Who Wants To Retire A Millionaire?

Retire
Everyone dreams about being a millionaire and there are a few million people who get lucky in their lifetime to actually see it in their bank accounts. The rest of us usually acquire about a million to two million dollars over the course of our lifetimes, but we don't actually see it, at least not in cash. Over time, we may have actually spent it on luxury and life so we never get to see it. However, we may also acquire it in real estate assets or in the stock market among other investments or inheritances. By the time we reach the age of retirement, between 62 - 70 years old, depending on how much you have in assets and savings, you could probably claim to be a millionaire.

Whether you choose to continue to live in your home and do a reverse mortgage or sell your house, mixed in with your social security and any other investments you have, you could probably liquidate your assets and turn it into a million dollars in cash. There are several reasons you would want to do this, but other reasons you probably should not. If you are a millionaire by the time you retire in cash, you will be very likely the one responsible for any and all healthcare concerns and needs.

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What Should I Be Saving Every Year Towards Retirement?

Retirement
I always encourage everyone to do and I constantly do myself: Have a conversation with the 65 year old you. If you had this conversation, what exactly would your 35 year old self say to your 65 year old self or vice versa? What would you talk about? Probably the most important thing you could ever talk about: money and living situation.

So you are now 65 years old and you've worked your whole life and are ready to retire. Retirement is not the end of life, but the end of a work era where you can finally relax and enjoy the life you've worked to have. You are now eligible to collect social security and if you've done everything right up to this point, including paid off your mortgage, have no debts at all, you could probably live off your social security benefits and mostly be fine.

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When Should You Start Saving For Retirement

Retirement

When should you start saving for retirement? The best answer would be that you started saving at infancy. It would be great if your parents started planning and putting away for you. If they saved about $300 a year ($25 a month) in cash until you were 18 years old, they would have saved up $6000 for you. It would probably be double if they invested into a stock portfolio for you. However, most parents do not do this. Therefore, it is up to you to start saving for your own retirement. The ideal age to start saving for retirement is between 18 - 25 years old. It is okay if you start saving later, but you should try to do it as soon as possible.

You might think that saving money is by putting away your cash each week, but doing so in today's bank interest rates will yield you the equivalent to less than a cup of coffee per year. It is a horrible idea to keep your money saved in a bank account and earning next to nothing. What you will want to do is choose a number you can afford to put away. Instead, you will you can start saving money by opening up an investor account at Schwab, Fidelity, E•Trade or any other stock market account, and you will likely double or triple your money in just a decade or two.

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Acquiring Property For Retirement

Investment

If you are currently the owner of a house or investment property, or planning to obtain a property very soon, you are on a successful path towards a comfortable retirement. While the housing market goes up and down and may even crash once during a decade or so, the value of housing generally goes up, not down. By holding on to a property, you are paying down a mortgage. Once the mortgage is paid off, you are only paying for the utilities, taxes, and other fees to upkeep the home.

By the time you pay off the mortgage, you might consider renting this property out or selling it, while considering buying a new home. The value of your property went up in the 10-30 years that it took you to pay the mortgage. If you choose to rent, you can charge a reasonable fee, depending on the number of beds and baths. There are services that do background checks and become the Landlord service and take care of everything for you while taking a small fee. If you choose to sell the home, you will likely sell it for double what you paid for it, thus profiting and making your money. The only issue with selling and buying another home is, like your property, all other homes also went up in value.

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Preparing for a Funeral

Funeral

Getting this topic out of the way, as it is a very sensitive topic that I would never thought I'd be talking about, and not one I want to talk about, but one that I should talk about. It will be one of the earliest posts on this website, I will talk about it before we even discuss saving money, retirement, and enjoying your life after work because in our everyday world, the reality is that anyone can die at any second. There are hundreds of thousands of ways to die. So the acceptance of your own death is inevitable.

Getting this out of the way is the best thing I can do for you and you could do for yourself. We cannot continue to pretend to be immortal and that we are going to live forever, like most of us do. The excuse that you're going to be dead and gone so you don't care is also not one you need to relay because those loved ones who are still alive will have to deal with the aftermath. So it is imperative that you stop being selfish and think about your family or the living when it comes to your death.

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