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As the age you retire will affect your finances, follow the golden rule of paying yourself first. So before you pay your student debt, mortgage, or any other bill, put some money directly into your retirement fund.
To increase contributions to your retirement, automate your savings each much. It’s easy, hassle-free, and you won't even notice money is missing.
It’s important that you figure out if you have an income gap, and estimate how much you’ll have to spend in retirement. Extra money that comes in, such as a birthday gift or work bonus, should be put away in a saving or investments account.
Withdrawing from your retirement accounts too early will lead to the loss of interest. And the closer you get to retiring, the harder it gets to make up these losses.
Nowadays, some people who retire in their 60s live on till their 90s. That’s 30 years you’ll need to fill with experiences and money. Make you retire and know what you want to do with the rest of your life, and how you’ll afford it.
Try to pay down all debt because it will prevent a lot of stress during retirement. However, you shouldn't focus so much on paying off debts that your retirement contributions suffer. Try to find a balance between debt repayment and saving money.
The earlier you start saving for retirement, the better. Even if you're 50, you still have 15 or more years to save.
Having life insurance is a good way for your beneficiaries to be able to pay major expenses like a mortgage or funeral costs after your death. Double-checking on your life insurance policies will make the following years more relaxed and carefree.
No matter when you're planning to retire, hiring a financial advisor is a great way to help you make smart money decisions before the time comes. Advisors can help you select the right retirement account, advise on investments, and help you create a budget.
You can't forget about housing when preparing for retirement. Consider if your current home will be suitable for your later years. Do you want to relocate to a new place or even a new city? Be closer to family and friends?
Traveling is one of the best things to do when retired. Whether it's for a beach vacation or an RV trip across the country, make sure you plan ahead financially for your travels.
Even if you're healthy, thinking about long-term care, like nursing home services or a home health aide, is crucial. A long-term health plan should also include financial coverage in case of disability, special needs, or spousal death.
Before you leave your job for retirement, take advantage of your employee healthcare plan. Make sure you’re up-to-date on annual checkups, prescriptions, dental care, and vision.
If you're in a relationship, discuss your collective retirement goals. Being on the same page can help you plan and strategize how to best spend your retirement together.
While people pay into social security for decades, many don’t know the strategies for using the benefits and when it's optimal to collect. Get informed so you can fully take advantage of it.
Don't forget that seniors for the most part get discounts when doing cultural activities, such as going to museums or to the cinema.
If you need to accumulate more savings before you enter retirement, it might be a good idea to delay it. This will give you an opportunity to catch up on your retirement savings.
Saving for retirement should come before paying for your adult kids' expenses, such as college tuition or mortgage. They can always take loans for these, but you can’t do the same for retirement.
Regular physical activity is important in all stages of life, and retirement is an opportunity to make fitness a priority. Staying healthy will impact your happiness and also save on medical costs.
Create a bucket list of everything you want to do in your golden years. Whether it's visiting Machu Picchu or going sailing, it’s important to have plans in retirement that will keep you excited and motivated to save.
You want to build your life around the things you love the most, such as family, travel, or volunteering. Live with passion and be purposeful about how you spend your years in retirement to fully ensure your happiness.
Sources: (Forbes) (Go Banking Rates)
See also: Top tips for a happy retirement
You’re often unaware of your spending habits until you create a budget. Make sure you know where your money is going and if you need to budget in order to have enough savings for retirement.
People who are near retirement, or who just want to think ahead, have a lot to consider before this big life transition. From mortgages and finances, to travel plans, there’s a lot to think about, and prioritizing everything can be difficult.
Retiring is a moment where people want to enjoy their golden years in happiness and comfort. So, to best prepare for this milestone and to keep your mind at ease, check out the following slides.
Make a list of all assets, including cash, real estate, vehicles, stocks, and investments. It's important to know your personal net worth so you can plan around your income sources during retirement.
Retirement can be a hard shift for many who are used to spending their days in the office. If you think retiring will be difficult for you, consider talking to a mental health professional about ways to prepare yourself.
Retirement is the perfect time to pick up old or even try new hobbies. You'll finally have time to dedicate yourself to DIY projects or studying a foreign language.
Chances are, you'll have less of an income to live off of when you retire. Therefore, consider downsizing expensive habits, such as eating out every day or taking frequent, pricey vacations.
You want to be as prepared as possible, especially when it comes to money. There are many unforeseen expenses during retirement, so keep a fund just for that.
Things you need to know before you retire
There's a bunch to consider, and sorting it all out can be hard
LIFESTYLE Retirement
People who are near retirement, or who just want to think ahead, have a lot to consider before this big life transition. From mortgages and finances, to travel plans, there’s a lot to think about, and prioritizing everything can be difficult.
Retiring is a moment where people want to enjoy their golden years in happiness and comfort. So, to best prepare for this milestone and to keep your mind at ease, check out the following slides.