In the brave new world of 2018, we hear plenty about the silver economy. Silver surfers, silver spenders – it seems as if retirees have never had it so good. In some ways, that’s absolutely the case. Improved health care and longer life expectancy mean the retirement years are no longer the evening of your life, spent sitting in a rocker and watching the world go by. In fact, if you take retirement in your mid-50s, you have every chance of living well into your 90s. That means you will actually spend longer in retirement than you did at work.While I know that is hard to believe, it is actually true when you think about it. That’s why investing is more important than ever, I love to invest using Stock Apps!
If you are relishing the empty nest phenomenon and grandchildren are either a part of your life or a feature of the imminent future, you are probably wondering when you can hang up your work boots and enjoy that retirement at www.retireinsouthcarolina.com/retirement-charleston/ you’ve been working so hard towards.
Best Years of your Life
The flip side to this is that 40 years in a retirement that constitutes the best years of your life is not going to come cheap. That’s why it pays to plan as far in advance as possible. A pension calculator can help you with retirement planning and prepare for your better future. If you are relishing the empty nest phenomenon and grandchildren are either a part of your life or a feature of the imminent future, you are probably wondering when you can hang up your work boots and enjoy that retirement you’ve been working so hard towards. Be sure to work out my lifetime pension allowances too!
Questions to ask yourself
Take a strategic approach to your retirement planning and ask yourself the following questions:
- How much income will you need? It is always tempting to either guess or fudge the figures to meet your needs, but this is fundamental, so get it right. Track your actual expenses over a month, then make the necessary adjustments (eg increased costs from travel, reduced costs if you decide to downsize).
- What social security support will you get? Check out the social security website and enter the details for yourself and your spouse to get an exact projection.
- What other income? If you will be in receipt of a pension, how much will that be? And how about other income from property, investments and so on?
- What will you owe in taxes? This calculator will help you work out your future tax liabilities.
- What can you afford per month? Take the sum total of your savings, pension plans and other assets. Then multiply the total by four percent, which is the safe inflation-adjusted withdrawal rate.
Congratulations!
If your expenses and taxes are within your income rate, then congratulations, you are ready to retire, and if that’s the case, it can be worth exploring this downsizing at 55 guide for useful tips that make moving even easier if that’s your chosen path. However, if your expenses and taxes exceed your income rate, you either need to make some adjustments or keep on working a little longer. If you are unable to afford the payments associated with a standard home loan during retirement, do not worry. You may qualify for a reverse mortgage, instead. In the case of a standard mortgage, you will borrow a large amount of money and pay it back slowly. In the case of a reverse loan, you will keep receiving money from a reverse mortgage lender on an ongoing basis without needing to pay it back until the amount of equity that can be borrowed has been received. If you are not sure how much that amount is a reverse mortgage calculator will help you figure it out. You will not be obligated to pay the money back as long as you meet the terms of the loan. For example, you must continue paying your taxes and homeowner’s insurance. You must also prove that you, as the loan signer, are living in the home permanently. Also, you must immediately pay off any other loans on the home that exist when you receive the reverse loan money.
Optimizing your wealth
One of the most important aspects to not only boosting your retirement income but also keeping it healthy throughout your retirement years is a diversified investment portfolio. Stocks and shares are great when the economy is doing well, but when times are harder, investments like precious metals come into their own. Whatever the market conditions, it is advisable to include some gold or silver in your portfolio, and this website makes buying it easy.
Before you retire you may even want to consult with a financial advisor. Their job is to help you choose investments, savings, pensions, and more, to help you meet your financial goals. Whether you’re looking to save up for retirement or you want a bit of a safety net in savings. It is important that you do your research as there are people out there who will try to take advantage. If you find yourself in this position you may be wondering can I sue my financial advisor? In some cases, you may be entitled to compensation if you feel your financial advisor has been negligent.
You should look to protect your assets. We all hope for a healthy and happy retirement, but if sickness strikes, medical costs can wipe out your nest egg. Long term care insurance is a worthwhile investment, just in case. If you want to invest in stocks, you can find out more from Suredividend.com.
The retirement life is supposed to be care-free. However, the reality is cares can develop, especially financial cares. In such situations, your home can be an excellent resource. There is a retiree-only mortgage that can help. The special loan, called a reverse mortgage, lets you borrow money on a long-term basis instead of signing a standard short-term loan contract. The amount you can borrow is established by a tool called a reverse mortgage calculator. The calculation tool for reverse mortgages uses known factors like government-set parameters to come up with that figure. Then you select how funds are allocated to you, such as by lump sum or installment payments. A line of credit is also an option.
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