A Small Part of The Article for The Introduction of "Purposeful, Happy, and Safe Retirement: How to Achieve Happiness and a Stress-Free Retirement" (ebook)
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Purposeful, Happy, and Safe Retirement: How to Achieve Happiness and a Stress-Free Retirement
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INDEX
Safe ways to save for Retirement......................................7
find ways to set money aside ..............8
finding spare funds to save .............12
1. tip is to stop eating out..................12
2. cut your clothing and shoe budget in half...12
3. move to a smaller house...............13
4. start a part-time business ..............15
401k or other savings................................................16
Emergency fund.................................................. 17
8 Signs You Should Retirement Right Now.....22
1. You have a plan beyond social security payments....................23
2. You have 10 times your annual take-home pay saved for retirement...24
3. You’re debt free.............................25
4. You can pay for your healthcare......27
5. You’ve created a retirement budget..29
6. Your spouse agrees......................31
7. You’re no longer supporting kids or parents..............33
8. Your portfolio is updated................35
4 Signs You’re Experiencing Post-Retirement Depression................36
1. feelings of worthlessness .............38
2. loss of interest in your hobbies.......40
3. excessive sleep or sleep deprivation ……..41
4. feeling more hungry than usual or losing appetite..............42
10 Proven Life Hacks for a Happier and More Fulfilling Retirement…....50
1. Your lifestyle...............................................54
2. Plan early...................................................56
3. Adjust to the life of a retiree even while in service..............57
4. Prepare yourself mentally for retirement...........................58
5. Keep friends outside of your work colleagues.......................60
6. Lifestyle adjustments........................................60
7. Plan everyday.............................................62
8. Stay positive and live in the present…....64
9. Invest for your retirement.........................................65
10. Always check your health............67
TOP 6 Investing Tips For a Happy Retirement | Warren Buffett..........68
Tip Number One Have a Purpose.........................................70
Tip Number Two Cash is Not King.......................................72
Tip Number Three Invest in High Assets................................74
Tip Number four Eliminate Fund Fees...................................79
Tip Number Five Don't Get Spooked by Market Crashe....................80
Tip Number Six is Don't Risk Your Financial Security for Family.......85
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Safe ways to save for Retirement
In this book, you'll learn safe ways to Not everyone saves for retirement possesses the foresight or means to save for retirement more even for those diligently setting aside funds for their Golden Year success isn't assured due
to the unpredictable nature of today's Financial landscape therefore in this Book I'll talk about two of the safest Ways to save for retirement now let's dive into it first The thing you must do is
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Find Ways to Set Money Aside
every time you think about saving for retirement the first question that likely comes to mind is the amount of money you'll need once you retire regrettably, there's no Universal answer to this as it hinges on your anticipated expenses and desired lifestyle during those years for example
if you own your own house fully paid off you're free from housing payments like rent or a mortgage in retirement and thus your financial needs might be considerably lower than if you still had these obligations also your lifestyle preferences might change for instance perhaps you'll want to join a country club with your fellow retired peers or maybe you'll want to go exploring
the world with your partner or maybe you'll want a more relaxed Countryside experience the point is whichever direction you choose each one of them comes with its upsides and downsides essentially what I'm trying to say is that your retirement needs are deeply
personal and Vary based on personal circumstances and whichever dire you choose to follow in your retirement make sure you are prepared financially now one great way to prepare is to talk to a Financial Consultant, unfortunately, one of the biggest mistakes people make is that they fail to seek wisdom from people who are experts in this kind of matters and unfortunately, when they do hit retirement they are shocked at how different it is compared with the picture
they had in mind, therefore, the biggest problem with retired people is that they delayed starting to save for their retirement a lot of folks are often under the assumption that there are ample time to do so later but as most of us can attest to time Catches Us by surprise and the things we should have done often don't end up getting time and when we finally come to the realization that we should do something about it it's often too little too late another common problem is.
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Finding Spare Funds to Save
understandably saving money can be very difficult especially if you are living on a tight budget but perhaps
some of these tips may help although they may not work for everybody
1. Tip is to Stop Eating Out
if you eat takeout twice a week and you pay $12 for a meal that you could make for $4 at home you could put about $74 a month
into your retirement savings and if invested with over 30 years at 7% compounding interest that's more than $83,000 you would have missed out on tip
Related: How to Retirement Investments With Example
2. Cut Your Clothing and Shoe Budget in Half
if you spend $1,000 a year on clothing and shoes can you cut that amount in half and put $500 a year which is $42 per month into a retirement account if you can in 30 years at 7% annual compounding interest that would
translate to over $47,000 in your retirement account now if you do two of the suggestions above so far you will have saved over $130,000 for retirement now let's go even further tip
3. Move to a Smaller House
if you live in a big house could you move to a smaller house and still be comfortable if you do so your mortgage payments will drop significantly let's say for example your current monthly payment is $2,800 which is a US household average a smaller house might cost you a monthly mortgage of about $1,600 that translates to
$1,200 in savings every month and $14,400 every year now if you were to invest these savings at a 7% annual compounding interest for 30 years that would translate to over $1,360 th000 now if you do all three of these suggestions so far you would have saved about $1. 5 million now let's go even further tip
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4. Start a Part-time Business
this is a more offensive as opposed to a defensive strategy instead of looking only at expenses to cut consider working a few extra hours per week perhaps at your own business and putting that income toward your retirement savings let's say you manage to start a business that makes about $6,000 a month in profit or $72,000 a year let's also say you save 20% of that profit which is $14,400 and operate the business for 15
years so $14,400 compounded annually at 7% interest for 15 years will translate to over $361,000 now if you did all the tips above that will add up to $1,851 th000 of extra money you can spend in your retirement now does that sound good to you also bear in mind that this is only for making a few Lifestyle Changes we haven't even added money from your
401k or Other Savings
if you add them up the amount will be significantly higher The only Rule here is that you must start saving and investing early to truly benefit from compounding interest and this leads us to the second point the second sheet way to save for
retirement is to start developing The Habit while young or right now you need to figure out how to save more and invest right for retirement so you don't live a poor life in a broken down home when you are 70 if you are not already saving you better start making it you have the foundation you need to start saving and teaching you all about saving
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Emergency Fund:
how we can fund it where we should even put it and what should I spend it on and why I should have it so what is an emergency fund if you want access to all the teaching all you have to do is join and become a member of the channel which costs only $39 a month now
if you start saving $100 a month when you are 25 for 40 years and invest that money in an index fund say the snp500 at 10% annual compounding interest over the next 40 years that money will have grown to over $531,000 now if you, however, started saving $100 at 35 for 30 years assuming everything else was the same that will translate to slightly over $197,000 as you can see the difference was only 10 years yet the final total amount is more than double that this simple example is telling you that time is your biggest and greatest Advantage
so use it that being said regardless of how old you are you can still save some money for your retirement thanks to a few Provisions that most governments now provide these Provisions allow you to save more money in a retirement account when you are 50 or older than when you were younger in addition you may be able to use the equity you have built up in your house to fund part of your retirement for example if you live in the US and you're 50 or older you can put more taxfree income per year than your younger counterparts for instance while the standard contribution to to
your ordinary retirement plans is $5,000 per year anyone 50 or older can contribute $1,000 more similarly your company's retirement plan most likely has similar Provisions allowing you to contribute more than younger workers this Arrangement is called a catch-up provision and it's meant specifically for people who started saving for retirement later in life
if you have not made many Provisions for your retirement and can't seem to find the money to do so you may be able to use the value of your house for your retirement assuming you are 45 years old and have 15 years left to pay for your house which is worth $240,000 now and will likely be worth over $450,000 when you turn 60 rather than staying in the house during retirement you can sell it and move to a smaller a house that costs far less
if you can sell your house for $450,000 and buy a smaller house for 300,000 or $350,000 you will have $ 100,000 to $150,000 to add to your retirement account alternatively, you can stay in the house and get a reverse mortgage as soon as you need income say when you turn 65 this is how reverse mortgage Works the bank essentially repurchases the house from you except that you continue to own and live in it in the US for this to work you must be at least 62 and be the full owner of the house the bank then sends you monthly payments or a lump sum
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