Whether you’re a business owner with a few employees, an entrepreneur or working a traditional 9 to 5, make retirement planning a priority now. Use these strategies to get you in the fast lane to retirement!
Define Your Goals- Write out what you want to accomplish financially in retirement. Here are a few examples:
• Increase wealth through investments. • Improve lifestyle.
• Not running out of money.
Calculate Expenses- You’ll still need to live! List out your expenses, including:
• Living Expenses
• Debt Payments
• Insurance/Healthcare
• Taxes
• Hobbies/Travel
• Children/Grandchildren
Create Your Plan- Determine how many years you have to accomplish your goals. Create your retirement budget that includes income and expenses. Be sure to:
• Factor in non-investment income like social security, pensions and real estate holdings. • Estimate investment income sources like stock dividends and bonds.
Making Money in Retirement
Purchase an Investment Property
• Buy a home before retirement and rent it out to help with your mortgage.
• Cash flow can increase when the home is paid off in retirement.
Downsize From Your Current Home
• Evaluate the cost of a potential move and determine if it’s profitable.
• Profit made or money saved can help pay off debt or fund retirement.
Generate Income From Dividends
• Look for stocks that offer cash dividends.
• Consider reinvesting these dividends to potentially maximize earnings.
Need a financial planner to help you short out retirement? Give us a call for a great referral
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