How To Set Yourself Up for Early Retirement
A lot of people want to retire. Early retirement is a fun goal in life, as it gives a chance for us to contribute to social life more than those who are working full time. Sadly, it is often hard to save enough money to retire comfortably. Social Security payments give out enough for a simple lifestyle, but many individuals want more. There are several creative ways that retirement can come more rapidly for you and your family.
Choose Government Work
Different government jobs, including the military and police, often have better retirement benefits than private sector jobs. Federal, state, and local governments like to reward their employees with nice pensions and easy working conditions. Considering government work as a career goal can help your retirement be nicer and less expensive for your family.
Have Savings Accounts
Many mutual funds have programs through which you can save for retirement. If you have not talked with a financial advisor, thinking about adding money to a mutual fund might be beneficial. An individual retirement account (IRA) is often offered by many large commercial banks. To set up self directed IRA account, it is also helpful to talk with a financial advisor. Talking with a bank representative can give you more information about what retirement plans they offer.
Buy Groceries In Bulk
Ordering groceries online from retailers such as Amazon or Walmart can benefit your wallet. Often, if ordered in bulk, groceries are much cheaper. This is because you cut out the middleman and the retailer expense of stocking shelves. Walmart is making it much easier to order your groceries online. Although shopping in little quantities might be convenient after work, ordering in bulk saves gas mileage and extra charges at the grocery location.
Shop For Sales
A lot of big food companies want you to buy one particular brand of product. This ensures that they have a reliable relationship with you. Your finances, however, can benefit by buying based on sales, not on brands. Many times, the fancy big name brand is substantially more expensive than a generic discount brand. Although the flavor may not be quite as good, it is a clever way to save money toward big goals like retirement. If groceries cost your household $100 per week, buying based on sales might shave it to $80. Each year that is $1040 that you are saving for retirement. Thinking of other ways to save like making coffee at home is smart as well.
Think of Retiring In Cheaper International Locations
Cost of living in the United States is quite high. The same is true of many popular locations in Western Europe. If your family can handle a little adventure, just going a few hundred miles south of the Texas border can make your retirement half as expensive. Numbeo’s cost of living map is a good guide to finding places in the U.S. and abroad that are less expensive. Why save $100,000 for retirement when you only need to save $10,000 if you will be living in Mexico? Although some people might be concerned about the danger of living outside their country, Mexico City has a lower murder rate than Chicago, Dallas, and Boston.
Early retirement is an awesome thing to prepare for. It comes more quickly the harder we work and save for it. Being smart in how we work and locate our retirement location can make it come more easily. Retirement is often done best when it includes volunteering and group activities.
Not having anything to do during retirement can get boring for most people. There are many qualified professionals who can help you plan your financial retirement account.
By Lance Noland
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