It's no secret that adults need to save for retirement. You've probably heard that from the time you were very young. If you're using a loan consolidation calculator to try and manage your debt at the moment, though, you may not feel like you're on the right track.
Saving for retirement is certainly challenging, especially when in debt, but it's doable. We'll talk about some of the possible impediments standing in your way right now. We'll also go over some practical methods for getting around them.
1. You're Not Making Enough Money
This sounds a bit simplistic. However, if you're barely making enough money to cover necessities like your rent or mortgage payments, utility bills, car payments, grocery budget, etc., it's doubtful you have enough left over to save for retirement. The question is, what can you do about that?
Currently, America is dealing with what some have dubbed the Great Resignation. It means many individuals have quit their jobs because they don't feel like they're making enough money or getting enough benefits.
That means there are many positions out there waiting to be filled. There's no better time than the present to look around for a better-paying job.
It's a mistake to think you need to be loyal to a single company or boss. Instead, start hunting for a better-paying position within your field. Once you find one, you might make excess money you can begin putting toward retirement.
2. You Don't Have the Required Training
Maybe you find you're not qualified for jobs that pay more. If so, you might look into vocational training or consider attaining higher education. Taking out student loans for college might not be the most appealing idea, but a degree from an accredited university can make you a more attractive job candidate. You can work to pay back those student loans once you have your degree since the job you're liable to get should pay more. And with better pay comes better potential to save for retirement.
3. You're Not Willing to Move for Work
You might find that higher-paying jobs are unavailable in your particular locale. If so, you may consider moving.
Expanding the location of jobs to which you apply might mean finding one that pays more and that's in your chosen field. If the only reason you can't accept that position is that you're not willing to move, now might be the time to reconsider.
Relocating to a place that offers better job prospects and a lower cost of living could be the key to making surplus money you can put toward retirement. Maybe you could never picture yourself moving, but if you want to make some headway in your financial situation, it's worth considering.
Saving for Retirement is Often Possible
Coming up with a formula that allows you to save for retirement is possible if you're determined and flexible. You might look into relocating if you're seeing jobs in your niche that are further afield. You probably want a combination of higher-paying jobs in your profession and a lower cost of living.
You should also be willing to look around for other jobs in the first place. With the Great Resignation, more positions are open, and it makes little sense to show loyalty to a single company if they're not paying you a living wage.
Following these steps should make saving for retirement a lot more realistic.