Enjoy Your Golden Years: Maximizing Retirement Income – This post was updated on December 30, 2022, to ensure that all information is updated and best serves your needs.
You’ve come a long way in your life so far, but retirement brings new challenges and opportunities. There are more goals that I’m already looking forward to or maybe you’ll go back to the drawing board.
Enjoy Your Golden Years: Maximizing Retirement Income
Remember, rest is not the end of the road; This is the beginning of a whole new chapter. Here are some ideas to consider in the next chapter and beyond
How To Save For Retirement
As you head into retirement, it’s important that you get the top hand right. Retirement looks different for everyone, but as an advisor to many retirees, we can say who is best prepared.
When you reach your final working years, you have a great opportunity to open “retirement” accounts. For those who are over the age of 50, you can take out-contributions to your qualified insurance accounts. This can be a great way to get that last little bit of work done for your secret goals.
For 2023, contributions for qualifying defined benefit plans such as 401(k), 403(b) and thrift savings accounts have been increased by an additional $7,500 per year (up from $22,500). The catch-up over $6,500 is $1,000 for Individual Retirement Accounts (IRAs), Roths and Traditional IRAs.
This way you can add an extra $37,500 per year to 401(k)s and IRAs using just your contributions.
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Remaining on a budget for retirement can be challenging at first. In fact, you need to calculate these figures to get closer. You will have a better idea of what your life is like and the size of your nest egg.
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You’ll want to make a comprehensive list of expenses before and during retirement. Something might be missing, but we can get close enough. A good baseline is to start tracking your expenses now and then to see which expenses will stay, increase, decrease, or stop during retirement.
Your income should cover your expenses. Create a stream of income in your spare time. The name of the game is to turn your secret savings into “paychecks” so you never run out of all your expenses.
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When you retire, it’s time to celebrate! However, it is more important to define what you died, not what you died.
One of the most common, and worthwhile, goals of many retirees is to make their primary residence. This project is very worthwhile. In theory, if you bought your house on a 30s-year mortgage, you could almost buy a house regardless.
Closing your home can give you more peace of mind and more peace of mind. It also significantly reduces your expenses. You’ll still have taxes to discuss (not true for all states), but that’s something we can’t avoid.
As you work through the years, the size of your home will grow over time. This is expected to increase income and family size over time. But in retirement, a nicer, bigger house can be better than bargained for.
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Ships must be kept, houses cleaned, taxes paid. If you don’t need much space in later years, is it still worth it? If maintenance is routine and expensive, you may consider moving to a smaller home to save on monthly expenses.
But you would like to leave the house for your children. Maybe it’s finally time to remodel the kitchen for guests and family to host their annual holiday dinner. If your home is still undervalued, you are not entitled to a reduction.
Now that you are leaving, what are your goals for the next 20 to 30 years? For many, now is the time to travel, but you also want to think about the good. Chances are, you won’t be set around the world 12 months a year.
Riches have more than money. Wealth provides choice and freedom. It can give you the opportunity to invest in something that supports your values, purpose and goals. Learn more about how to create your own successful life.
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Even if you don’t worry about running out of money in retirement, passive income is not a bad idea. You can save the money for a big trip or purchase (like an RV), or you can save it for your kids. Here are a few ideas on how to make extra money without punching the clock.
It may sound strange, but every family has one or two people who are the “glue” that holds the family together. Many plan family dinners, reunions or vacations. Although we are closer than ever, many families feel further apart.
All it takes is time, money and dedication to design and you can bring some of these old traditions back to life. Now that you have a little more time on your hands, you can rekindle relationships with family members you don’t see often anymore.
No matter what, you will never regret trying to make a memory of the people you care about. Even if you don’t want to organize everything, you can inspire someone else to take on the task.
The Golden Years
One of the funniest, yet big goals many retirees have is what to leave behind. Property is important for you to receive. What will you leave to your children? What about your spouse?
Now is the time to start planning where your assets will be held and how they will be distributed. Consider creating confidence to avoid being tested and be sure to talk to your loved ones so they know what to expect.
Even now is the time to think about living expenses. Likewise, there is no confusion or guilt about your vows. It may not be the right place, but it is better to talk now than to surprise your loved one.
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Maximize My Retirement Income
Your goals are the most important part that we use to help create a financial plan for you. We use a collaborative process to help you define your goals and unlock what’s possible in retirement. We talked about the proposals on this matter as suggestions from what we have seen – dreams can be completely different.
Whether you are 5 years from retirement, or just retired yesterday, getting your goals and priorities in order is crucial. We also don’t want to give you an end or a dream that you don’t think you can afford – that’s where our expertise comes in. It’s never too early to start your retirement planning.
This article was written by Clint Haynes, CFP®. Clint is a Certified Financial Planner® and founder of NextGen Wealth. You can learn more about Clin by reading his full biography here.
Wealth NextGen, LLC is a registered investment advisor. The information is for educational purposes only and is not intended to constitute an offer or solicitation for the sale or purchase of any securities product, service, or investment strategy. Research involves risk and is not guaranteed unless otherwise stated. Be sure to consult with a qualified financial advisor, professional or tax attorney before implementing any of the plans or recommendations discussed here. NextGen Wealth LLC is a registered investment advisor in the states of Missouri and Kansas and registered in the state of Texas. As such, it can do business only with residents of that state and with residents of any other state where exemption or exclusion from registration requirements is otherwise permitted by law. A qualified professional has reviewed the content of this page to ensure that it is factually correct, conforms to current industry standards, and helps readers better understand retirement issues.
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APA Simmons, C. (2023, May 23). 21 Tips for Retiring Alone: Planning Your Golden Years. . Retrieved May 23, 2023, from https:///retirement-life-leisure/retiring-single/
Chicago Simons, Christian. “21 Tips for Single Retirement: Planning Your Golden Years.” . Last change on May 23, 2023. https:///retirement-life-leisure/retiring-single/.
If you’re planning a secret solo, you’re not alone. As of 2020, nearly one in three adults age 60 and older lives alone. While others fear him retiring without a partner, others are won over by him.
In fact, 46% of non-singles age 50 and older don’t want a relationship because they “just prefer to be single.”
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After all, with a single plan you can live more freely, spend more time after your passions, and avoid arguments about where you’re going to dine.
But retirement alone also brings challenges. For example, you try to connect with others more than to make a bride;
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