5 Tips For Retiring Well

We all still remember the recession of the late 2000’s. With the stock market crashing, and the dollar worth less, came depressing realities that we all may have to work into our 80’s before we can even think of retiring.

Now even though you may read scary stuff about the economy everywhere… don’t let yourself get sucked into publications that do nothing but get you afraid of the doom and gloom ahead for retired people.

The fact is, if you follow my 5 Tips for Retiring Well that I’m sharing with you today, it’s very possible to retire by age 70, or even earlier. And live well.

Tip #1 – Delay taking your Social Security benefits.
The way Social Security restructured its payout schedule after the recession, you will have to wait a bit longer to get “full benefits” from them.

However, after waiting a few extra years (which you don’t have to do if you accept less benefits each month), you will then receive full benefit payments, typically at age 67 to 70, depending on the year you were born.

Tip #2 – Save and pay off debt now.
It’s obvious that to prepare for retirement, even if it may still be 50 years away, you must manage your finances properly.

Now is the time to build sound financial habits. Which include putting aside some of your income in savings each and every month. And at the same time, paying off your debt using “accelerated payments” so you can reduce the amount of interest payments you’re handing over to your bank.

Tip #3 – Contribute to your investment plan.
When you can save money from your paycheck each month, and your employer also matches that amount, you win!

Whether you’re an employee now, with access to a 401(k) savings option, or you’re self-employed with a similar “pension plan” for self-employed people (called a SEP), you can still take advantage of these savings vehicles.

Though these plans differ, as does the tax situation with them, (some enabling you to pay taxes on contributions now, and withdraw tax-free when you retire… or enjoy tax deductions now and until you retire, then pay taxes at a lower rate when you withdraw during retirement)…  you can set yourself up to have a nice chunk of cash by the time you’re ready to take your social security benefits.

Tip #4 – Do a “reverse mortgage” on the home you own.
If you’re not planning on leaving an “estate” of your assets to your family or a charity, many people find reverse mortgages an attractive option.

This is where the mortgage company pays you a nice chunk of cash every month based on the equity in your home, until you leave the home or pass on. Only then does the mortgage company take ownership of the property.

Add the Social Security benefits you’d also be receiving, and you can see how this option can set you up to live a comfortable life for as long as you live.

Tip #5 – Plan to retire where it is less expensive to live.
A big dream for a lot of people is to have a first or second home in an exotic location. Well that dream is far easier to achieve, if you plan on living in a country where the cost of living is much less than living in the US or Hawaii.

You can live for practically nothing (compared to the US) on many Caribbean Islands, in Central American countries like Costa Rica and Panama, and in many areas of Europe and the Far East.

The only problem with doing this is… you may find your “peace and quiet” disturbed by a full house of family visiting, wanting to get in on “the good life” you’re living 🙂

Does living the good life when you’re retired (and even before you retire) sound good?

Well find out how you can start down the road to making this a reality in your life, when you attend my Free Online Training about taking control of our personal finances… “Experiencing Financial Peace of Mind.”

You can attend this week, when you register for your Free Access here.

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