Blog: planning

Mentally Preparing For Retirement

Seniors
You've thought long and hard about retirement, for many years, as if its like winning the lottery. The truth is that it's not quite like winning the lottery, although all governments are heavily involved in all things senior citizen when it comes to money and taxes. You have actually worked your whole life for the government to consider that because you are unable to work anymore after a time, the government will step in to help you in accordance to the length of time you have worked.

The money from the lottery and social security is from a giant pot of other people's money. Both systems are in place because of government regulations. Both are heavily taxed and regulated but one is there because you worked for it, while the other is there because you made a bet and got lucky. It is great to have both and winning the lottery remains a dream for many, while retirement becomes a reality for everyone.

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Planning For The Arrangements Of Your Own Funeral

Funeral
In another article, I spoke about planning for a funeral, and I said I was talking about a funeral early to get it out of the way, but now that I think back on it, I wanted to discuss the difference between purchasing life insurance vs. prepaying for a funeral. To the point as I try to be, I believe prepaying for your funeral will save you and your loved ones more money in the long-run instead of paying for life insurance. Let's discuss why.

If your parents paid for your life insurance as a baby or you pay for your child's life insurance early on and you or your children were given a clean bill of health and released from the hospital, this is the time where the price is lowest that you could ever pay for life insurance. For me personally, my parents purchased a plan similar to a Gerber Life Grow-Up Life Insurance plan, which costs the same amount throughout the lifetime of the child. These plans are can be worth anywhere from $5,000 to $50,000 and will cover the costs of the funeral, the plot, and likely leave enough money left over for a beneficiary for any unforeseen costs or damages.

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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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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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