Categorized | Retirement

5 Tactics for Retirement


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Lately when the word retirement comes up in a conversation and many people tend to cringe at the sound. Perhaps the reason behind this reaction comes from the lack of a recovery when it comes to the economy and the still uncertain job market that has left many people unsure how they are going to save for next month let alone retiring. This got me thinking about some more realistic strategies that can help you plan for your retirement before just writing it off and thinking working until death is a plausible idea. So here are 5 tactics to help you retire comfortably.

1) See where you stand.retirement

Knowing where your stand financially at this current moment in time is the very first step that you can take when looking down the road at retirement. understanding what your investments are worth, how much money you have in various savings as well as knowing what you owe on your current debts. The best way to evaluate what retirement will cost you, is to find out what your current cost of living is and how best you can cut spending in a way that doesn’t hurt your own personal standard of living while cutting your overhead costs. According to Fidelity Investments reporting, the average pre-retiree should be looking at a bankroll of no less than 250,000 dollars. If you need a new car, some would recommend leasing or putting aside the funding to just repair your current car instead of taking out a long term bigger payment on a new car.

2) Economize your housing.

Many people in the current housing market, while slightly better than a couple years ago are still feeling the issues with selling their homes. Much of the current homebuyers are looking for housing that has very little renovating work due whereas those aging and are holding onto the homes that they raised their family in. When it comes to real estate there is an industry saying that “one should never fall in love with a pile of bricks.” The best tactic when trying to keep your retirement afloat, you should think about economizing or downsizing your current housing. If you no longer require the bigger more spacious homes of suburbia, look for housing to meet your current needs.

3) Conservative investment tactics.

When you are working and making money it is easy to look at investing more aggressively because whatever you lose as long as you are responsible with your finances, are not looking at losing all that much funding. That being said look into investing more conservatively as the years go on. Since the main goal of many savvy investors is to create a steady stream of residual income, the same goal should be met when investing conservatively in your retirement. Look into investing in utility companies and suppliers as well as shipping companies or whatever company offers to pay you in dividends more frequently.

4) Take advantage of senior discounts.

One of the easiest but often overlooked abilities to save money in your golden years is by taking advantage of senior discounts offered to your age bracket as you grow older. Many with a sense of pride either in their finances or those ashamed of their age tend not to take advantage to senior discounts. However the discounts are in effect in order for those on more fixed incomes to be able to dine out or spend their money while still enjoying the same things that were enjoyed during the working years. The senior discounts are not limited to your local diner or retail outlet, there are also medical and federal discounts that can help to promote and propel your retirement years and finances.

retirement 25) Look overseas for your retirement.

One of the most stated goals by people aching for retirement continually talk about having the time to travel and enjoy the wonders of the world that they couldn’t in their younger years. There is another aspect of this goal that can be achieved in the retirement years such as retiring overseas. Looking at retiring overseas can be a arduous task on its own but may allow you to have the travel capabilities and possible lower cost in living by moving out of the country.

The purpose behind the above mentioned 5 tactics is to help guide to and through retirement so that you can make the most of your funding while enjoying the standard of living you have become accustomed to. Planning and surviving retirement shouldn’t make you cringe, but you should look forward to enjoying the fruits of your many years of labor. Starting now rather than later is the best way to ensure that your retirement is everything you’ve been dreaming about and working towards for the bulk of your youth.

 

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