The Three-Legged Retirement Stool

No, this blog post won’t be about furniture. Instead, I’m going to suggest a unique way of looking at retirement, which may be helpful for those struggling to get ready for when they stop working. There are three legs to the retirement stool: finances, healthcare, and lifestyle. With the first leg–finances–you focus on getting your money in order, which means paying down your debts and figuring out where your money in retirement will come from. It also means focusing on your nest egg and how you will grow it. The second leg is healthcare. This includes deciding what you will Continue reading The Three-Legged Retirement Stool

Be Careful When Playing With FIRE

If you read retirement planning blogs on a regular basis or have been doing some research on the topic recently, you may have come across the concept of FIRE, also known as financial independent, retirement early. This concept advocates saving enough so that you can retire early, say at 40 or in your late 30s, and live off of what you have saved. These articles and blog posts often talk about a person who saved a ton and retired early so that they could pursue a passion or travel the world or something along those lines. What doesn’t always get Continue reading Be Careful When Playing With FIRE

Increasing Income? Put Some of It Towards Retirement

Throughout your career, your yearly income will rise from time to time as you get promoted or move to new jobs as your career advances. Chances are that money will be put to use paying for many of the expenses that come along with being an adult or having a family (i.e. a mortgage, car payments, college tuition, etc.). But what about if you have some of that income left over? Aside from saving it, you should also consider putting some of it towards your retirement savings. Remember, bumps in income present a great opportunity to increase retirement fund contributions Continue reading Increasing Income? Put Some of It Towards Retirement

The Importance of Staying Social In Retirement

Research has shown that having an active social life is important to a high quality of life. Furthermore, studies have shown that retirees and elderly citizens who remain socially active tend to live longer than those who do not remain social or live a reclusive lifestyle. Maintaining social circles and networks can be just as important in retirement as your finances. It can also be something that people struggle with in retirement, especially if work life was an important part of their social life, which can often be the case. Having an active social life has also been proven to Continue reading The Importance of Staying Social In Retirement

Does Your Current Lifestyle Match Up With Your Retirement Goals?

Saving for retirement takes planning and budgeting, but it doesn’t mean you have to live an unnecessarily frugal lifestyle either. You don’t have to give up things like vacations or a luxury item here or there, but you do need to be thoughtful about where and how you spend your money. Maybe you don’t need to stay at a 5-star hotel on vacation or maybe you don’t have to buy the most expensive car on the lot when a lower priced model will suit your needs just as fine. Remember, retirement planning doesn’t require you to give up on life Continue reading Does Your Current Lifestyle Match Up With Your Retirement Goals?

Retirement is About More Than Money

You can retire with all the money in the world, but that doesn’t guarantee that you will be happy in retirement. People often get caught up in saving enough money for retirement, but they sometimes overlook other aspects of retirement, such as what they will do with their time and what they need to remain happy once they stop working. While money is very, very important to retirement, so too is the happiness and mental well-being of the retiree. Depression is not uncommon with retirees, especially those so closely tied to their work. Loneliness is another problem for some people Continue reading Retirement is About More Than Money