They say, “Experience is the best teacher”, which we can all relate to, and it’s for pretty much everything in life. So, when it comes to retirement, getting advice from folks who’ve already retired can be super helpful. They can help you steer clear of common pitfalls and show you how to make your retirement years truly happy and fulfilling. Enjoy!
⏱ Time Stamp:
00:00 Introduction
01:34 Tip #1
02:39 Tip #2
03:29 Tip #3
04:27 Tip #4
05:45 Tip #5
06:51 Tip #6
07:54 Tip #7
09:01 Tip #8
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retirement planning is a crucial aspect of our lives that we often overlook until it’s too late. If you’re looking for some valuable advice on how to plan for retirement, look no further than the retirees themselves. Here are eight life-changing tips from retirees about retirement planning that you can implement today.
1. Start Early
The earlier you start planning for retirement, the better. Whether you’re in your 20s or 50s, it’s never too late to begin. The earlier you start, the longer your money has to grow, and the less you’ll have to invest later on in your life.
2. Know Your Expenses
Before planning for your retirement, it’s essential to know how much money you’ll need to cover your living expenses. Take an honest look at your current expenses and see how they may change in the future. This will give you an idea of how much money you’ll need to save up to support the lifestyle you desire.
3. Keep Yourself Debt-Free
Carrying debt into retirement can be a major burden. Try to pay off any outstanding debts, such as car loans, credit card bills, or mortgages, before retirement. This will help free up your cash flow and reduce stress later on in life.
4. Have Multiple Sources of Income
It’s important to have multiple sources of income in retirement. Aside from relying on your savings, you may want to consider investing in rental property, starting a side business, or utilizing your skillset to consult or freelance.
5. Consider Long-Term Care Insurance
Long-term care insurance can be an excellent investment for anyone worried about future healthcare costs. If you’re concerned that Medicare may not cover all your medical expenses, investing in long-term care insurance can offer peace of mind and help protect your retirement savings.
6. Maximize Your Retirement Accounts
Whether you have a 401(k) or an IRA, try to maximize your contribution each year. By taking advantage of these accounts, you’ll benefit from compound interest, tax advantages, and employer matching contributions.
7. Stay Active and Engaged
Retirement doesn’t have to mean the end of your active and fulfilling life. Find new hobbies, connect with friends, or volunteer within your community. Stay engaged with the world around you and keep your mind and body healthy.
8. Seek Professional Advice
Lastly, seek out professional advice from retirement planners and financial advisors. They can offer valuable insights and help you navigate the complex world of retirement planning.
retirement planning can seem daunting, but with these tips from retirees, you can take control of your financial future and enjoy a fulfilling retirement. Start today, and you’ll reap the benefits later on in life.
Life is a weird, beautiful experience when you step back and look at it. Grateful to be here with you all, Working with a financial expert could truly set you up for life. I'm delighted I was able to contact my coach Rodger Michael Karl earlier this year because while others were busy whining about the downturn I was busy cashing out from my portfolio, finally making over 370k only for the first quarter. of the year.
Intriguing!!! Working with a financial-advisor could prepare you for life. While others were complaining about inflation, I was busy cashing out from my Diversified-portfolio, finally making over $370,000 for the first quarter of the year. I'm thankful that I was able to to get in touch with my coach, Joseph Sullivan Anderson, early this year. We were able to pay off our debt and start saving for our retirement thanks to Joseph Sullivan Anderson.
this was really amazing video it was useful i got new information about it i like your content and thanks for sharing this with us .
Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got talking about investment and money. I started investing with $120k and in the first 2 months , my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and gets more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family…
I find it funny when people drop invester names in the comment sections. I pray people dont fall for these scams. Please never give money to someone over the phone or online. Always meet with a financial advisor in person.
The biggest key to a great retirement is to start planning for your retirement when you are in your early 20's. I started my retirement at 24, with plans on retiring at 57, had children late in life so I had to postpone my retirement until I was 60.
The easiest route is to start with depositing between 100-200 each month in your 401K or
IRA, then each and every pay increase after you deposit 25% of the raise into the account.
Hello , I can Retired in Finland 55 age. ( hard Work , yes but not today )
You can do Same.
Later I want Retired in Finland & Thailand.
In Retired in Thailand about 65 age .
Retired Time is a Best Time in my Life.
You can do Same.
In Thailand Retired Money need 1500-2000€ / month , I think So ? What You Think ?
Retired 4 You.
Successful people don't become that way overnight. most people see at a glance-wealth, a great career, purpose-is the result of hard work and hustle over time. I pray that anyone who reads this will be successful in life..
Awesome video! Thanks for sharing these insightful retirement planning tips. Love how Fantaclaus allows us to engage with our viewers. Can't wait to try it out!