For everyone who is about to leave university or for has just started their first job, there couldn’t be anything more exciting than building a profitable and brand new professional career. But for everyone who’ve been working in a company for a few years, it’s difficult not to think about retirement, especially as retiring means that you can finally enjoy your time and your money to do whatever you want to. Except that this is the best possible case scenario. Most people don’t plan for retirement. They simply work their way to it and then are faced with a difficult situation: They don’t know how to fill their days when they’re not working anymore. It’s time to take retiring seriously, from making a bucket list of what you want to do when you’re older to planning your financial strategy when you stop working. The earlier you plan, the more you’ll enjoy a smooth and easy pensioner’s life!
Know your rights
Did you know that there is no retirement age in the U.S.? Naturally, this doesn’t mean that you can stop working when you feel like it. In fact, there are some essential retirement milestones that you need to be aware of. For a start, you can’t claim Social Security retirement benefits before 62. Similarly, you can’t withdraw from your retirement savings — aka your 401(k) — without paying penalties before you’re 59 1/2. However, not everyone is lucky enough to retire because they’re reached old age. Some individuals are struggling with injuries or disabilities that stop them from working. If this is your case, you may need to consider early retirement by consulting an attorney to explore the possibility of replacing your income via disability benefits. You may be entitled a Social Security disability insurance, for instance.
Consider downsizing when you retire
While they are many options to take into account when it comes to housing during your retirement years, downsizing is one of the most profitable courses of action. Indeed, you need to ask yourself in all honesty why you should be paying for additional space that you don’t need. Most adults in the age of retiring still live in the same family house they children grew up in. You probably don’t need these extra bedrooms anymore. Additionally, as you cut down housing expenses, you create more retirement income. Now that’s something the plus side of a frugal lifestyle!
Create a new income
What if you’re ready to stop driving to the office every day, but you want to keep your mind sharp and active? Well, nobody said that you were forced to stop working altogether. You can embrace a freelancing career to offer your knowledge and experience as a business consultant, for example. All you need is to identify the market niche. Let’s say you’re a math teacher. You could merely offer math tutoring to local students. There’s always someone who needs a little hand to get the results they need to apply to their dream college. Make sure in the consulting sector to prepare a few templates and a pricing list before you start, though!
It’s time to rethink retirement. It doesn’t have to be synonymous with old age. You can retire from your current job at any age, assuming that you’ve planned to replace your current income source, either through Social Security supports, a frugal lifestyle, or even tackling a freelancing career.
You might remember the TV series the Golden Girls. Four previously married, older ladies, living together and enjoying themselves in their retirement. They show us all that our golden years really can be golden! Our time to kick back and relax, enjoy some cocktails and take life at a slower pace. However, if we are to enjoy those golden years then we need to make sure that we are prepared financially and mentally. Here is what we need to be thinking about NOW before we make the most of those golden years. This isn’t us being morbid, it’s just us getting ourselves into the right place financially and mentally.. We work hard for the majority of our life, so we want to make sure that we can enjoy our retirement in style! It really is never too early to be thinking about our retirement, it could be argued that we should even be thinking about our retirement in our twenties, yes, really! What should we be doing now so that we can have a retirement of riches?
Make A Bucket List
We need to focus now so that we have no regrets later in life! We should make a bucket list for all of the places we want to see before it’s too late. On your list you could have something something relatively simple like watching the sunset, through to climbing Mount Everest. If it’s your dream to do it then it needs to be on there. You need to start ticking everything off that bucket list NOW!
You want to be living your retirement out in style so you really need to start saving now. Make a spreadsheet and work out how much you can afford to save on a yearly basis.
Work Out NOW
Exercise on a daily basis. If you take care of yourself now, then you will be in a better place physically when you hit retirement. You really want to be in peak condition when you hit your retirement. Some scientists also believes that if you exercise regularly it will help your brain regenerate and keep you mentally sharp. We want to be in peak condition if our dream is to travel the world during our retirement. You could even get planning for that round the world trip now. You can get fantastic round the world cruises which would allow you to see the world in style. Get saving and exercising now.
Write Your Will
You might feel young, fit and healthy and death might be the last thing on your mind, but you really need to start thinking about your will. If you have any assets then you need to make sure that you name your beneficiaries. You need a last will and testament. This will document what happens to your property, pets and children after you die. It will also state how you want your other assets to be divided. You should consult your lawyer who will be able to go to through this process with you. You could also use an online site like LegalZoom. Whatever you decide you will need to make sure that your will is legally binding and that means that you need to make sure that you have witnesses to sign the document. You also need to think about a living will. A living will states how you want healthcare-related issues dealing with when you’re still alive. You can find lots of websites with useful information on how to create a living will, and many of them will have a template that will help you create a living will. Topics that you might want to cover on your living will are pain relief, resuscitation and organ donation etc.
Research has shown that staying happy really is good for our health. Apparently happiness can help protect our heart. Happiness can help keep our heart rate and blood pressure lower. Happiness can also be good for our immune system and it can help combat stress. Finally, studies have shown that happiness really can help lengthen our life. A famous study into the life expectancy of Catholic nuns found that the nuns who were happier and more content were more likely to live an extra 7 to 10 years longer than the least happy nuns. Perhaps that saying “an apple a day keeps the doctor away” should be replaced with “a smile a day keeps the doctor away”.
Start planning now and you could be living the retirement of your dreams!
Investing can be a great way to boost your income, especially if you’re looking to clear debts or save for your retirement. Thanks to the internet, it’s becoming easier and easier for people to get into investment, even those with no real financial knowledge. If you’re thinking about investing, but have no clue on where to begin, these top tips could help you discover the benefits of investing and help give you the best start possible.
Have a go at fake investing
Investing can be a gamble, especially if you’ve never done it before. Launching yourself straight into high-risk, costly investments without knowing what you’re doing could spell disaster. One way you can learn whether or not you’d be a good investor is to try out some virtual trading apps that serve as training wheels for the stock market – giving you fake cash to play with and real market results to see how you would fare. It’s a good way to inspire confidence, or it could help you scratch that itch of wanting to invest and help you realize that it’s not for you after all.
Try spare change investing
Spare change investment is quickly becoming the investment tool of choice for millennials. There are pros and cons of spare change investment, but if used correctly it could help you make some investments without having to spend a lot of money. They work by rounding up the purchases made on your credit or debit card, that would otherwise be ‘spare change’ if you’d paid in cash, using the money accumulated to invest into different stock and shares. While unlikely to offer significant gains, the percentage returned could actually be worthwhile for the sake of investing a few extra pennies from your everyday spending. Make sure you set up some limits if you pay by card often to stop you investing more than you’re comfortable with.
Invest in what you know
Investing in something that you know and understand is more likely to pay off than if you were to invest in something that is completely unfamiliar to you. Some people like to invest in companies that are well-known, and they are familiar with like Apple or Facebook, while others might choose a company that is related to the field they work in or have studied. If you work in healthcare or insurance, for example, investing in a company like Health Insurance Innovations would be a good fit for you. Having a clear understanding of a certain industry could help you make better decisions about when to buy and sell and stop you falling into the trap of buying into the best-looking offer.
Investing for the first time is a challenge, but there are some great resources out there to help you learn the ropes. Taking a look at the best areas to invest in can help you see the range of investments out there and find the best option for you. Keep reading up on top investment tips to help you become a more confident and successful investor.