How Much Money Do I Need to Retire?
With the current economic situation and spiraling price inflation, 2010 is the time for everyone to downsize on all expenditures and excesses.
For retirees this shouldn't be a mere option, but topmost priority.
This is an important survival strategy in a failing economy and an opportunity to stretch savings.
With the credit crunch still in force, retirees have to make concrete plans for the future and avoid any investment that would yield in an ambition of poverty.
Downsizing doesn't always follow a smooth transition especially for someone who loves to have it all.
It comes with some emotional consequences and isn't always easy in the beginning.
However, with sheer determination, you can go through it to make your retirement life stress free, enjoyable and financially less burdensome.
If you will be retiring soon, consider these strategic steps to boost your savings.
The first thing to consider is the size of your home.
Do you need all that room and space? What's the use of a mansion in old age? As the saying goes less is always more.
Now that the kids are all grown and gone their separate ways, opting for a more contained home would be an ideal retirement choice.
One of the biggest areas to save money is in the housing options we make.
It brings a lot of added benefits including the reduction of maintenance costs, insurance, tax, mortgage and increase in cash flow.
Despite the benefits and savings that come with downsizing a home, many retirees are still very reluctant to take advantage of it.
Single retirees usually don't have a problem moving to a smaller apartment.
However, widows and widowers are known to have some emotional attachment to the big house they shared with their spouse.
Moreso they may want some space for their kids and grandchildren to visit from time to time.
Secondly, retirees can also invest a portion of their nest egg in stocks.
The fact that you are retired doesn't mean you can't invest anymore.
It's never too late for stocks you know.
The only thing that will matter is the question of how much money do I need in retirement? Answer this question and you will be one step ahead in reaching your retirement.
For retirees this shouldn't be a mere option, but topmost priority.
This is an important survival strategy in a failing economy and an opportunity to stretch savings.
With the credit crunch still in force, retirees have to make concrete plans for the future and avoid any investment that would yield in an ambition of poverty.
Downsizing doesn't always follow a smooth transition especially for someone who loves to have it all.
It comes with some emotional consequences and isn't always easy in the beginning.
However, with sheer determination, you can go through it to make your retirement life stress free, enjoyable and financially less burdensome.
If you will be retiring soon, consider these strategic steps to boost your savings.
The first thing to consider is the size of your home.
Do you need all that room and space? What's the use of a mansion in old age? As the saying goes less is always more.
Now that the kids are all grown and gone their separate ways, opting for a more contained home would be an ideal retirement choice.
One of the biggest areas to save money is in the housing options we make.
It brings a lot of added benefits including the reduction of maintenance costs, insurance, tax, mortgage and increase in cash flow.
Despite the benefits and savings that come with downsizing a home, many retirees are still very reluctant to take advantage of it.
Single retirees usually don't have a problem moving to a smaller apartment.
However, widows and widowers are known to have some emotional attachment to the big house they shared with their spouse.
Moreso they may want some space for their kids and grandchildren to visit from time to time.
Secondly, retirees can also invest a portion of their nest egg in stocks.
The fact that you are retired doesn't mean you can't invest anymore.
It's never too late for stocks you know.
The only thing that will matter is the question of how much money do I need in retirement? Answer this question and you will be one step ahead in reaching your retirement.
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