truly enjoy their retirements and spend quality time with their families.

Pay Off Extra Expenses

Transitioning to a fixed income can be an intimidating, and even scary, prospect. Eliminating extra expenses beforehand will make it easier. Call service providers and ask if they can offer discounts. Some may even have senior rates you can qualify for. If you don't mind switching companies, shop around for better deals on things like internet, phone and television services. Call your current provider and tell them you will change if they aren't able to meet better deals. Many will lower prices to keep good customers.

Paying down debt can eliminate larger, recurring payments from your budget. Turn to the internet to find tips and tools to get you on the right path. This usually takes time, though, so start working on it at least a couple of years before you plan to retire. A few of the items you might consider paying off include:

• Mortgages on real estate
• Vehicle loans
• Student loans
• Credit cards and personal loans

Look at Non-Traditional Investments

While IRAs and 401K programs are probably most the most common investment vehicles used for retirement, they aren't your only options. Some financial advisors advocate for using certain types of life insurance policies, too. Permanent life policies can sometimes serve as a solid addition to your retirement planning. They begin accumulating wealth as soon as you take them out, which can be drawn down to cover unexpected expenses. In many cases, you can also use that money to offset premiums as you age. A paid up insurance policy can be an attractive option when you suddenly find yourself on a limited fixed income. Also, the money you withdraw from an insurance account is not taxable, so you won't add to your annual tax burden if you need to use it.

Passive income is another popular option to supplement your retirement savings. Rental properties are one of the most common ways that people generate passive income in retirement. Although you will still be responsible for upkeep and overhead on the properties, you can hire a management company to handle day-to-day tasks. For a less ambitious project that won't require a big upfront investment, consider renting out part of your home on a house-share platform like Airbnb. This lets you put the extra space you no longer need to use, gives you a chance to meet new people, and can contribute a substantial amount of money to your budget.

Retirement is an exciting time. Thinking about it shouldn't leave you filled with doubts and dread. Start planning early, make sound investment choices, and consider non-traditional ways to supplement your savings fo the best results. This way, you can enjoy the time of rest and relaxation you worked hard to achieve.