Financial Independence
July 11, 2024
Retirement can be tricky when you are still in the planning process.
The idea of retirement should be full of hopes and dreams – plans to do or experience all the things you have wanted but have not had the time or money to achieve earlier in your working life. But on the other side of that coin lives reservations about if or when you will have enough saved up to enter into retirement. Additionally, there are ongoing concerns about how future market or economic changes could affect your personal plans.
One way to help set yourself up for financial freedom in retirement is to consider the many different ways to approach this goal:
SAVE WHERE YOU CAN
Many bills and routine transactions are now occurring via credit cards or automated withdrawals from accounts. It can be easy to lose track of where all your money is going. Setting a monthly budget and accurately tracking all your income and expenses are great ways to help your savings continue to grow. There are many reliable apps1 that can do most of that work for you!
IT’S THE MONEY YOU DON’T SPEND
In addition to budgeting, it is also important to consider the level of lifestyle you enjoy in comparison to your available means. While it’s important to be comfortable, there is a trade-off to consider. Holding off on certain luxuries in the moment may speed up the clock on how quickly you can begin retirement. It could also provide funds for a more lavish lifestyle down the road. This line of thinking can also help your credit score and may open more opportunities and stretch your money farther via favorable rates when looking to finance large purchases.
PUT YOURSELF FIRST
No matter the size of your nest egg, the best way to enjoy retirement is to be healthy while doing so. Regular medical checkups and a healthy lifestyle may stave off chronic conditions that can lead to large expenses for treatment or medication. Similarly, beginning to consider the benefits of long-term care insurance as a younger and healthier person can lead to lower rates and protect against unforeseen issues in the future.
TALK TO A PRO
It is always wise to get a second opinion for your retirement planning. We provide professional insight and experience to help you create a retirement strategy that works for you. Contact us for a complimentary consultation so we can help guide you towards financial freedom!