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Retire Early
Lifestyle
Retirement; like your parents, but way cooler
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In 1991 Billy and Akaisha Kaderli retired at the age
of 38. Now, into their 4th decade of this
financially independent lifestyle, they invite you
to take advantage of their wisdom and experience. |
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Retirement Tips and Tricks for 2023
Liza Goodman
Retirement is real. It’s coming. A matter of time. There will reach a time you
will have to hang up your boots. That’s why you need to plan as early as
possible. Having a solid retirement plan will cushion you in the future. Invest
in bonds. Remember, the future holds a lot of uncertainties. Thus, think about
your life after retirement. Save more. Invest in gold. Consider investing in
bonds. Precious metals are stable and can bear huge returns. Invest through the
U.S. Money Reserve. Read the review here
https://yourgoldiraguide.com/u-s-money-reserve-review/ before making an
investment. Use the following tips and tricks to secure your life after
retirement.
Get Ready for Unplanned Retirement
Life is unpredictable. Circumstances might force you to retire early. Research
shows that most employees are forced to retire before hitting their target
retirement age. There are several factors that can contribute to your early
retirement.
It’s therefore imperative to start making your retirement plans now. If you’re
aged between 50 and 60 years, start planning for your retirement. Even if you’re
still young, now is the perfect time to devise an emergency strategy for your
early retirement.
Address Debt Immediately
Strive to
settle your debts. It’s always advisable to clear your debts while you’re
still at work. Prioritize eliminating any credit balances. Pay off your debt
before you retire. Prioritize clearing your car loans and mortgages as well.
Although it’s difficult paying debt when you’re relying on a fixed income, you
should still try to ease your debt burden.
Health Insurance
Plan for your health insurance. If you’re about to hit 65 years of age,
consider
signing up for medical insurance. If you’re an American, don’t hesitate
to sign up for the Medicare program. During your old age, you might spend a
lot of money on medications. But with comprehensive insurance, you won’t
incur major out-of-pocket costs.
In case you retire early, you’ll have to purchase health insurance using
your own money until Medicare kicks in.
Increase HSA Contributions
Strive to increase your HSA (Health Savings Account) contributions. For
instance, if you began funding it two years ago, your contributions might
grow tax-free for the next three decades. And this will provide an excellent
pot of emergency funds later in life. HSAs generally offer unmatched
benefits.
Effective Spending
Learn effective spending strategies. Don’t wait until you retire to decide
how you’re going to spend your money. Use the rules of thumb to devise an
effective spending strategy. Develop a plan based on real spending habits.
Keep
track of your spending habits. Create a realistic estimate of your
income requirements. Adjust your financial needs accordingly. For instance,
once you retire your commuting costs might reduce significantly.
The Bottom-Line
At one time, everyone will retire. You will not have the same energy you
used to have during your youth age. Your output will reduce. If you want to
lead a good financial life, make sure you plan for your retirement. Use the
above tips and tricks to secure your life after retirement.
About the Authors
Retire
Early Lifestyle appeals to a different
kind of person – the person who prizes their
independence, values their time, and who doesn’t
want to mindlessly follow the crowd.
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