Youve Been Trained To Imagine A Leisure
Theres all this hype about crossing the finish line. And then immediately settling into an epic retirement life full of zest, money, happiness, romance, and adventure.
Our society has convinced us that if we simply pack away savings into our 401Ks our entire career like responsible human beings, all of a sudden well experience life after retirement that looks like these top Google images results:
Choose Your Own Retirement Adventure
Planning retired life is kind of like planning a vacation. You need a budget, an itinerary and, of course, a destination. Deciding where you plan to live is often the first step to refining your retirement goals. Setting the stage can help you get strategic about your lifestyle for decades to come.
Know yourselfDo you thrive in a city with loads of cultural activities? Prefer nature to traffic and noise? Maybe you want to live closer to your children and grandchildren. Prioritizing how you plan to spend your time can help you zero in on the right location.
Research local resourcesWhen you consider a new place, think about things like public transportation, quality health care, cost of living, weather forecasts and crime rates. Spending a good chunk of vacation time in your desired location or in a popular spot to retire is a good way to become familiar with the surroundings.
If youre dreaming of moving to another country, understand that countrys laws and regulations for expats who live, work and buy or rent property.
Consider taking it down a notchYou may love your current community but hate shoveling snow or mowing the lawn. It could be that the house seems too big for your lifestyle, or you worry about affording it. Downsizing now can mean you have more money for travel, continuing education or starting a passion project. Compare your home equity to prices for condos, retirement communities and smaller single-family homes in the area where you plan to live.
Tip #: Focus On Growth
Without personal growth, you wont reach your fullest potential. According to World Minded:
Personal growth is the ongoing process of understanding and developing oneself in order to achieve ones fullest potential. Personal development is a vital part of a persons growth, maturity, success, and happiness. It is the foundation of emotional, physical, intellectual, and spiritual health.
One of the most influential public figures in personal growth and author of The Code of the Extraordinary Mind, Vishen Lakhiani, founded the Mindvalley Academy, which is dedicated to the idea of transforming humankind through personal growth. He believes that the three most important factors contribute to someones fulfillment in life:
The next four tips are also ways to contribute to your personal growth to lead an amazing life after retirement.
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Research The Cost Of Buying A New Home
As you price out the cost of dinner and drinks in various U.S. locales, don’t forget that your biggest expense in relocating will be in purchasing or renting a new home.
D’Agostini suggests speaking with a local real estate agent to begin receiving listings of places you might like to purchase. While most advisors recommend against taking out a new debt like a mortgage in retirement, you might be buying a home with cash, particularly if you plan to sell a long-time family home that’s fully paid off. If that’s the case, be sure to also factor in homeowner’s insurance, property taxes, and the like.
If your new home is in a gated community, that might also mean paying HOA fees.
“Add any living expenses that this new arrangement might give you. Will you join a local club and have dues?” D’Agostini says. “Are the prices for entertainment, food, gas, and housing comparable, less, or more than your current situation?”
Research The Best Places To Retire
Before making any decisions about where you want to live, do some research:
- Get the scoop on the economy: Visit the site of the local Chamber of Commerce and Economic Development Agency to get a sense of the local economy and industries. Most towns also have visitors bureau website that will give you a sense of the population, quality of life, and local attractions.
- Check out the weather:Use the interactive climate data tool from the National Climatic Data Center to view climate data by zip code.
- Determine the cost of living: The Council for Community and Economic Research uses data from its annual cost of living index to power a handy cost-of-living comparison calculator. It measures the cost of living in over one hundred urban areas.
- Ensure that the area has a low crime rate: The FBI’s Uniform Crime Reporting Program can give you a helpful overview of crime in all but the smallest American cities and towns. You can also easily access local crime reports once you’ve narrowed your search.
- Find health providers: Use the web to find the physicians and hospitals available in the area and guides to the best hospitals by location or specialty.
- Retired military members: If you’re retired from one of the branches of service, some states do not tax your retirement pay. It would be beneficial to research this if it applies to you.
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Affordable Living With Easy Access To Recreation
Kevin Miyazaki
L: The Eli and Edythe Broad Art Museum in East Lansing, Michigan. R: Artist Brian Whitfield paints a mural at the Allen Neighborhood Center in Lansing, Michigan.
Vallary Harris, 73, enjoys public parks in the day and jazz at intimate clubs at night. But not in New York City, where she spent her 40-year career in human services.
In 2017, Harris moved back to her hometown of Lansing, to be near cousins and childhood friends and to enjoy a more affordable lifestyle.
This historic riverside town offers city amenities at budget-friendly prices and with a relaxed small-town vibe, entwined with some of the Midwests finest year-round outdoor recreation. Rent a kayak, paddle around downtown, tour the state capitol, check out a landmark museum and take a selfie with a rhino at the zoo all in the same day.
Lansing boasts 111 parks within its 36 square miles, and nearby county parks offer wildlife observation areas, pet-friendly trails, beaches and by-the-hour rentals of paddleboats, cross-country ski gear and other equipment. The highlight is the Lansing River Trail, with more than 20 miles of paved pathways for bicycling and walking, branching from downtown along the areas waterways.
You can get on a bike or walk and be on this wonderful trail that goes all through the city and to the suburbs and the Michigan State campus, in East Lansing, says retiree and longtime resident Marna Wilson, 71. There are lots of access points.
Melissa Preddy
Population
Tips For A Positive Mindset:
- Start the day with positive affirmation in the mirror. Say something kind to yourself in the mirror every day.
- Focus on the good things even though there are small. And if you caught yourself focusing on something negative. Replace that one thought with at least two positive thoughts.
- Find humor in everything. Even when something bad happens. Find the fun in it to turn the energy around.
- See your failures as lessons. Each time you think you failed, then come up with at least two lessons you can learn from it. The most successful people failed over and over again. The ones that learned from their mistakes are the ones that succeeded.
- Surround yourself with positive people. Your vibe attracts your tribe. With a positive attitude, you attract positive people. Also, with negative people around you, you cant create a positive mindset.
and find happiness in retirement in just 5 steps!
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A Single Retiree Would Need A Total Of 500000 Including Benefits To Retire Comfortably At 55
Given that the average life expectancy of Brits is 81, and you need £19,000 for a comfortable retirement, you can retire at 55 with a pot of £500,000 from all sources. If you stay within the £19,000 spending range, it will last you 26 years. However, if you are in no rush, you can retire comfortably at 60 with £400,000 or save just over £300,000 to retire at 65.
Dont Forget About Property Taxes
Its a lurking expense thats just waiting to emerge and take a huge chunk out of your savings: property taxes, which vary wildly by state. In fact, many retirees are stymied when they realize states with low costs of living dont necessarily have correspondingly low property taxes.
For example, Texas does indeed have a much lower cost of living, and while we dont have a state tax, our property taxes are typically twice that of Californias, explained John Fowler, a CFP and wealth manager. Even with the higher property tax, Texas is still way more affordable than California, but the sticker shock may be enough to sour an observant person when they get the bill.
For some, a high property tax might not be prohibitive. The key, said Fowler, is to do the math, and get a realistic understanding of how much you pay for each good or service, and come up with a total. If the total amount that you will end up spending is within a reasonable range that wont alter your retirement plans meaning that you wont have to become a greeter at Walmart to make ends meet then you should be fine.
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Become An Expert At Anything
Youve probably had a lot of life experiences and dreamed about others that never happened. Did you ever think about becoming a brilliant chef but didnt have the time to go after it? Or did you once think about developing your mechanic skills but couldnt follow through?
Retirement is the perfect time to turn an interest into something that you master. You could create the next great thing in pottery, or fine-tune your woodworking skills. Whatever you pursue, plan to become an expert. And then pass that knowledge on.
Tip #: Let Go Of Your Grudges
Weve all got baggage and emotional crap that holds us back. Once you become self-aware and learn to come to terms with your regrets, fears, anger, and toxic relationships you can move on and really focus on your clear vision.
Broken record: its not easy, but it is simple to do.
Accept, acknowledge and allow yourself to feel the pains from your past negative situations. And then literally set a date and time to fully commit to moving past it.
When working diligently and intentionally toward your goals and dreams, its so vital to nurture a mindset thats clear of self-doubt. Limiting beliefs prevent you from being fully present in everything that you do, so its worth embracing the internal work.
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How Much Do I Need To Retire The Only Guaranteed Method To Save Money For Retirement
Shawn Plummer
CEO, The Annuity Expert
How much do you need to retire? When it comes to retirement planning, there are a lot of variables to consider. For example, how much money do you need to retire? What will your expenses be in retirement? How long will you live? These are all critical questions to be answered as part of your overall retirement plan. This guide will discuss some tips for retirement planning that can help answer these questions and help you achieve the retirement you desire.
Other Forms Of Compounding
Dividend stocks have a similar compounding effect to savings accounts. Dividend stocks pay dividends on a monthly or quarterly basis to shareholders.
If you own dividend stocks, you can watch the value of your investments grow over time as you receive more and more dividends. You can reinvest the dividends each time you receive them to keep growing your account.
In this way, you can benefit from the compounding effect of reinvested dividends. Certain investment platforms and brokerages will allow you to reinvest your dividends. By reinvesting your dividends, you ensure that the amount of idle cash in your account is minimal and compound interest is kicking in.
Capital appreciation within stocks can also have a compounding effect. Growth in the equity of companies can compound returns over time. As companies retain earnings and reinvest those earnings into the company itself, rather than pay out earnings to shareholders, they are attempting to generate even more return with that capital.
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Where On Earth Is The Quality Of Life The Highest
U.S. News, in partnership with the Wharton School of the University of Pennsylvania and BAV Group, ranked the 2021 Best Countries. One of the sub-rankings is Quality of Life, based on nine attributes related to quality of life: affordable, job market, economic stability, family-friendly, income equality, political stability, safety, public education, and public health. The top 10 countries are:
Fire Early Retirement Strategy
According to the ideas put forth in the book, people who want to live the FIRE lifestyle should practice saving up to 70% of their annual income every single year.
Once their savings reach roughly 30 times their annual expenses, they may be able to quit their day jobs and pay for their living expenses by taking 3-4% withdrawals from their total savings and investments.
Investors who want to achieve this should aim for an investment portfolio that can earn higher average returns than their withdrawal rate.
Considering that the S& P 500 yields an average of around 10% per year, people who use this strategy may still be able to grow their investment portfolios while taking out 3-4% each year to pay for their living expenses.
People who live the FIRE lifestyle are searching for total financial freedom and usually trying to escape the typical 9 to 5 job. The main incentive is to have more flexibility and to stop trading time for money. You would be hard-pressed to find anyone who doesn’t like the sound of that!
The major hurdle here is, of course, living well beneath your means to save enough money to reach early retirement. This can be difficult for people who live on tight budgets or who simply don’t budget at all.
However, any time you decrease your expenses and increase your savings, you are one step closer to financial freedom and early retirement.
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Do Look For A Lower Cost Of Living
One way to help alleviate that stress is to move to a place where your money goes further, said Aaron Hatch, a certified financial planner and co-founder of Woven Capital. One of my clients is considering moving to Mexico so that their money goes further.
The key, according to Stephanie Genkin, a Brooklyn-based CFP, is to make sure you can afford your three biggest ongoing expenses besides your home: healthcare, food and energy.
You want to find a city that is affordable particularly in these areas, she said. Youd be surprised how much variation there is across the country. Eventually, you may not play golf or tennis or be able to do as many activities as you did at the beginning of the retirement. These costs will drop off. But youll still need to go to the doctor, eat and heat or cool your home.
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Where Do You Want To Live When You Retire
It is reported about 10,000 baby boomers retire daily.
Some of them want stay home where they are.
Some want to move to other place to enjoy their retirement.
Do you want retire and stay where you are?
Or do you want move to a community where you can make friends and share commen interests?
Ive thought of moving to someplace near Orlando-but not in Orlando. My brother, who Im close to, lives there with his family, and itd be nice to see them more than once every few years! They love Orlando, but I dont know that Id like living in a large city. A smaller place like Mt Dora might suit me better. I dont know that Id want to buy another home, though. Maybe a nice apartment. Currently I live near Buffalo, NY. I love the change of seasons here. I love that we live near two Great Lakes, Lake Chautaqua, the Finger Lakes. I love that we live near the foothills of the Appalachians. I love that theres a festival of some kind, arts, music, food, you name it, somewhere in Western NY, every weekend of the year. I love the architecture, the museums, the live theaters, the huge variety of restaurants. People are so nice in this area. I think Ill stick around home!
I so wanted to win the HGTV home in Hilton Head, but missed that so was okay with my little apt in Vegas.
After the last year, and especially last 3 months, thought I’d be okay… then today. I now want to find somewhere that will accept retired persons as immigrants and future citizens.
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Retirement Saving Of 442000 In Drawdown Is Enough For Couples To Enjoy A Luxurious Retirement
Please note that the above figure jumps to £589,000 if the couple has already taken the whole 25% tax-free lump at the outset. The joint-life annuity is another viable option, which requires an initial fund of £757,000 to reach this retirement goal and provide the couple with enough money to retire in luxury. The yearly retirement income with such savings adds up to £41,000.
