Retirement planning 3

Imagine if you could spend the money you are currently using to pay down your debts every month! Being debt-free costs a bit upfront, but it is key to being financially free eventually. Paying interests on debt is akin to lighting money on fire. Get rid of your debt as soon as possible.

You don’t want to work – working is not “retirement.” However, maybe you enjoy cooking, woodshop or spending time with dogs.  There are increased ways to make money from these types of hobbies.

If there is something you enjoy doing, you can figure out a way to get paid for it. Here are some ideas:

·       Offer dog sitting in your own home or take a dog for a walk.

·       Provide home services like house cleaning, gardening, handyman, errands…

·       Sell home cooking.

·       Sell handmade goods.

·       Sell your photographs.

Retiring abroad can offer adventure and a dramatic reduction in cost structure for your retirement.

There are affordable places to live in all corners of the world – places where the climate might be a little warmer, where the cost of housing might be a little (or a lot) less expensive, and the healthcare might be more affordable.

But is it realistic to think you can afford to spend your retirement years living in some exotic locale? Not only is retiring abroad plausible, the number of retirees who have done this has more than doubled since 2006. And the kicker? They’re doing it for a lot less money than you might think, some as low as $40 per day!

These days more of us have a different perspective on a retirement date.  Retirees today transition into retirement either by going part-time for a few years or we find a retirement job.

Creating a retirement plan might not seem like one of the most “creative” ways to retire.

However, only 30% of us have a long-term financial plan that includes savings and investment goals and a detailed outline for their retirement finances. So, if you have a plan, you are at least unique – if not creative!

And the good news for planners? The retirees who went through a rigorous planning process to figure out “how to retire” expressed the most satisfaction with retirement. When you create your plan you can try an infinite number of scenarios to see which is best for you.