should be as unique as the person it belongs to, there are some key tenets that are universal and can benefit almost anyone.
If you're getting ready to retire this year, here are three things you can do to help ensure a smooth financial transition.The value of retiring debt-free could never be overstated — especially when referring to unsecured, high-interest debts like credit cards and personal loans. Those types of debt are unproductive and do not provide any valuable tradeoffs.
Of course, there are other costs associated with owning your home that continue even after the mortgage has been paid off. However, those costs pale in comparison to the tens of thousands of dollars that go to a family's home mortgage on an annual basis that could now either be saved or repurposed elsewhere.A key step in planning for retirement is to write out a list of your fixed and variable expenses.
Step two is to figure out how much of your income in retirement will come from fixed, predictable sources, such as pensions and Social Security. Then, subtract the total of those fixed income sources from your needed retirement income figure in the previous step. Whatever the difference is between those two steps, you will want to have in cash. in cash prior to retirement so that regardless of what the market does in the immediate term, they will not have to worry about income.
As you perform your pre-retirement risk assessment, it is important to keep in mind that these are irreplaceable assets. If you were to open your account statement one day and see that 10, 20, or 30% of your retirement assets have disappeared in another 2008 or 2020 style market downturn, would you act on your initial impulse to sell? If the answer is anything close to yes, then it is likely a good idea to begin dialing down exposure to risky assets like stocks well ahead of time.
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Nah. I don't run with mortgage misery. Rent for the freedom it gives.
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