Just ask anyone who relies solely on social security, living on a fixed income isn't always easy. It's especially hard for those who weren't able to save for retirement until it was too late. What ends up happening is, retirement time comes, but it's not possible to retire because there's just not enough money. No one wants to be there, so we talked with some senior citizens who say if you're not saving now, you better start.
Viola Corino works four days a week. She is what's called a senior companion at Senior Citizens, Inc. She arrives at 8am each morning and heads home around one after helping with breakfast and lunch. She retired a few years ago. Six months later, she decided to head back to work.
"I'd rather be here working than sitting around the house," Cornio explained.
But her decision to work wasn't just because she wanted to. It actually helps her keep a little extra cash in her pocket, cash she wouldn't have otherwise. And that's the same story for her two coworkers. They're all working in part for fun and because it helps make life easier financially. Carino says working in her later years was something she never planned.
"Really, truly, I didn't think about it at all," she said. "I didn't think this day would ever come."
So now, she's doing something she likes and earning extra money. Her advice to the younger generation is save now so you won't be forced to work later.
"I tried to tell them, don't spend every dime they get," Corino said. "Try to put back a dollar at least. And then, when their retirement comes, they will have something to fall back on."
So how do you go about preparing for your retirement? We know about 401K, but that's not the only option. And if you are saving, is it enough? Tomorrow in Money Wise, we'll talk to a financial planner who will help sort things out.
If you have money questions you'd like answered in Money Wise, email firstname.lastname@example.org.
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