As millions of baby boomers approach retirement, it may be time to buckle down and start to financially plan for the golden years. This means that tapping a 401(k) fund may become necessary as well and there are several ways to effectively do this, according to The Philadelphia Inquirer.
First, it's time to get realistic about retirement savings. A recent survey conducted by Wells & Fargo has found that only 33 percent of employees have drafted a plan for retirement, which means that many may not even know how much money they have.
One problem that many retirees can face is being hampered by a loss of income on retirement. Social Security generally only replaces about 40 percent of the beneficiary's salary. An employee who was earning $50,000 at retirement requires approximately $350,000 in savings to lead a comfortable lifestyle in the future.
Many boomers may also be taking care of older parents, which can result in a loss of income due to days off from work. By installing an elderly alert system in a residence, one can ensure the safety of a loved one. Older adults can use this device to send a medical alert to family or doctors in the case of an emergency.