In
the past, retirement was thought of as a time to relax, rest, and feel good
about a job well done. Nowadays, however, with people living longer than ever
before, retirement is more often looked at as a fresh start, a time to go out
and try and do things that weren’t possible before with the demands of a
career.
Because
retirement now looks more lively and active than ever before, it just make
sense that it would cost more to retire comfortably these days than it did in
the past. As such, if you want to retire comfortably and especially if you want
to retire early, when you’re still relatively young and healthy enough to do
all those cool things you never got to do before, you’ve got to have a careful
plan in place.
A
skilled financial advisor can take into account all of the details of your
financial history, as well as your future goals, to help you come up with the
perfect retirement plan to meet your needs. With that said, however, there are
some basic tips that you can follow to make it more likely that you can retire
comfortably and/or early (hopefully both).
To
begin with, one of the first things you may wish to do to properly prepare for early retirement is to sell your home. Obviously, that’s not easy, but, unless
you’re very well off, you don’t really want to enter into retirement still
paying a large amount of money towards your mortgage each month. If you haven’t
paid that mortgage off by the time you retire, is it really worth it? Only you
can decide the answer to that question, but, in general, but for most people
selling their homes, profiting, and then finding a cheaper living option is
wise.
If
you do sell your home, you want to do as much as you can to cash in on your
home’s equity and make a profit. After all, you don’t want to have spent your
life paying for something that ends up costing you money! Thus, in those
pre-retirement stages, work on fixing up and marketing your home so that you
can sell it for its full value, or even better yet, more than it’s worth, and
then use the money to retire comfortably.
After
you’ve sold your home, you may want to think about the option of relocating out
of the United States. Yes, that’s somewhat scary, and yes, we know that most
people just relocate to Florida or another state, but you can actually save
quite a bit of money by moving to another country with a lower cost of living.
Plus, there’s the sense of adventure and fun, often just what you need in
retirement, that comes with relocating.
The
bottom line is that, if you want to retire early or retire on time with plenty
of money, that is going to take some planning on your part. If one or more of
these retirement tips works for you, great, but if not, find your own way to
save up money and make your retirement period one of the best times of your life.
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