What has happened in the past year, and in the past 10 years, with many people losing much of their savings, as affected profoundly many people, but especially those who are in their 40’s and 50’s.

As someone who belongs to that group, one of the best strategies, is to have backup plans. Hopefully working, into your 60’s is not plan B or plan C.

Personally, I’ve looked at living where the cost is cheaper. In the last year, I have visited Mexico and Ecuador, and both have a large expat community. I’ve spoken at large with Frank, formerly from Vermont who runs the beautiful Otavalo, Ecuador hotel Ali Shungu someone who made the move over 30 years ago to a life he preferred.

He started by importing into the US articles from Ecuador, and slowly making the move down permanently after spending months at a time for the first 10 years or so.

Living abroad is perhaps not an option for many, but if your circumstances permit it, your money will definitely go a longer way.

Since almost 90% of employees have some type of defined contribution plan, they are projected to be the primary source of retirement income for all future retirees, and now it falls on the individual rather than the company to save for and generate a guaranteed retirement income.

It behooves everyone to learn as much as possible to enhance their retirement fund performance. A simple book that I recommend is David Bach’s “Start Late, Finish Rich”. If you’re not were you want to be or are worried about having enough then read this book, there are a lot of great ideas and information on how to put money aside for your retirement.

Start Late, Finish Rich: A No-Fail Plan for Achieving Financial Freedom at Any Age (Finish Rich Book Series)