Blog: retirement

Talking To Your Spouse About Retirement

Retired
If you've been together for a while with your spouse and you both have been working for the past many years, getting to see your children go off to college, leave home, get jobs, establish careers, meet the love of their lives, have children, start their own families, doing exactly what you and your spouse did, you might begin wondering what's next. You've accomplished it all... parent and grandparent, fur babies and flesh babies. You've both been so generous to get your children through the major milestones of their lives and even helping a little with the grandchildren. Now the time has come and you're both close to the age of retirement. What's next?

You'll both want to understand your finances and how you'll still continue to pay for bills. The best thing you both could do is hire a financial advisor to assess exactly what you both will retire with and how much you'll actually need during retirement. If you are both earners who were on the books for years, then you'll both have an amazing retirement and won't have to worry too much.

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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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Things To Do Before You Retire

Retirement
Retiring may seem like something that we just do, but it actually takes several years of preparation to understand when and how one will go about retiring and beginning retirement. You may look around at others who are already retired, some who are learning to enjoy their retirement, and others who have been retired for years, if you're able to meet them. I do know a 97 year old man, who has been retired for as long as he has been working. He retired over 35 years ago at 62 years old and is living in an senior-independent living facility.

There are several tasks that you can take now or even just a few years before you retire. These tasks involve assessing debts and assets, spending habits, and money flow or income. The more you do now to understand how and when you will retire will ensure an easy transition. Here are a few things to ponder about long before you hit retirement or if you are a few years away, or even planning to retire in the next few months.

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The Road To Retirement

Road
Most of the focus on this website is all about retiring and retirement. There is always good reason to ponder: "What will I be like in retirement? What will I be doing? How much will things cost in retirement? How am I going to live in retirement?" Fortunately, all of these are fair questions to ask and none that should have you spending more than a few minutes wondering.

If you think about how you are going to be in retirement, the chances are, unless you hit the lottery, acquire an inheritance, or somehow become determined enough to make a product that no one knew they needed but loved, you're probably going to live the same exact lifestyle that you've been living for the previous decade. You probably spend around $200 or $300 a month on groceries, another $200 or $300 a month going out to eat, $50 a month on gasoline, $300 a month on utilities, and your mortgage is probably nearly paid off or is affordable. So your expenses are likely to be around $1200 - $1500 per month. Fortunately, if you did work your whole life, your social security check will cover nearly all of that. Add in a 401k, an IRA, or a pension, and you will be fine.

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Bad Investments And Wasting Money

Bad
Have you ever thrown away money? Possibly on nothing? Yeah, me too. I've thrown away money on various food items, as I love to test taste them. I have thrown money into the stock market, only to have lost it the next day. I've spent too much money on water. I've spent too much money just by going out. I've even spent too much money on my ex-wife for the very purpose of keeping a civil friendship — and we don't even have any children together.

The fact is, for every dollar not saved for retirement, is a dollar not put away for your older self. How much could you really need during retirement? Well, your spending habits are unlikely to be that of a millionaires' lifestyle. What if you aren't putting a dollar away towards your retirement? For the most part, if you are working on the books, the government is putting some money away for you. Thank goodness for Mr. President Franklin D. Roosevelt and those who began drafting it years before him.

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