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You are here: Home / Exclude / Preparing for Retirement: 5 Essential Tips
Preparing for Retirement: 5 Essential Tips

Preparing for Retirement: 5 Essential Tips

April 19, 2022 By Cade's Team Leave a Comment

Around 71% of U.S. citizens between 66 and 69 years are adequately economically prepared to retire. Whether you’re young or old, it’s better to have a long timeline to prepare for retirement, because it will let you benefits from compounding and asset inflation over time.

Retirement planning can take effort and time. At times, it may seem like a difficult task, but it doesn’t have to be if you follow a few simple principles.

Here are five retirement tips to help you reach your retirement goals.

1. Create Your Timeline

When planning for retirement, identify what age you plan to stop working and how old you’re as you think about it. The difference between the two equals the time you have to save for retirement.

If you’re due to retire in over ten years, then learn about stocks, cryptocurrencies, real estate, and other long-term investments that will benefit you over a longer time horizon.

If you have a few years to your retirement, then be cautious before opting for these types of investment, because their prices can be unpredictable, causing them to rise and fall dramatically.

When making decisions on your retirement, seek assistance from TFRA specialists. TFRA stands for tax-free retirement accounts, of which there three common types: Roth IRA, Roth 401k, and 403B accounts. These specialists can help you to identify the best tax-free and tax-advantaged retirement accounts to create.

2. Retirement Goals

What are your dreams for retirement? If you long for a quiet life at home after retirement, you’ll require fewer savings than one looking forward to extensive travel.

Since your statement of retirement goals will be changing over the years, don’t forget to account for increased financial needs.

3. Decide Whether You’ll Continue Working

If you plan to continue working after retirement, take that income into account.

However, it would help if you were careful because relying on active working income during retirement may come to an end if you have any health complications. You should therefore have enough preserved and invested to cover unknown and unfavorable possibilities.

4. Reduce Your Debt

Consider increasing your monthly loan payments now to pay off any loans you have before you retire. Also try to pay for your major purchases with cash to limit credit card debt.

Reducing existing debts and limiting new one will help to minimize the portion of your retirement income required to pay off past debts and interest payments.

5. Estimate Your Retirement Expenses

Some bills, such as health care, maybe higher later in life. If you retire at 65 years, Medicare is most likely to cover most of your medical costs. But, you may want to consider supplement coverage to help you pay for unplanned medical expenses.

If you plan to travel widely, you should expect to be spending more. If you plan to purchase expensive items like a boat in your retirement, consider saving more towards your retirement.

Preparing for Retirement on Your Terms

Even if your planned retirement is a lifetime away, start preparing for retirement as soon as possible. Plan carefully, automate your savings, and invest into assets that can outpace inflation.

Did you enjoy reading this article? If so, explore more content within the Finance Section of this site.

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About Cade's Team

Cade Hildreth is an LGBTQ+ entrepreneur, real estate investor, and former USA Rugby Player. Cade has founded 7-figure businesses, scaled websites to millions of views, acquired a portfolio of income-producing residential and commercial real estate assets, and played rugby worldwide.

As a world-class athlete, Cade has represented the USA Rugby Team, trained extensively at the Olympic Training Center, and played with elite squads from across New Zealand and Australia.

Often compared to Tim Ferriss and Ramit Sethi, Cade teaches millions to expand financially, while living an authentic and adventurous life.

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If you haven’t already met all of your fitness and professional goals, then you’re definitely going to want to listen to this episode, because we go deep into...

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- how to handle anxiety
- what your mind tries to limit you and what to do about it
- and so much more

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