Make sure you prepare for retirement by doing these four things before you actually retire from the workforce:
Photo by 401kcalculator.org
- Save up enough to cover at least three months’ worth of living expenses
- Pay off your house mortgage
- Get rid of all credit card debt first
- “Amass a large enough nest egg to replace 80% of your yearly income”
Read more about these four financial tips at Money.CNN.com.
Retiring already can put a strain on your budget; don’t exacerbate it by being deep in debt on top of it!
Here are a few ways to get and stay debt-free:
- Start and keep building up your savings — having at least an emergency savings stash is especially crucial.
- Spend less than you bring in — live below your means.
- Work on paying off your student loans early.
- Don’t overpay when buying your home — you need to get an affordable mortgage.
- Keep that credit card debt very low.
Read more on all five of these ideas on Money.CNN.com’s article: “5 steps to retire debt-free.”