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Planning for a Successful Retirement

Planning for retirement is something that should begin before one is even out of college, but that isn’t what usually happens. Don’t worry, no matter where you are in your career it is never too late to plan a successful retirement or even learn how to retire early. Assessment The first step in planning for a successful retirement is assessing where you are financially. Take stock of your existing income, debt, savings, investments, and assets. Include all debt, even if you think some of it won’t be relevant during your retirement. If you have student loans, credit card debt, or a mortgage, these need to be factored in. Not just because they could eventually take part of your budget when you retire but also because they limit the amount of money you have available to invest in your retirement. Savings, investments, and assets are pretty straightforward for most people but also include things like life insurance policies in this category. Depending on the type of policy you have, it may be accruing cash value that could be more wisely invested in a different financial product. Debt One of the most important things you can do before you reach retirement is ...

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Is Early Retirement a Pipe Dream?

Is Early Retirement a Pipe Dream?

No matter what your age, most people plan to eventually retire. However, not everyone has planned well for retirement. Some Gen Xers, for example, have either not saved anything for retirement or not saved enough. This may make retirement difficult for them. But what about people who wish to retire early? Is early retirement a pipe dream? 1. It Depends on Your Lifestyle One of the factors that may determine whether early retirement is a pipe dream for you or not is lifestyle. How do you plan to spend money during your retirement? If traveling and eating out frequently are part of your retirement expectations, your monthly budget during retirement will likely be higher than it currently is. For some people that means early retirement could be out of the question because they need to continue working in order to afford those retirement goals. But if instead you plan to live more frugally during your golden years, you may be able to get by with less money each month. This could make the difference between early retirement and late retirement. 2. Preparation is Important In the past, retirement was thought of as the time when people get to finally kick ...

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When Senior Living Is The Best Option For A Spouse Or Parent

What should you do if you promised your spouse or parent many years ago that you would never place them in a nursing home or an assisted living community, but you’re finding it increasingly difficult to keep that promise? It can be almost impossible to come to terms with sending a spouse or parent suffering from severe dementia and/or Alzheimer’s to a care facility when you promised them that you would take care of them at home. Unfortunately, things may not be working out as envisioned. The loved one’s health is getting worse and you, the caretaker, are getting increasingly exhausted, unhinged, unwell, and confused with each passing day. Deciding to send your loved one to a care facility can be one of the toughest decisions to make, a decision that can be even harder to make if finances are already strained. In the end, the best thing for everyone, you and your loved one, is to enroll them in a senior living community like Landmark Senior Living which provides them with an affordable and compassionate solution of comprehensive hospitality and personal care service. 3 Reasons to Be More Flexible There are three things you have to keep in mind ...

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3 Shocking Truths About Early Retirement All Millennials Should Know

A lot of millennials seem to take their work for granted, failing to save and prepare for an inevitable future beyond work. But, as Aristotle said, “Good habits formed at youth make all the difference.” By being prepared for retirement, you’ll be able to enjoy life when older. Early retirement is a privilege. It is a sign of life lived with careful consideration and planning. It is only when you have put aside a sizable nest egg that you can afford to stop work and enjoy your independence. The following truths about early retirement will shock you. Pension isn’t guaranteed Unlike the time of Generation X when the government pensions were a reliable certainty, it will be different in the future. With economic instability and financial devaluations, you will be forced to rely more on your own savings than your employer’s or the government’s. It is better to start making plans early so you won’t have to keep working when you are supposed to be resting. A percentage of your earnings should be kept in a separate account each month. Consider alternative investments such as stocks and bonds to diversify and multiply your income sources. Your health is at risk ...

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How Job Hopping is Harmful to Your Retirement Savings

Job Hopping

While some people choose to stay at the same job for their entire career, others have a habit of changing jobs every year or two. This habit is known as job hopping. Job hopping may not be a bad thing if you are young and the positions you hop to are higher paying or with better benefits. However, there are times when job hopping can be harmful to your retirement savings. Cashing Out Should you choose to leave your job after only a year or two, you may think you should simply cash out your 401(k) when you leave. Think again. Cashing out your retirement plan early means you may only be able to receive a portion of it. The reason for this is because early withdrawal usually causes you to incur penalties and fees. A couple of better options would be to move it with you to your new employer, if they allow it, or to roll it into an IRA. Not Being Fully Vested When you are investing in a 401(k) plan, it usually takes three to five years before you are fully vested. If you choose to leave your current employer and go to work for a different company ...

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