It’s tempting to set a figure for retirement in your head, and then retire once you’ve reached that monetary goal.
Retire by Nick Youngson CC BY-SA 3.0 Alpha Stock Images
“Some people go to great lengths to set up their spending, saving and investment goals so they can retire early.”
“While the main goal is figuring how much you’ll need and reaching that magic number, there are other considerations, too.”
Find out what else you should consider on CNN’s article:
“How do you know you’re really ready to retire early?”
“Far too many people make bad choices when it comes to retirement. It’s the equivalent of choosing candy bars over the solid meal…
“How can we make better decisions for retirement planning? One principle is the knowledge that increasing saving over time will build a bigger nest egg. Here are three key moves that can lead to a better outcome”:
Read Forbes’ article here:
Ready to retire? Make sure with these guidelines from CNN:
“Retirement can be wonderful — if you’re prepared for it. So before you put an end to your career, it’s essential to make sure you’re 100% ready.
“Not sure how to do that? Taking these five steps can put you on the path to a happy and secure retirement.
Plan with your spouse
Where will future finances come from?
Test with a retirement budget
Plan your healthcare
What will you do during retirement?
Read the entire article from CNN:
“5 steps to making sure you’re ready to retire”.
In today’s society, with so many demands on our money, retiring is a challenge.
“With so many money distractions, having a system to get on track to retire earlier — and stay on track — can help. A weekly money meeting, an appointment you keep with yourself or your partner if you have one, can be a great start. ” Ask yourself these questions and
more (10 total from Forbes):
What do I want to do in five or ten years that I need to start saving for now?
What is a major financial goal that I would like to accomplish within the year?
What steps do I need to take right now to reach that goal?
More questions on Forbes’ article
“Time is one of the most valuable assets at your disposal. Unfortunately, many people spend 40 hours a week for 40 or 50 years trading their time for this thing we call money.
“The great news is that there’s a corollary to that fact: If people are willing to give you money for your time, you can spend money to buy your time back.
“That’s what we call retirement.”
Here’s 3 reasons to retire as early as you can.
“The day is finally approaching. You’ve been saving and investing most of your adult life for this moment, but now you’re not so sure you’re really ready to retire…”
“While retirement readiness has many non-financial components to it, here’s how you can know if you’re financially ready to retire:”
1) How much income will you need?
2) What will you be receiving from Social Security?
3) What other income will you be receiving?
Ask yourself five other questions and see Forbes advice on their article here:
“Are You Financially Ready to Retire?”
Most Americans aren’t saving much; consider planning for these expenses to avoid unnecessary debt and worry.
photo from 401kcalculator.org
A mortgage for a home
Health insurance deductibles
Reasons, details and stats available at Money.CNN.com here: “6 things you should be saving for — but aren’t.”
This entry was posted in
Mortgage, Personal Finance, Real Estate Advice & Tips and tagged bills, health insurance, home-loan, Money Monday, mortgage, personal finance, retirement, save for, savings, savings account on . August 28, 2017
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.