Showing posts with label Retirement. Show all posts
Showing posts with label Retirement. Show all posts

Wednesday, October 30, 2019

4 Financial Investments That Pay Off When You Hit Retirement

A staggering number of young professionals haven’t started saving for retirement. This is startling, especially considering that many economists anticipate public entitlements like social security to run out over the next few decades. It’s important that working professionals start thinking about their retirement sooner rather than later.

To help you get started, here are four financial investments that pay off when you hit retirement. Remember, by living frugally now, you can live a lot more comfortable down the road.

Individual Retirement Account (IRA)

An individual retirement account, also known as an IRA, is a retirement fund that you invest in independently. It’s not managed or controlled by your employer. There are limits to how much you can add to your IRA each year, but if you invest the maximum amount on an annual basis, you can see huge benefits at retirement.


A 401K is a retirement fund that you invest in through your employer. While it doesn’t have the same potential of a high payout that an IRA does, most 401Ks have the added bonus of employer-matching, which means that your company will match whatever you put into your 401K. Ideally, you should have both a 401K and an IRA to maximize your earnings when you retire.

Real Estate

No investment is more valuable than real estate. Whether you invest in adult community homes for sale, single-family homes or apartment complexes, real estate almost always appreciates in value and has the potential to create a very generous payout for the investor. 

Real estate generates income by serving as a rental property for the owner or by generating a great profit when the owner decides to finally sell or move in.

High-Yield Savings Account

If you don’t have the resources to put into the aforementioned retirement investment options, then at least consider creating a high-yield savings account. These savings accounts offer investors a higher interest percentage than their lower-yield counterparts. 

While an IRA or 401K is usually a better option, a high-yield savings account can still generate a good amount of money, provided that the investor leaves the account alone and doesn’t dip into it whenever they need extra money.

It’s important to plan for your retirement. The sooner you start saving, the better off you’ll be in your golden years. All of these options can help to ensure a safe and comfortable future.

Wednesday, October 23, 2019

3 Ways to Put Money Away for Your Retirement

Image via Flickr by KMR Photography 
It's wise to plan on your retirement. Planning will ensure that your golden years are free of hardships, stress, and worry. You should also consider looking for financial planning services and professional investment assistance.

With small investments, you can enjoy great rewards when you are old and possibly ready to take a break from work-related stress. You do not need lots of money to plan for retirement. Then again, it is never too late or too early to get started.

Here are the top three proven ways of setting aside money for your retirement.

1. Invest In Penny Stocks

Any stock that trades for $5 a share or less can be a worthy penny stock. Even though penny stocks are high-risk investments, they also have the potential of bringing forth high rewards. 

Understanding the market history and diligently doing your research is the surest way to ensure your investment is profitable.

To mitigate risks, you must not make blind investments. Consider enlisting a broker to educate you on the market trends and equip you with the tips and tricks to thrive

When traded right, penny stock investments only require small capital, and the returns can be glorious.

2. Venture into Real Estate

Did you know that you don't need to be financially endowed to invest in real estate? You have the crowdfunding option, and although it may sound intimidating, it is something worth a look. 

This option works by allowing many people to invest small amounts into a specific project. Credible companies will enable you to choose the kinds of properties that are in line with your investment objectives. 

Again, the surest way to gain financial security through real estate investments is by making educated decisions. Keep in mind that even with crowdfunding, you face the same investment risk as any other real estate investor. On the bright side, the lower capital requirements can leave you enjoying consistent income with each passing month.

3. Make a Small Business Investment

Another proven way to ensure financial security upon retirement is to invest in small businesses. You have the option of venturing into entrepreneurship or investing in an established enterprise as a silent partner. 

What makes this option enticing is that the anticipated return on investment is potentially higher.

Just like other forms of significant investments, this one too poses some level of risk. Doing your research ahead of time will help you find opportunities with higher chances of generating substantial returns. 

Some ventures can provide unlimited income that the generations after you will enjoy.

There are many ways of investing for a comfortable retirement. With more professionals getting familiar with what works and what doesn't, it is easier than ever to find a venture that matches your needs and goals. 

With proper guidance, you'll easily have nothing but blissful moments as you flip through the chapters of life after retirement. If you get stuck, you can also inquire from professionals to help you invest in the right venture.

3 Personal Investment Ideas to Fund a Comfortable Retirement

A secure retirement is never something that should be left to chance. Trying to get by with just a pension or a 401K could prove to be a far greater challenge than you might have expected. 

Finding the best personal investment ideas and devising a long-term investment strategy is of paramount importance when it comes to ensuring a more comfortable, emotionally fulfilling and financially secure retirement.

Bond Markets and Mutual Funds

Few individuals possess the time, resources and level of financial experience needed to navigate all the different financial markets. Fortunately, there are plenty of firms and services that can assist in the process. 

Bonds and mutual funds are among the most popular investment opportunities and for good reason. Bonds provide passive-income as well as the chance for a larger pay off once they have matured while mutual funds allow you to benefit from long-term economic growth. Speaking with a financial professional regarding these options can often be the best way to get started.

Gold and Precious Metals

Starting a precious metal IRA can provide your portfolio with some much-needed security. A downturn in the market can be devastating, especially for investors who fail to diversify their holdings. Gold, silver and other precious metals are renowned for their stability and may continue to hold their value or even increase in situations when your other assets may be struggling.

Real Estate

Investment properties can provide the opportunity to make huge gains very easily, given the right market conditions. Leasing properties in the meantime can also provide you with more passive income, income that can be used to increase your spending and buying power when pursuing other investments. 

Versatile and lucrative, real-estate holdings often prove to be the cornerstone of a successful investment strategy.

Saving for the Future

The earlier you begin your retirement savings the longer your assets will have to mature. While a late start may cap your efforts, the right savings and investment efforts can still provide you with the chance to enjoy a worry-free retirement. 

Relying too heavily on any one investment opportunity can be troublesome as a less diverse portfolio may not be able to perform as well in certain markets. Casting a wider net and building a strategy that will be based on finding a greater range of personal investment ideas may hold the key to generating superior returns and a greater degree of long-term success.

Tuesday, October 15, 2019

Leaving the Military? Time to Get your Finances in Order

Whether you are being discharged or are retiring from the military, it is important to use the organisational skills that you picked up during your service when it comes to sorting out your finances.

When leaving the military, you will probably fall into one of three groups; you may have joined during or after high school and therefore don’t have any real financial education, or you may be retiring after completing your 20 years of service. 

Alternatively, you may have been discharged following an injury during service. For each of these groups there are different things that you may want to consider in order to help secure your finances.

Discharged due to injury?

If you have been discharged following an injury, then you may feel daunted about what is to come. If you have lost a limb or are suffering from PTSD, then the idea of getting a civilian job may make you extremely anxious.

If you have been left with a lasting injury or condition as a result of your service, then you may be eligible to claim VA disability benefits. The best place to start is by heading over to the Chisholm, Chisholm and Kilpatrick website to use their VA compensation calculator

The math behind VA disability benefits is a little more complex than you would expect, so if math isn’t your strongpoint, then this calculator will quickly identify your “efficiency level” which will dictate how much you may be due in compensation.

Retiring after your 20 years’ service?

Retirees who complete their service will be due a lifetime pension plan – the amount you will be paid is determined by your years of service and final rank, and regulations can differ depending on which service branch you served.

If you are intending on continuing to work a civilian job then you may want to consider rolling your pension over to either an individual retirement plan or the retirement plan of the company that you go on to work for. 

Whilst most veterans would prefer to start receiving a steady income as soon as they retire, there are many advantages of utilising a stretch IRA or Roth IRA, as this will help your money grow without incurring any tax.

Leaving the military as a young enlistee?

If you enrolled in the military out of high school, then you may have missed a lot of financial education which will have benefited you in the future. As a result of this, many young enlistees rack up debts and end up taking out emergency loans when they leave the military, not to mention they have little to no savings.

To avoid falling foul of the same fate, it is important to quickly learn how to budget your money and consider which things in life are necessities and which are luxuries. There will also be services available to you locally that can help you learn how to manage your money effectively. Don’t feel a loss of pride for having to use these – they can be the difference between you thriving financially and falling upon hard times.

Wednesday, October 9, 2019

4 Smart Investments to Help You Through Your Retirement

To retire with a high standard of living, it’s essential to make the right investment during your working life. While everyone knows about basic investment vehicles like 401(k)s and IRAs, there are other types of investments that can make your retirement smoother and more enjoyable. Here are four of the smartest investments you can make to set yourself up for a good retirement.

Real Estate

It should go without saying that you will need to own your own home by the time you retire. If you want to achieve some extra cash flow after your working years, though, it may also be a good idea to acquire a few other properties to use as rentals. 

Income from rent is mainly passive and will provide you with a steady, predictable flow of cash each month. The equity in your rental properties is also an essential feature of real estate investing since the properties can be liquidated for large amounts of money if you ever find yourself in need of extra capital.

High-dividend Stocks

Investing for long-term equity growth may be the best strategy for a younger person, but as you near retirement, it may be an excellent idea to re-balance your portfolio in favor of stocks that pay high dividend yields. 

Like rent, dividends represent a fairly reliable and predictable income that can help you handle your expenses without touching the principal of your investment. With the right stocks and enough capital invested, dividends can amount to a considerable annual income. Stocks with the highest dividend yields can deliver 4 percent or more annually in cash flow.


Although it won’t produce any cash flow, gold is a great investment for hedging against inflation and economic downturns. When economic conditions turn negative, investors typically flock to gold, driving up prices until stocks and bonds become sensible investments again. 

If you can find some gold bullion for sale, it’s a great way to protect your investment portfolio against future economic risks.
High-yield bonds

If you prefer bonds to stocks, high-yield bonds may be a good option for your portfolio. Like dividend-paying stocks, these bonds can offer you substantial cash flow due to their reasonably high yield levels. 

Mixing high-yield bonds and dividend-paying stocks can also be a useful strategy for achieving a portfolio with good cash flow that is also properly diversified.

By making some or all of these investments before you retire, you can set yourself up for a higher standard of living after your working life is over. As with any investment, be sure to carefully consider the risks and benefits of each of these assets before putting your money into them.

Tuesday, October 8, 2019

4 Items to Get Monetary Value out of during Retirement

Retiring can be a fantastic opportunity to do all of the things you’ve always wanted to do. If you retire, you can get the chance to see the world. You can even get the chance to update your living space and turn it into something genuinely impressive. If you want to fund these things, then selling these specific items may be able to help you do so.

Antique Furniture Pieces

If you own any delicate and rare antique items that were given to you by family members or anyone else, then selling them may help you score a bit of money for all of things you long to do. Look around your home. If you come across antique furnishings or decorations, you may want to think about selling them for cash.


Driving to work on a daily basis can be a hassle. It can also call for the assistance of a suitable vehicle. If you’re retired, you no longer have to go to work. That means that you may be able to sell your car and reap the rewards. Retired persons often make the sensible decision to rely on taxis and family members for any and all transportation purposes.


Having a timeshare can be enjoyable for people who like to take it easy in properties that are away from their main homes. If you’re retired, though, you may be ready to move toward much greener pastures. That’s precisely why you may want to think about timeshare selling

Selling your timeshare may help you acquire cash that can enable you to do all sorts of other invigorating things. Free time can open you up to all sorts of fantastic opportunities.

Residential Property

It isn’t uncommon at all for newly retired individuals to make the big decision to downsize. If you want to extract financial value out of anything you own, then you should contemplate putting your home up on the real estate market. Selling your home may get you on the track to substantial earnings. 

Don’t forget that money can help you cover all sorts of essential retirement expenses. It can help you cover restaurant visits, foreign getaways, recreational activities, and a whole lot more. Retired people often have minimal living space requirements.

Selling things can make retired life a lot simpler. It can make it a lot more enjoyable as well. Retirement is all about not wasting any precious time.

Tuesday, September 3, 2019

4 Reasons to Meet with a Financial Planner before Deciding to Retire

Whenever you are looking to manage your finances, you will benefit by working with a financial planner. This is a professional that specializes in providing advice, guidance, and education to people who are looking to get more out of their financial situation. 

With a financial planner, you will be able to make sure that you are on the right track in terms of saving for retirement and managing your finances wisely. There are a few good reasons to work with a financial planner. As a result, using a financial planner can ensure that you are financially secure for the rest of your life.


One of the reasons why you should meet with a financial planner before you retire is to help you save for retirement more effectively. While you can invest and save for retirement yourself, you may miss out on things that can allow you to increase your savings. 

A financial planner can help introduce you to investment options that can help enhance your wealth. If you already have a sufficient amount of savings, a financial planner can also help you with private wealth management as well.


Meeting with a financial planner before you retire can also allow you to better understand what you invest in. Whenever you are looking to invest in something, you may be unsure about how it works and how it can benefit you. 

A financial planner can educate you on how things such as stocks, bonds, and annuities work. As a result, you will be in a better position to know which investment options will best meet your needs.


Another reason to meet with a financial planner is that they can help you plan your finances more efficiently. They can help you set up a budget to pay your expenses. 

Financial planners can also help you find ways to pay off debts more quickly as well. A financial planner can give you advice on how to manage debts, whether it is a good idea to get a car loan and/or how paying off your mortgage will benefit you.


Financial planners can help you prepare for unexpected events. There are times when you might have something such as a medical bill or a job loss that can prevent you from reaching your retirement savings goals. As a result, you will benefit from having a professional guide you through this situation. 

A financial planner can help you develop a budget to cope with a job loss and/or a medical debt. With their assistance, you will be in a better position to get through these unexpected events that can affect your financial situation.

Managing your finances can be a bit complicated at times. Whenever you are unsure about how to allocate your financial resources, it is beneficial to get professional assistance. You will benefit by working with a financial planner. 

This professional will guide you through the process of setting up retirement accounts, finding the best things to invest in and also give you advice on how to oversee all of your financial affairs.

Thursday, July 4, 2019

Which Emergencies Should You Save for in Your Retirement?

Even if you have saved up quite a bit for your retirement, you might still run into a few emergencies that put your finances in jeopardy. That is why everyone who is nearing their retirement should spend some time putting money away for a few expensive situations that could pop up in the coming years.

Household Repairs

Carrying out preventative maintenance should keep your household appliances running smoothly for years, but there will come a point when some of those devices need to be repaired or replaced entirely. 

You must also be ready to replace your HVAC system if it is more than 10 or 15 years old. Replacing an HVAC unit can be a huge investment, and your home insurance probably won’t cover a new condenser or the installation fees.

Unexpected Travel

You should be able to plan most of your trips months in advance, but emergencies can happen at any time. If a family member becomes ill and you would like to see them right away, your ticket is going to be quite expensive. 

You don’t need to save up tens of thousands of dollars for unexpected travel, but you should have enough to cover one or two flights and a few nights in a motel room.

Long-Term Illness

Long-term illnesses are extremely common among the elderly, and most basic insurance policies won’t cover those health problems. At the very least, your emergency fund needs to be large enough to help you deal with a medical emergency that lasts for a few weeks. 

That will give you plenty of time to contact your insurance provider and file a claim. You should also consider upgrading your insurance policy if you have a family history of chronic illnesses.

Auto Accident

A serious auto accident can happen in the blink of an eye, and one of those collisions could wipe out your savings if you aren’t careful. Your auto insurance policy should help you after most accidents, but major collisions can be very expensive. 

If you aren’t fairly compensated after an accident, then you need to contact a personal injury lawyer to explore all of your legal options. You might need to take the other driver to court if they are under-insured or completely uninsured.

For many of these situations, a world-class insurance policy is going to be your first line of defense. A solid policy will cover a wide variety of expenses following an accident, injury, or illness.

Friday, June 28, 2019

Financial Security: 4 Ways to Save More Money for Retirement

Financial security for retirement is the name of the game when it comes to saving. Here are some things that you can do to ensure that you have more money for retirement.

Keep Using Items

In our modern society, people have a habit of using items and throwing them out before those items have been completely used up. If you save items and use them for the entire duration of their lives, you will save a lot of money. 

For example, you don’t have to get a new car every two years just for the sake of having a new car; keep the car that you have until it becomes unusable, unsafe and/or not cost effective. The same thing goes for clothing. 

You don’t have to buy a new wardrobe every season. All you have to do is take good care of your clothing and keep wearing it. If you keep using and reusing items for a long time, you will realize that things like cars and wardrobes will last many years and decades before needing replacement. 

You may also want to consider selling items you aren’t using anymore for some extra cash to tuck away in your retirement fund. A lot of people have gold items or collectibles they don’t find value in anymore. You can discover more on how to sell items like this at local pawn shops.

Set a Budget and Live within Your Means

Too many people do not live within reasonable budgets. Living beyond one’s means results in having less money and, in some cases, being in debt. Take a good, hard look at how much money you have, and set a budget. Do not take out loans or use credit to pay for things that you don’t need. 

For example, you do not absolutely need to deck yourself out in expensive, trendy clothing all of the time. We live in an age where there are a lot of expensive, trendy gadgets that people don’t really need. Don’t buy these gadgets if you don’t need them.

Do Your Own Chores

Do not pay others to do chores that you can do for yourself. If you do your own chores, you will save yourself a lot of money. Only pay someone to do chores for you if you are not physically capable of doing them and there are no other people in your life who will help you.


It is a harsh reality that no form of savings is completely secure. Each form of savings can become destroyed in some way or another. For example, a given amount of money in the bank may be worth a lot less in the next ten years as a result of inflation. Cash can whither, deteriorate or get stolen. 

Gold can also get stolen. Stocks can go down. This is why a person should diversify his or her life savings by putting it into a variety of different forms. You can discover more on how to diversify your savings by doing an internet search.

If you want to save up as much money for retirement as possible, you should live within your means, keep using items without replacing them too soon, do your own chores, set a budget to live within your means and diversify your savings.

Sunday, June 9, 2019

4 Financial Questions Empty Nesters Should Ask before Retirement

One topic of conversation that’s hardly ever brought up is empty nest before retirement. Having our children move out can have an emotional and financial impact. This leaves people with a bunch of questions that can be difficult to answer.

How Do I Feel about having an Empty Nest?

Sending your little one off into the world can leave you feeling conflicted with your emotions. The emotions parents feel when their kids leave can vary. In fact, some may even experience empty nest syndrome, which is a feeling of grief, sadness and loneliness parents feel when their children leave. 

However, most people fear the anticipation rather than what happens in reality. Truth be told, some parents actually feel happier and relieved once their children walk out the door. Regardless of how you feel, it’s important that you assess how your emotions and feelings impact the choices you make. 

For example, feeling sad about the empty nest may make you spending money and time with your children. On the other hand, if you’re excited that your children are gone, you may find yourself overspending on shopping or vacations.

How Do I Take Advantage of Retirement Saving Opportunities?

Some people think that just because their kids are no longer their financial responsibility, they’ll have tons of money saved. While it is true you may find yourself with a few extra dollars in your wallet, you won’t be loaded. In fact, the average amount that people who have become empty nesters have put into their 401k only goes up to 0.7 percent max.

How Do I Save for Retirement While Prioritizing Debt?

Saving for your retirement should always be on the bucket list, however, it’s important that you pay off any outstanding debt as well. In fact, the interest rates you’re currently paying are most likely higher than the rate of return you could receive from your savings. 

You might even want to sell your condo, as there are many condos for sale on the market. So, naturally, you want to pay off any outstanding debt as quickly as possible.

How Do I Become Serious about Planning My Retirement?

It’s completely fine that you enjoy having an empty nest, but it’s crucial that you plan for the future, and this includes your retirement. Using a dependable retirement calculator can help answer any other important questions you may have. 

These questions may include “When is it safe to retire?” “How much will I need to sustain myself?” “Will I be able to afford health care?” Once you are armed with this knowledge, you’ll be good to go!

An empty nest can leave quite the impact on your life. How you choose to go about it is up to you. Just remember to think things through and plan accordingly.

Monday, May 6, 2019

How to Invest in Your Retirement

Saving for retirement can be a daunting task for many people. You know it is important to have money set aside for later in life, but you may be overwhelmed by the logistics and unsure of your options.

Actually, like many things in life, investing in your retirement is not so stressful when it is broken down into smaller, more manageable chunks of information. For instance, consider the following three ways to save, invest and plan for retirement:

Take Advantage of Any Matching Options for Your 401K

If your employer offers a retirement plan like a 401K and also matches a certain percentage of the amount that you contribute, by all means do whatever you can to add the max to the retirement account. Any amount that your employer matches is essentially free money, so it’s definitely worth looking into. 

A common scenario in the 401K match world is for your employer to put 50 cents into your retirement plan for every dollar you put in—this is usually up to 6 percent of your gross salary for the year. So, if you earn $40K at your job and contribute $2,400, or 6 percent to your 401K plan, your boss will add in $1,200 more.

Start Your Own Tax-Advantaged Nest Egg

While a 401K is a great place to start, especially if it involves the aforementioned matching option, you should also consider starting your own retirement savings accounts. You can open a traditional or Roth IRA account, and put money into it as you can; this will allow your money to grow tax-free until your start to withdraw it in retirement. 

You can speak with your banker about opening an IRA account or if you have a financial planner he or she can help you as well. There are limits for how much you can contribute to an IRA every year; on the flip side, you can also set aside smaller amounts of money into the account.

Have an Action Plan in Place for Financial Emergencies

In a perfect world, you will continue to work as long as you wish and then live happily off of your retirement savings. Unfortunately, people sometimes encounter severe financial emergencies that can wipe out their savings. For instance, a serious medical condition that requires months of treatment and hospital stays can be devastating for your retirement accounts. 

To help prevent your nest egg from being shattered, you may want to have an action plan ready to go that will help pay for medical treatments and other financial emergencies. One idea is to look into selling your life insurance policy through a company like Coventry Direct. 

This will allow you to gain access to much-needed funds to help pay for medical bills and other financial hardships that may unexpectedly arise as you get older. Again, it is hoped that you will not endure a situation like this, but looking into an option like this now rather than later is a good idea and can give you invaluable peace of mind.

You Will Get There, One Dollar at a Time

Saving for retirement does not have to be a stressful process—in fact, your employer may already be willing and able to help you get there. Start by speaking with your HR department about a matching plan and then head to the bank to see about an IRA. These steps, along with looking into emergency options for cash if need be, will help you to plump up your retirement savings and allow you to enjoy your golden years.

Wednesday, March 27, 2019

5 Steps to Take in The Year Before Retirement

It’s almost time for you to take a step back from the grind of working your normal 9-5. You’ve been working almost your whole life. Finally, it’s your turn to relax and enjoy your retirement. Though you’ve made a career, diligently saved, and taken all the right steps to make sure you may be secure, you’re still a little weary about what comes next. 

It’s normal to feel a little overwhelmed, there’s not much out there about what to do in this final stage. In order to make your last year in the workforce go smoothly, we’ve put together this list of five steps you need to take in the year before your retirement.

Be Debt Free

Though your savings have taken priority over the last few years, it may not have occurred to you that it would be best for your financial future to be completely debt free before retirement. There are several things that you can implement in your daily life to overcome financial stresses and gain a little peace of mind. But being debt free is one of the most important things to do for yourself during this period of time.

Because you’ll be on a stricter budget during your retirement, be certain to pay off any outstanding loans, mortgages, or any other debt if you can. If you are not in a position to completely pay off these debts, then think about consolidation before retirement. That way you can budget one, easy to remember payment! Do your research and learn more about personal pension options, facts and answer any questions before you start planning.

Income Estimates

Run the numbers for your monthly income from your pension account. Then, run them again. Be absolutely certain of the allowance you will be able to give to yourself, because financial surprises like running out of money in the middle of the month are not an option!

Find a reliable pension provider to deal with your savings and make certain you are taken care of in your golden years. Do some research to find the right private pension firm for your needs, or make certain to speak with someone from your company’s pension program before you retire. This way you have all of your financial information ready for your fun retirement plans!

Create a Detailed Budget

One of the most important, if not THE most important, things to do in the year before retirement is to sit down and create a detailed budget. You’ll be on a fixed income and unnecessary spending isn’t really an option for most. Here are a few things to consider while making a detailed monthly budget:

  • Food
  • Bills
  • Car/House payments
  • Holiday expenditures
  • Self-care needs
  • Transportation
  • Entertainment

Any important personal needs

These are, of course, very basic needs, but being prepared with a detailed budget is extremely important. Be certain to include any “fun” expenditures like going out to dinner, seeing a movie, or even a big fishing trip! You may also look into ways to supplement your retirement finances to make certain that everything is taken care of so that you can relax!

Insurance and Investments

One thing that no one really talks about is how you’ll be receiving insurance benefits during your retirement. If you have had health insurance through your company for the last several years, you’ll need to find either a way to extend that insurance, or a new way get benefits. That way there are no unexpected medical incidents without proper coverage!

Make a List!

Saving money, finding ways to supplement your income, being budget wise, all of that is great preparation for your retirement. However, your priorities should also be on finding ways to ENJOY spending your days living a life of leisure.

Make a bucket list of all the things you would like to see, all of the foods you’d like to try, all of the places you’d like to visit. This will be helpful for your budget, yes, but this bucket list will also give you something to look forward to next year!

Our 5 Steps to Help You Before Retirement Next Year!

Whether you make a list, or a tight budget, these five steps are essential for planning for your retirement. This is your last year working, and after you’ve taken all of the steps we’ve laid out for you, you’ll be ready to sit back, relax, and really enjoy your retirement!

Monday, March 11, 2019

Retired and Buying a Home? 4 Points to Help You Get Your Dream Property in Florida

Retirement is your golden years. It’s the time in which you can focus on yourself, do the things you’ve always wanted to do, and to relax and live life to the fullest. For some, that retirement dream is to travel around the world. Others, though, prefer to retire in a warm place like Florida.

If you’re retired and looking to buy a home in a new area, or downsize your existing home, there are a few things you’ll want to remember. The wrong house could hinder your retirement and cost you a lot of money. However, the best property for you could be what you need to top off a perfect retirement.

To help you plan your retirement and buy a house in Florida, we have a few pointers to remember.

Be Realistic About the Location

The location of your potential property is important, especially in your retirement years. It may seem appealing to have a house tucked away in the woods and secluded from everything else. However, how long of a drive is it to get groceries, go out for supper, head to a doctor’s appointment, or meet up with a friend?

As you get farther into your retirement, driving may not be as appealing anymore. You may find yourself having to visit the doctor’s office more frequently. Also, being too secluded can make you feel lonely.

Don’t Use All of Your Retirement Savings

It may be tempting to pay for your retirement home in cash so that you don’t have a new loan to take on. However, if you do that, what are you left for in your retirement savings?

Tying up your retirement funds into your home isn’t the wisest decision, unless you have tons of money to last you decades. Taking on a new mortgage isn’t the end of the world, and it will likely still allow you to do the things you love.

Take a look at the different mortgage options, like a USDA loan. Talk to a lender and view a USDA loan map of Florida to see if you qualify.

Be Realistic About the House

Maybe you found the perfect retirement property for your life at this moment. However, will the house still work for you five, 10, or even 15 years down the road?

A house that has multiple stories with tons of stairs may not be as appealing the older you get. You could find yourself having to spend more money upgrading the property to be more suitable as you age, or having to move altogether.

Can You Afford It?

Buying a house when you retire is different from buying a home in your 20s. At that age, you have decades worth of work ahead of you, so you know you’ll likely always have a consistent income coming in.

When you retire though, your income will not be the same. You need to factor this in. Ask yourself if you can afford the potential property with your retirement money for multiple years? Do you have enough set aside into an emergency fund? You wouldn’t want to find that in the next five years, half of your retirement savings is gone due to your new house.

Wednesday, January 30, 2019

How You Should Start Managing Your Money and Earning If You Feel Like You’ll Never Retire

Those of us that are getting a bit older without a huge retirement fund might think that retirement will never come. There is a chance that you are simply mismanaging your money without realizing it. 

Financial literacy unfortunately was not taught in school while other subjects that have no relevance to real life were. The best thing that you can do if you think that you are bad with money is identify the reasons by doing online research. There is no shortage of financial advice online with much of it being applicable to the average person. 

You might need to start earning more to be able to retire at the age you desire. The following are ways to manage your money as well as earn a bit so you can reach your dream of retiring.

Rent Out A Room

Renting out a room can generate monthly income without having to pick up a second job. This could be to a friend or family member. Regardless of who it is, there should be a lease involved. It is important to have a great lease but also to live up to your end of the lease so you do not become a nightmare landlord. 

People that have in-law apartments at their home might never have to see their new tenant on a regular basis. Do rental background checks on any tenants. The last thing you want is to lose money when renting out a part of your home or have to evict your tenant.

Consider Earning Online

The freelance world has exploded, offering plenty of opportunities to earn from the comfort of home. Most people spend far too much time watching TV while they could spend that time earning. An extra hundred dollars per week adds up over the course of a year. 

You have to assess your skills to see what the perfect fit would be though. Many freelancer platforms having rating systems so you do not want to garner a bad rating as it will reduce the number of job offers.

Move Investments To Less Volatile Options

Moving investments to less volatile options as we age is great advice as we only have so many years of earning money left. The worst thing a person can do as they get older is invest in something like cryptocurrency instead of mutual funds. 

Getting a decent return is important and if you have the majority of your money in a savings account, it is being wasted. You can earn far more interest in safe investments than you could ever earn on bank interest.

Examine Current Debts and Payment Options

Taking a look at your current debts can allow you to figure out a payment plan that will reduce the amount of interest paid. For those that owe on the mortgage and can pay it off, they should if they do not have their money in an investment that is earning a higher percentage than their mortgage is charging. Credit card debts need to be wiped out as they compound so make sure to target the highest interest rates and largest amounts first.

As you can see there is hope if you feel like you are never going to retire. Start earning more today and saving where possible!

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