Here are a few grass root ideas about what you can do to jump start your retirement planning based on simple, basic financial principles:
- Cut expenses by using Money Mastery’s Spending Plan. Know that it is not a budget, but a flexible plan that really works to prioritize your spending so you can have the things you need and want now and the things you will need and want later.
- Pay off all your debts before retiring. Use the Money Mastery Get Out of Debt calculator to show you how to do this fast (in under 10 years including your mortgage). Get to it! Now is the time to get out of debt if you want to have a retirement.
- Create an emergency and emotional savings fund. This will help you take care of emergencies as they arise so you don’t derail your debt plans, and will also give you fun money to spend that will keep you emotionally on track. Learn the 60-20-20 Rule of saving by going here.
- Consider selling your home and downsizing.
- Use a properly structured annuity to guarantee retirement income you cannot outlive.
- Buy a Medicare supplement policy.
- Provide for long-term care using a rider affixed to an annuity or life insurance policy, or purchase a stand-alone plan.
- Start a new small home-based business venture.
There you have it. Short and sweet and loaded with experience to help make sure you have a wonderful retirement. Even if you only do 5 of the 8, you will be a winner. If you only do 3? You will be better off, just might not work out the best. Don’t delay. It is your retirement and you are responsible for it. For information on how to do any of these ideas, please call or email me: peter@moneymastery.com, (801) 292-1099, ext. 2.
