As a person completely enjoying the freedom of being single, retirement sounds like a blast. A little planning should go into it, so that the party that is coming down the tracks is absolutely worth the wait. So here are a few things to consider along the ride.
• Always plan for retirement no matter what time of the month it is.
• Take ten percent out of every check and put it away in a savings account.
• Once that ten percent has grown into some money, talk with your bank or your credit union and find ways to begin investing. See what plans they have that will work with your budget.
• Don’t make huge sacrifices along the way. Remember, not all of us make it to retirement, so remember to laugh and have fun as well.
• If your car is still holding together and you can make it a few more years with a repair here and there, don’t buy that new Ford F250 that you have been eyeing at the dealership down the road. Take a deep breath, make those cheaper repairs, and wait a few more years for your investments to grow a little more; as well as the savings account. You just might be able to pay more cash down, and keep the payments lower. Thereby saving yourself money in interest you would have paid.
• Despite the fact that your computer is ready to die, don’t always go for the newest in technology. It really hurts to not to, but it may save you a few dollars in the long run. But, if you can’t afford not to, go ahead and do it anyway. Weigh in all the benefits of either way before you jump to the purchase.
All in all
These few simple things might just get you where you want to be in retirement. Take the advice from your banker to heart, but always be cautious if it sounds too good to be true. Protect your money and it will be there when you need it.
But also remember to enjoy the trip. Life is full of surprises and you want to be the one smiling when it comes your way.
Home owner verses rental
Depending where you are in your life’s work, it should depend upon what you do with a house. If your job moves around a lot, you better just rent; and if you have been where you are for quite some time, it doesn’t hurt to invest in a home that you love.
You don’t have to have something huge, just something you are comfortable in. When the time comes for retirement, if the house is not paid off, you could potentially sell it for enough money so that you can pay off a nice home to retire in. Then you only have taxes and small repairs to worry about. As well as some home owner’s insurance. If you don’t have family to pass it to, then renting is probably the best thing. That way, you don’t have to worry about anything. You are not the owner.
So weigh the decisions heavily and figure out which ones will work the best for who you are. In the meantime, enjoy the heck out of things; you only get one trip through this life.
About the Author: Hi, I’m Blair Thomas the Co-founder of emerchantbroker.com and we’re the #1 offshore merchant account company in the US. I have 10+ years of experience in the electronic payments industry, managing several registered ISO’s and successful agent offices. I work hard during the day and spend my time away from the office developing my music career as a singer songwriter signed to Old Scratch Records.