Finances March 15, 2022

Simple Tips to Retire Effortlessly

Do you want to work until you’re 60-something?  Me neither.  But as Americans, we are told from a young age that you work your whole life until an age determined by someone else, and then you hope you have enough to live off of between your savings and government assistance.

Anything wrong with that?  Why do most of us accept that’s the norm, without question?

It’s never too early (or late!) to begin securing your retirement.  Whether you want to retire at 40, 60, or 80…you absolutely can.

1.       Get Out Of Debt

Nothing will hinder your goals more quickly than debt.  Sidenote: Debt that earns you money does not fall into this category.  I’m talking about getting rid of all those fixed monthly expenses that are stopping you from making real change.  Focus on paying down those credit cards, school loans, and even car loan.  If that seems too daunting a task, maybe trade your car in for something that doesn’t have a monthly payment so that you can put that money towards paying off other debts.  Whatever you need to do, just get rid of that debt, and never look back.

2.       Own At Least One Income Producing Property

Probably one of the easiest ways to make money, and most overlooked, is owning real estate.  It’s just a numbers game…the tenant is going to be paying for your mortgage, and before you know it you’ll own the property free and clear, and the tenant’s monthly rent will be money that is going straight into your pocket.  Once you see the profits from one property, you’ll catch the bug to acquire more and more.

3.       Save Save Save

Yes, this is simple, but can never be stated enough.  Let me clarify why this is important in regard to retirement.  The lumpsum of money that you have sitting around when you decide to stop working can be put into an interest baring income account, where you’ll actually earn a percentage of the principal every month.  You wont want to touch the actual lumpsum, just the money that is earned through interest and dividends.  Use an online calculator to determine how much you’ll want to have socked away and then start working towards that.

4.       Do What’s Best For You

Everyone’s retirement plan is going to look different.  Decide which avenue you are most comfortable taking, and how much money you’ll need per month to live.  Be sure to take into account potential healthcare costs, and a rainy day fund.  Yes even when you’re retired.

This was a very broadbrush description of how to retire effortlessly, but I hope it gets some wheels turning for you…and as always, I love chatting about this stuff so reach out anytime with questions!  I look forward to hearing from you.