Over Come Biggest Threats In Retirement Planning
Will You Be Financially Ready To Retire, At Any Age?
Whether you are 30 something or 50 something, you will eventually reach retirement age. Will you be financially ready? If you feel threatened by issues that are cropping up, you will never be ready; learn financial tips to work around the issues.
Tip #1 – Beating The Affordability Issue Of Retirement
Will you be able to afford retirement someday is a common concern among people. If you make retirement your #1 financial priority, you can afford retirement.
Making your retirement a financial priority means giving some things up; therefore you cannot have it all. You either pay now or pay later. You either buy and spend now or hold your spending down and save for your future…your retirement.
Buying Large Or Small Helps Affordability
You either buy the largest house on the block or you shrink the size of the house you buy in order to save money on the mortgage payment, mortgage interest, taxes and home maintenance. When you own a smaller, more economical home you can then invest the money you save.
Essential Or Not Helps Affordability
You either buy all the toys you want (cars, boats, motorcycles) and increase your debt; or you invest the money you would save by avoiding purchases of toys that are not essential.
There is absolutely nothing wrong with owning boats and motorcycles or larger homes; you just have to decide if you want the debt incurred by those purchases today or freedom tomorrow…your retirement.
Tip #2 – Beating The Amount Of Money Needed
You cannot predict with total accuracy the future value of money. You cannot predict with complete accuracy how much today’s investments will be worth when you are ready to retire.
Retirement Calculator To The Rescue
If used properly a retirement calculator can give you a ball-park dollar amount of money needed to retire.
A financial planner can run estimates that come close to giving you a target range to aim towards. A retirement calculator is designed for just that purpose, to help you estimate how much money you will need to save in order to afford retirement. Investors or all ages find retirement calculators a valuable retirement tool.
Be Safe|Over Fund
To play it safe and help yourself get close to your target range of money, over fund your retirement plans. You have nothing to lose, if you have too much money when you retire is that a bad thing?
Tip #3 – Finding Enough Money To Save For Retirement
It’s not a secret, it’s not magic, there is no silver bullet on how to find enough money to invest into your retirement plans.
Silver Bullet|Stop Spending
The only way to find money to invest is to cut back on your spending, period!! The real secret is to learn how to deny yourself; how to limit your spending today so that you can reap the rewards tomorrow. That may or may not be hard for you to do but it may also take some practice on your part.
The Secret|Avoid Debt|Waste Of Money
You find investment money by keeping your debt down. Debt is ugly, it destroys financial futures; debt will strangle your retirement. While you are accumulating debt, you are wasting money on interest and fees; you are wasting the growth money since debt money is not invested.
Get Ready, It’s Coming Soon To You
You cannot beat retirement age – we all eventually reach retirement age; but you can be sure you are ready when you reach that age. There is no age group excluded from the obstacles inherent in retirement planning. Retirement is uncertain, so is planning for it; avoid as many of the uncertainties as you ca.