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Ask Why, When, Where and How before It's Time for You to Retire
from: Pat MoauroBefore you see your dream of a hassle-free retirement fulfilled, consider how that idyllic retirement picture will look like. For starters, why, when, where and how would you like to retire? What kind of lifestyle would you like?
Following are some tips to help you navigate your way to a happy and satisfying retirement:
Decide where you want to settle
According to a demographic survey most retirees seem to be content living for a number of years in the same place and in the same community until retirement age. But think about it, downsizing your expenses makes more sense. Moving to a less expensive community can help you keep your resources intact and your expenses low. This ensures you will have more income for future wants, needs and luxuries.
Decide what you want to do
Think now about what you plan to do upon reaching retirement age, instead of waking up one morning with no job after being employed for a number of years.
The idea is financially troubling as well as psychologically disturbing. Retirees have been able to lick the problem of what-to-do by pursuing a career or a task they weren't able to do during their younger years. Primarily it should be a career one is genuinely interested in. This type of career can be more fulfilling and less stressful.
Pay it off now
Most retirees can sleep soundly at night when any debt, especially a mortgage, is finally paid off. This is literally a load off your mind and your wallet. You can ease your financial concerns if you have enough money left over to pay your mortgage fully, as well as something extra for you or your significant other. If your mortgage is fully paid, you will tend to take less from your savings. In turn, this allows your money in tax-deferred investments to increase, thus decreasing your total tax bill.
Know what to expect
According to experts three standard sources of income for retirees are: Social security payments, pensions, and the retirees' savings. Don't forget to review your yearly Social Security benefit. In the US, call 800-772-1213 to find out your estimated monthly check amount. Make sure to contact your previous employers to see if you have other pensions available as well as to determine how much you could receive. Compute your income from the investments you made in the past. As well as the amount the total of these three can help you determine where you stand.
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