8 must know retirement tips. Yes, another retirement video! I will be discussing everything from spousal benefits to Roth IRAs, and even finding your retirement dream home. Come and watch. What do you have to lose? Maybe a lot.
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Retirement is a phase of life that many people look forward to. It’s a time to relax, enjoy life, and pursue hobbies, travel, and other interests. However, preparing for retirement is extremely important, and there are several steps that everyone should take to ensure a comfortable and fulfilling retirement. Here are 8 retirement tips for everyone:
1. Start saving early: One of the most important retirement tips is to start saving for retirement as early as possible. The earlier you start saving, the more time your money has to grow. Even small contributions to a retirement account can add up over time.
2. Take advantage of employer-sponsored retirement plans: Many employers offer retirement plans such as 401(k) or pension plans. Take advantage of these plans and contribute as much as you can. Some employers will even match your contributions, which is essentially free money for your retirement savings.
3. Diversify your investments: It’s important to diversify your investments to minimize risk. Consider investing in a mix of stocks, bonds, and other assets to ensure a balanced and stable portfolio.
4. Create a retirement budget: To ensure that you have enough money to support yourself during retirement, it’s important to create a retirement budget. Consider all of your expenses, including housing, healthcare, travel, and entertainment, and make sure you have a plan for how you will cover these costs.
5. Consider long-term care insurance: Long-term care can be a significant expense in retirement, especially if you require specialized care as you age. Consider purchasing long-term care insurance to help cover these costs and protect your retirement savings.
6. Stay active and healthy: Maintaining your physical and mental health is essential for a fulfilling retirement. Stay active, eat well, and make time for social activities and hobbies to ensure a happy and healthy retirement.
7. Plan for taxes: Remember that you will still have to pay taxes on your retirement income. Be sure to plan for taxes in your retirement budget and consider working with a financial advisor to minimize your tax burden.
8. Stay informed: retirement planning is an ongoing process. Stay informed about changes to tax laws, retirement account rules, and other factors that could affect your retirement savings. Regularly review your retirement plan and make adjustments as needed.
In conclusion, retirement is an exciting time, but it’s important to plan and prepare for it. By following these 8 retirement tips, you can ensure that you are financially secure and able to enjoy a fulfilling retirement. Start saving early, take advantage of retirement plans, diversify your investments, create a retirement budget, consider insurance, stay healthy, plan for taxes, and stay informed. With careful planning and smart financial decisions, you can set yourself up for a comfortable and enjoyable retirement.
"Knowledge is being aware of what you can do. Wisdom is knowing when not to do it." —Motivation
In our community, the smart moms start teaching in the neighborhood schools. They work towards their pension, keep an eye on their kids throughout the day, and get summers off. Dad goes to work in the private sector. Seems like a really good approach to me.
Good Stuff Louie! We are pretty much locked in with fixed teacher retirement pensions and debt free with IRAs and of course 20% in metals. Inflation has been taking more and more chunks out of our lifestyle, so I may keep the side hustle going until I am 96.
Lots of great advice Louie. I'm looking at downsizing houses myself.
Thanks Louie. Such a great timely clip here. My wife recently retired from public school teaching. 35 yrs in a classroom. She grabbed her pension and now combined with our Roths that we've held for many many yrs has now given us peace of mind moving forward. Mortgage is all but gone and we're looking forward to the yrs ahead. Everything you've touched on is gold. Wishing you well with your impending retirement. Happy stacking.
Thanks Louie- great tips
Thanks Louie. I appreciate this video. By the way, two days ago I left a message I'd like you to see. Happy New Year Louie.
Louie you are spot on with your recommendations. On the one spouse to government job I can totally agree. I did so over 15 years ago and now sit at mid 60’s with a pension that’s over 6k a month plus S.S. All my and wife’s insurance is covered 100% for life. Have a blessed 2024 with health and happiness for you and all those you love. Stay blessed amigo.
Good advice
My workplace offered a traditional 401k traditional plan with matching money. They didn't offer a ROTH option until the last few years. So, it was a no brainer to participate and get free money for my retirement. I opened up a little ROTH account on the side with $100 and shot $100 a month into it for my retirement fun. Just retired and had a shade over $70k in it. So I cashed in half and put a decent down payment on an RV we enjoy. Unfortunately, over the past year, that ROTH account had nearly an average 38% return. Kicking myself for taking that much out. But, live and learn.
Great video. Very true about buying into a house right now, the prices are insane. Everyone I know spends thousands on repairs and appliances every year that aren't covered by their insurance. If the market recedes, I'll buy. For now, I'll keep on stacking.
Thanks for the info my friend! Turning 60 this year. Gotta ways to go. Happy New Year!
Mornin LS happy new year