Yes, it may be difficult to believe, but there are disadvantages to early retirement. For those with the luxury of a choice, no one would blame you for retiring early, but at least consider these five common disadvantages. This way you could be fully prepared if one occurred during your early retirement.
Don’t ruin retirement by being caught off guard with unexpected retirement expenses. Even the most careful planners need to read these potential expenses so that they can buffer their retirement savings. What can go wrong may go wrong, which always carries a price tag.
Are you prepared for the emotional stages of retirement? You may have plenty of financial preparation for this stage in your life, but the less-discussed mental aspects of retirement have as much to do with a successful retirement as finances. This list provides a primer on potential emotional stages or retirement.
If you are an empty nester, many of your potential tax deductions have the potential to leave along with your children. Therefore, it is important to determine other deductions you can use instead. Here are three, Empty Nest tax deductions you should consider.
The empty nest stage is, by definition, a time of loss. However, it is likely also a time of gain—no longer are you spending money for children in the home. What do you do with this “unaccounted” for cash? This financial planning checklist of important considerations may help you determine the answer.
When your children leave home, you are likely in your 40s or 50s, so you take advantage of reduced consumption and ramp up for retirement. Life is good. But there is only one problem: You don’t do any of these things. Why is this the case? How can you make things right?
I need to bail out my son in debt. No parent ever wants to say this. Discussing and understanding fiscal responsibility can start early with an allowance for children.
While you are saving for the future for you and your family, don’t you dare fall into the trap of prioritizing college over retirement savings. In the end, the entire family can be broke.
To create wealth is not evil. Money is a medium for transaction. Wealth creation allows you the freedom and capability to help those in need, whether they are family or those less fortunate.
Are you looking to improve your life? A good way to start is making sure you have disability insurance coverage locked in.
