How in the world do you determine you’re actually ready to retire? Is it an actual age? Is it a dollar amount? Or is it something else? I personally think it’s a combination of factors, and I went over 5 of them in a recent episode of my podcast. If you want to listen to the full thing, click here: https://open.spotify.com/episode/1iF62oa4T8wAQvCWx1usSU To give you a little preview, here are 5 essential factors I think you should be reviewing and planning…
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Top 5 Retirement Planning Mistakes
You work hard for 30+ years hoping to enjoy your retirement. But if you make some of the top retirement planning mistakes, your so-called golden years may not be so golden. Understanding how to plan for retirement and the mistakes to avoid is important if you have your eye on a stress-free, comfortable retirement. Check out the top mistakes most people make and what you should avoid. Not Planning for Taxes A lot of people think that planning for taxes…
A Politician Gets An Education On Taxes
Last week a politician said something so head scratching about taxes that made me wonder how much he really understands our tax system. The Congressman (Jerry Nadler) said: “No one should ever be taxed twice on the same income. It’s not fair and it’s not just.” Where in the world has he been? What tax code has he been looking at for the 29 years he’s been in Congress? Since I am a teacher at heart, let’s do a little education for Mr….
How to Know you’re Ready to Retire
How in the world do you determine you’re actually ready to retire? Is it an actual age? I’ve met with some people who feel like once they hit 65, it’s time to retire. For other people, they feel like once they hit a certain dollar amount in their investments, then that’s when it’s time to call it quits. Now neither of those answers is necessarily wrong. In fact, given other circumstances in your life, that age (or dollar amount) may…
Should You Have a Mortgage In Retirement?
As you head into retirement, a lot of focus is rightly on how you will be able to generate an income once your working days are over. However, we can’t neglect your expenses, and one of the biggest and most important expenses is your mortgage. Should you have a mortgage in retirement? When does it make sense to keep it, and when does it make sense to pay it off, potentially early? For a number of reasons, many homeowners aim…
Lessons From Bernie Madoff’s Fraud
Earlier today, the famous fraudster Bernie Madoff died in his jail cell. Here’s a quick synopsis for those of you who aren’t familiar: Madoff pretended to be an investment advisor, while he was actually running the world’s largest Ponzi Scheme. He would tell his investors that he ran a very sophisticated options strategy, wouldn’t ever divulge details of the strategy, and told all of his clients that his investments (and their money) were generating double digit returns, while never having…
HEALTH INSURANCE OPTIONS BEFORE MEDICARE
If you’re planning on early retirement, especially before age 65, you’ll need to consider health insurance options. Individuals who retire before 65 years of age are still too young to get the benefits of Medicare, but it’s important to have health insurance to cover unexpected health conditions, prescription drug costs, regular checkups, or any hospitalizations. Fortunately, there are some health insurance options available for early retirees. Unfortunately, it’s often quite expensive. In my mind, that’s probably the biggest downside of…
4 Questions to Ask Yourself Before Retiring In a Different State
I speak with a number of people every week who are really close to retirement, and often they are looking to relocate and try someplace new to live. I personally love this idea, as I like to travel quite a bit. However, it’s important to do your due diligence on any new place you move to, especially when you’re about to retire. My newest podcast episode is all about that. I go over 4 Questions to Ask Yourself Before Retiring…
An Annual Tax Checkup? Free Offer Inside
I recently went to the Dentist for my annual check up and like I do often, saw a connection to our personal finances. Thanks to my amazing parents (and the braces they got for me decades ago) my teeth are pretty straight. However, I did get chastised a bit for not wearing my Night Guard to prevent grinding my teeth while I sleep. Meeting up with a professional, like a Dentist, on an annual basis not only helps prevent immediate…
Focus On Your Biggest Lifetime Expense, Not $7 Salt
Last week my girlfriend and I were out doing some shopping, getting some essentials so we (okay, she) could make something tasty for us later that night. We grabbed some organic pink Himalayan salt that was marked for $2.50, along with some other things, and get to the cash register. But once the salt is rang up, it displays a new, absurd price of $6.79. It was a classic case of an item being in the wrong section, and a…