As you enter a new chapter of your life, a number of changes from your day-to-day habits to your spending patterns will likely change. As you’re getting used to your new way of life, it’s important to keep up with your exercise so you can fully enjoy retirement, mentally and financially.
When you think of retirement, you may automatically hear sounds of Jimmy Buffett playing in the background as you sit on a white-sand beach with a piña colada in your hand.
You’ve saved for years to reach this milestone, and enjoying retirement is something we all deserve. However, letting dreams overtake reality can lead to stressful financial years ahead.
Don’t stop fine-tuning your personal retirement plan once you quit your 9-5. Rather, continue practicing smart financial habits, and watch for the following seven signs that may indicate your retirement lifestyle needs a reality check.
- How to strategically use your IRA Funds for Travel
- How travel fits into your retirement planning with IRA funds
If you’ve spent years “paying yourself first” and growing your funds through a taxable investment account, you might be ready to reap the rewards of your hard work. Many retirees use an IRA as their “fun” account and start withdrawing to fund travel and leisure.
This can be a great financial plan to help you enjoy your golden years, but as with anything financial, there is a strategy to follow to ensure you’re getting the most bang for your buck
When thinking about retirement, where you plan to live is a big factor. There’s a lot to consider when picking the place you want to live after retirement. Depending on your lifestyle, you may consider living abroad. Retiree’s who are interested in living abroad have a lot more factors to take into account, such as healthcare, transportation and language. Here are some important issues to think about before you make the move abroad:
Many couples have separate bank accounts, with a shared or communal account to pay household needs and expenses. Both may contribute equally to the account, but still maintain individual checking and saving accounts. With a second marriage or both working outside the home, an arrangement like this is common. But when it comes to retirement, how does having separate accounts affect your retirement?
A new study funded by the Center for Retirement Research at Boston College found that women spend less of their lives married. Looking at households from the Depression Era to Mid Baby Boomers, the study found the percentage of years women spend married has dropped from 70% to 50%. Three factors contributed to this drop.
Kim Curtis, CEO of Wealth Legacy Institute was interviewed on Cruisin’ KEZW 1430 AM for No Copay Radio by legendary radio host, Murphy Huston, and Jayla Sanchez-Warren, representing Denver Regional Council on Governments (DRCOG). Curtis discussed retirement planning concerns and health care issues that exist today.
There are a lot of factors to consider in determining where to retire. It can be exciting and overwhelming. Luckily, WalletHub compared all 50 states on 41 different qualities they felt related to “retirement-friendliness”. The analysis considered factors like affordability, health-related factors and overall quality of life.