Setting yourself up for a stress-free retirement | 5 tips to make your retired time more worth while
You know you need a retirement plan and an income plan. What about a plan for happiness?
There isn’t a guarantee you will have a stress-free retirement, but here are some tips on creating happiness in retirement. You could call it a “happiness plan”. It has three components; money, health, and relationships.
For a stress-free retirement start by tying up any financial loose ends
Many retirees have a strong desire to have their house paid off before retirement. It’s not always the most mathematically sound decision. But if it lets you relax and enjoy your retirement, then it may be worth it.
It’s best to pay off any and all debt before retiring. That could mean delaying the big day for a year or two. Paying off debt could help you delay taking Social Security to help get you a bigger monthly check. This is one case where your patience could really pay off. That could certainly add to your happy plan.
Eliminate the fear of running out of money
That is what most retirees fear most. Running out of money before running out of life. The right advisor can help you achieve success here and potentially add to your happy plan. The right withdrawal strategy for starters. An annuity may be one option. Life insurance is worth having a discussion about. Again your advisor can help you maximize your portfolio to ensure it will last all the way through retirement.
Not only will downsizing save you money and help your funds to last longer in retirement, but it may actually make you happier depending on the lifestyle you prefer.
Moving from a high-tax city or state to a place where taxes are lower is one way to have an immediate impact. Experts say consider all the taxes including income, property, sales tax even inheritance tax. One caveat is you must live there for at least six months and one day per year.
Build in a buffer
You should create a financial plan for retirement that accounts for how much money you will need each month and where that money will come from, including a clear-cut withdrawal strategy to avoid running out of money.
To mitigate any potential worries, you should also build a buffer into this financial plan that would cover any expenses outside of the anticipated monthly expenses. Try for 10%.
Meet with a financial advisor
You don’t have to come up with a “happy plan” on your own. Your advisor can work with you to achieve your retirement goals. Deciding to work with qualified advisors like the Teton Wealth Group advisors can help prepare you for retirement.
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