All posts tagged Retire

Top Cities To Retire In & Still Maintain Your Edge

If you’re thinking about retiring, you should also think about relocating to one of these hip cities.  Whether your into the outdoors, art or waterfront properties, these cities will nurture your account as well as feed your hunger to dive into those hobbies and keep your edge!

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This southwestern Utah town features hundreds of miles of trails for biking and hiking, and Mt. Zion National Park is a few miles away. St. George also remains affordable compared to more well-known retirement destinations such as Palm Springs and Tucson. The median home price here is $195,000.


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At the junction of the Yakima and Columbia rivers, Richland is a haven for kayaking, fishing, and boating, For bikers, the 23-mile long Sacagawea Trail winds along the banks of the Columbia while hikers flock to Badger Mountain Centennial Preserve. Washington has no state income tax. The median home price: in Richland is $203,350.


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Start This Habit in The New Year to be a Millionaire by 65…

Next time you’re considering running to Starbucks each day before work, you might want to think again… The chart below exemplifies just how far a few dollars a day can take you. And by far, I mean millionaire by 65! This is the perfect habit to get into for the new year coming up, and a goal that is definitely worth pursuing:

To illustrate the simplicity of building wealth over time, financial advisor, David Bach, created a chart (which was re-created below by Business Insider) detailing how much money you need to set aside each day, month, or year in order to have $1 million saved by the time you’re 65.

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The chart assumes you’re starting with zero dollars invested. It also assumes a 12% annual return.


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How You Can Beat The Norm and Retire Early

The 21 century is all about redefining norms, right? So why not join the movement and kick the ol’, “Retire at 65” notion to the curb. The thought of retiring early may seem stressful and unattainable at the moment, but don’t stiff arm the subject just yet. Read the tips below and get on the right track to retiring early:


  1. Live Two to Three Times Below Your Means

Sorry, folks: Simply skipping that $4 latte in the morning ain’t gonna cut it. It takes a much more committed approach where “sacrifices” are viewed in a new light. “It’s amazing when I work through the numbers that some people think manicures, landscapers and maids are a need,” said Michael Chadwick, a certified financial planner and CEO of Chadwick financial advisors in Unionville, Conn.


  1. Redefine ‘Comfortable Retirement

Less spending later constitutes the flip side of less spending now. If you imagine comfy retirement as a vacation home and monthly cruise ship trips, revisit that vision so you don’t have to bleed cash — but can still retire in style. Instead of two homes, for example, why not live in your vacation destination and pocket the principal from selling your primary residence?


  1. Pay Off All Your Debt

That’s right, all of it. First: Is it time to pay off your home? You might not have the resources now to plunk down one huge check, but consider savvy alternatives such as switching from a 30-year to 15-year mortgage. Monthly payments aren’t much higher, but the principal payoff is much greater. Second: Do the same with loans and credit cards, as high interest eats up income faster than termites chewing a log. A credit card balance of just $15,000 with an APR of 19.99 percent will take you five years to eradicate at $400 a month — and you’ll dish out a total of $23,764.48, the calculator on shows.

  1. Consider Overlooked Financial Resources

While it’s risky to count on unknowns such as an inheritance, you might have cash streams available outside the traditional retirement realm, said Jennifer E. Acuff, wealth advisor with TrueWealth Management in Atlanta. For example, “Understand your options with respect to any pensions you might be entitled to from current or previous employers.”

  1. Invest Early and Aggressively

If you’re in your 20s and start investing now, you’re in luck, said Joseph Jennings Jr., investment director for PNC Wealth Management in Baltimore. “Due to the power of compounding, the first dollar saved is the most important, as it has the most growth potential over time.” As an example, Jennings compares $10,000 saved at age 25 versus 60. “The 25-year-old has 40 years of growth potential at the average retirement age of 65, whereas $10,000 saved at age 60 only has five years of growth potential.”


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