Tag Archives: retirement

Money Monday: Why you should retire early

“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.

Money Monday: Are You Financially Ready To Retire?

“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…”

real estate buying or renting


“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?”

Money Monday: 4 Things to do before retiring

Make sure you prepare for retirement by doing these four things before you actually retire from the workforce:

save money

Photo by 401kcalculator.org

  1. Save up enough to cover at least three months’ worth of living expenses
  2. Pay off your house mortgage
  3. Get rid of all credit card debt first
  4. Amass a large enough nest egg to replace 80% of your yearly income”

Read more about these four financial tips at Money.CNN.com.

Money Monday: How to retire debt-free

Retiring already can put a strain on your budget; don’t exacerbate it by being deep in debt on top of it!

Picture from www.ccPixs.com

Here are a few ways to get and stay debt-free:

  1. Start and keep building up your savings — having at least an emergency savings stash is especially crucial.
  2. Spend less than you bring in — live below your means.
  3. Work on paying off your student loans early.
  4. Don’t overpay when buying your home — you need to get an affordable mortgage.
  5. 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.”

Money Monday: Millennials saving for financial freedom

Millennials are saving for financial freedom—not retirement

Source: Yahoo Finance

Photo from Pictures of Money

Millennials often get a bad rap when it comes to financial responsibility. But it turns out those stereotypes may be off base. Millennials are saving more money than any other generation, according to a new study by Bank of America and Merrill Edge. But it’s what they’re saving for that really sets them apart from older generations.

Saving for financial freedom is the No. 1 priority for millennials — 63 percent of millennials said they’re saving a set amount of money to enjoy their desired lifestyle. This is a stark contrast to older generations: the majority of the Gen X and baby boomer generations prioritize their savings specifically to leave the workforce and retire.

This shift speaks to the bigger differences in the ways millennials and older generations view money, and what they prioritize in their lives. While it may not sound surprising that younger workers aren’t thinking about nest eggs as much as older generations, what’s a little different here is that they’re not thinking about retirement as a phase of life, let alone working to afford it. Millennials listed personal milestones as their top priorities: getting their dream job and traveling the world trumped more traditional goals like getting married and having children.

Read the full story from Yahoo Finance here

Money Monday: Cut Down on Your Retirement Costs

Unless you plan on working part-time instead of fully retiring, you may need to cut down on your cost of living in order to live within your means.


Photo credit: 401kcalculator.org

Here are a few suggestions on how you can cut some costs:

1. Downsize your living space

Not only will downsizing your home most likely help with mortgage and utility costs, but it may also cut down on the required time spent maintaining the house and yard.

If downsizing sounds ideal, please give me a call to see how I can help sell and/or buy your next home! John A Silva – (619) 890-3648

2. Sell unnecessary vehicles

If both of you are retiring, then you may be able to get away with one vehicle for the both of you, cutting significant upkeep, registration and insurance costs.

3. Enroll in Medicare on time

Sign up within the initial seven-month time-frame allotted (three months before your 65th birthday until three months after). Otherwise, you’ll be paying more for those doctor visits.

Read all of Money.CNN.com’s suggestions here: “Slash your retirement costs with these 5 tips”.

Money Monday: Questions to Ask Before You Retire

Sometimes it’s difficult to plan financially for the future when you also need to worry about here and now.

However, if you don’t think ahead, you most likely will be in for a rude awakening come retirement age. Now is not too early to be thinking and planning for retirement; and to help you, here are three questions from Time.com to think about:

  1. Will you be able to replace enough money to retire while maintaining your standard of living?
  2. What are you investing in? There are general investment recommendations here.
  3. What will retirement look like?

Read all of Time.com’s article on Yahoo here: “Ready to Retire? Better Ask Yourself These 3 Questions First.”