Senior citizens centers are a great option for your later years, as they meet the needs of the elderly and their loved ones. These centers are hubs for the elderly to meet, and they are great places to mingle with your generation and keep your social life going. Different services like recreational, social, and educational are offered to help the elderly enjoy an active and rich life. Senior citizen centers are by no means inexpensive though, so here are some tips to make sure you’re properly saving for a luxurious retirement.
Senior Citizens Center | How To Save Up For A Luxurious Retirement
1. Who Goes To Senior Citizens Centers?
First off, we have to learn who goes to a senior citizens center. According to the National Council on Aging (NCOA), 70% of senior center attendees are women, who mostly live alone. The median age for attendees is 75 years, with the majority of attendees being Caucasian. However, there are still a lot of African Americans, Hispanics, and Asians who enjoy senior citizen services in these places. No matter who you are, you will always find a group you can fit into.
2. Why Should I Consider Going To A Senior Citizens Center?
The National Association of Area Agencies on Aging (n4a) did a survey that found “…seniors are driven by a desire to connectedness. More than half of seniors (53 percent) nationally indicate that being close to friends and family is important.” The study found participants of such centers have better health, social lives, and more satisfaction with their lives.
3. What’s In It For Me?
Senior citizen centers offer services such as nutrition planning, senior citizen information and assistance, health and fitness programs, and transportation services. In addition to these services, they also offer public benefits counseling and employment assistance for people who don’t want to quit working just yet. There are fun activities, too, such as social and recreational activities, education and arts programs, and inter-generational programs that connect the younger generations with their elders.
5. How Do I Save Up For A Luxurious Retirement?
Now that you have an idea of what a senior citizens center is, let’s talk about how you’re going to save for it. We constantly talk about your IRA for retirement as a great way to save for retirement in addition to your standard 401(k).
Most Traditional IRAs allow you to save your tax dollars and put them towards your retirement. They grow through all the dividends, interest, and gains that compound annually. You don’t even pay taxes on them until you withdraw your money. They also have a lot more investment options than your 401(k), giving you more control on where and how you invest your money.
6. Do I Have Other Financial Options For When I Retire?
You don’t have to restrict yourself to your IRA or your 401(k) to have enough money for retirement. There are options for you to place your money in the stock market if you look.
One such option is through setting up a self-directed IRA. Unlike conventional IRAs that limit you to stocks and bonds, self-directed IRAs allow you to choose from many different types of investments. These include mortgages, precious metals, mutual funds, private stocks, and real estate. Depending on your expertise before retirement, your experience will play a huge part in how your money flows.
Another option is using a micro-investment app. These are apps that you can download on your phone, where you can start investing in stocks as soon as you register. These apps have a low learning curve and can easily be understood by anyone. You can even start investing with just $5 dollars in your account. Keep in mind, however, that this will not hold your hand. Therefore, you can check out community forums so you can get some tips on how to invest your money appropriately.
Last Note: Start Saving Up Now
Saving up for retirement is a tough thing to do, especially with the economy the way it is right now. However, it’s not impossible. With a bit of financial planning and discipline, you will find yourself in a luxurious, beachfront senior citizens center in your later years. You will be experiencing a retirement like a king would, as long as you’re careful with your money!
Do you have any tips on how to save for retirement? Let us know in the comments section.