10A COTTAGE GROVE SENTINEL August 17, 2016
Retirement saving for late bloomers Interesting ways to enjoy travel
Today’s young profession-
als hear about the importance
of saving for retirement seem-
ingly from the moment they are
hired. In addition to discussions
with human resources person-
nel about employer-sponsored
retirement plans, young profes-
sionals are learning about the
importance of saving for retire-
ment thanks to the abundance
of fi nancial-planning advertise-
ments on television, the radio
and the Internet.
Older workers may not have
been so lucky, and many may
fi nd themselves trying to play
catch up as retirement age draws
closer. While it’s important to
begin saving for retirement as
early as possible, late bloomers
whose retirement dates are near-
ing can still take steps to secure
their fi nancial futures.
• Pay down debts. Eliminating
debt is good for men and women
of all ages, but especially so for
those nearing retirement. Sub-
stantial debt may delay your re-
tirement and can greatly reduce
your quality of life during retire-
ment. If you still have substan-
tial debt, eliminate that debt be-
fore you start saving additional
money for retirement. Once your
debt slate has been wiped clean,
you can then increase your re-
tirement contributions.
• Eliminate unnecessary ex-
penses. If your retirement sav-
ings are low (many fi nancial
advisors now advise men and
women that they will need at
least 60 percent of their pre-re-
tirement income each year they
are retired), start cutting back on
unnecessary expenses and real-
locate that money toward retire-
ment saving. Cutting out luxury
items, such as vacations to exotic
locales or country club member-
ships, is one way to save money.
But don’t overlook the simpler
ways to save, such as canceling
your cable subscription or din-
ing at home more often.
• Downsize your home. Many
empty nesters downsize their
homes as retirement nears, and
doing so can help you save a
substantial amount of money. If
the kids no longer live at home
or if you simply have more space
than you will need after retire-
ment, downsize to a smaller,
less expensive home. Monitor
the real estate market before you
decide to downsize so you can
be sure to get the best deal on
your current home. Downsizing
saves on monthly utility bills,
property taxes and a host of ad-
ditional expenses. Downsizing
also means less maintenance,
which gives you more time to
pursue your hobbies upon retir-
ing.
• Take on some additional
work. While you may have long
felt you would slowly wind
down in the years immediately
preceding retirement, taking on
some additional work outside
of your current job is a great
way to save more for retire-
ment and perhaps even lay the
foundation for a post-retirement
career. Workers over the age of
50 can be invaluable resources
to startups or other businesses
looking for executives who have
been there, done that. Look for
part-time jobs that seek such
experience. Even if the initial
jobs don’t bowl you over fi nan-
cially, part-time consultant work
in retirement can make up for
lost retirement savings and may
even make your retirement years
more fulfi lling.
Men and women on the verge
of retirement can take many steps
to grow their retirement savings
and make their golden years that
much more enjoyable.
Research indicates that travel-
ing is at the top of the list of in-
terests motivating today’s men
and women over the age of 50.
Seniors are perhaps the most
likely demographic to indulge
their love of traveling. Retire-
ment leaves lots of time for
recreation, and many choose
to spend that time on the road.
Travel also can be improve adult
longevity, says geriatricians at
the University of Arkansas.
Those in the travel industry
understand that men and wom-
en over 50 comprise a large per-
centage of their customers and
have catered many travel pack-
ages toward this infl uential de-
mographic. The following is a
look at some of the more popu-
lar travel opportunities for men
and women over 50.
• Genealogical tourism: This
is one of the fastest-growing
markets in vacation travel. Ge-
nealogical tourism involves in-
dividuals traveling to areas of
historical signifi cance for their
families, such as churches where
past relatives may have married
and villages where grandparents
or cousins once resided or were
employed. This can create a tan-
gible link to one’s past and open
up more opportunities to learn
the varied genealogical history
that has shaped a family, and
even one’s personal identity.
• Extended vacations: Se-
niors may have the capacity to
devote more time to travel and
not be caged in by strict time
constraints. That makes them
eligible for extended vacations.
These can include long-term
rentals in tropical locales, sev-
eral-week sightseeing cruises or
guided tours overseas that touch
on several different countries or
cities during the trip.
• Off the beaten path: Ad-
venturous travelers may not be
content to stick to the resort
lifestyle or standard vacation
options. Active men and women
over 50 are charting their own
vacation courses with bucket
list-style vacations that may
be off the beaten path. Travel-
ers who have always aspired to
climb a mountain or see a rain
forest may be inclined to real-
ize these goals as they get older.
Nontraditional tours can include
living like indigenous peoples
or following the footsteps of
early explorers.
• All-inclusive tours: All-
inclusive packages remain a
popular option for travelers of
all ages. These vacation pack-
ages charge one price for ac-
commodations, entertainment,
sightseeing, food, and many
other amenities. All-inclusive
vacations remove some of the
headaches associated with or-
ganizing various components of
travel so that a person can focus
on relaxation and having fun.
• Singles meets: Single va-
cationers over 50 may want to
meet other men or women in
their age bracket in the hopes
of fi nding romance. These va-
cations double as relationship
mixers and give men and wom-
en the opportunity to mingle
with others in similar situations
without the pressure of tradi-
tional dating.
Travel is a way to see the
world, meet new people and
experience various cultures.
Seniors increasingly embrace
travel because they have both
the time and the means to take
vacations.
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To fi nd our more about adopting these pets contact
the Greenhill Humane Society, SPCA
at 541-689-1503
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