Who doesn’t want to feel happy and fulfilled when retiring? While that feeling may mean different things to different people, such as traveling around the country in an RV or making daily trips to the golf course, it’s important to make smart money moves in order to help achieve it. Hopefully, these simple suggestions can help you set the course for an enjoyable and relaxing retirement.
Smart Money Moves To Make
- Pay off your debts. While we all hope to be debt-free when retiring, this isn’t always possible due to car payments, mortgages and loans. Take a look at exactly how much debt you may be faced with upon retirement and determine the best strategy to pay it off while operating on a fixed income. You may want to consider part-time employment since it can be a good opportunity to re-ignite a passion or hobby, and could provide income to help pay down any lingering debt.
- Diversify your investment portfolio. When preparing to retire, you don’t want to make financial mistakes that will offset your retirement game plan. Diversify your investment portfolio to make sure you’re not investing all of your savings into a single account or investment type. Once you reach age 50, you’ll want to see the best possible return from your investments, since these may be your top income-earning years and the time when you have the best opportunity to save money.
- Determine the best time to collect social security. If you are like most of us, you will you’re your Social Security benefits. The age at which you decide to start collecting your Social Security benefits will have an impact on how much you’ll receive in monthly benefits. The longer you are able to wait to claim Social Security, the greater benefit you’ll see for you and your family.
- Ensure your kids graduate college on time. Many students take five or six years to complete college. At most schools, the credit level for full-time enrollment is less than a student needs in order to graduate in four years. To avoid paying another year or two of tuition, find out if your child is carrying the maximum course load, or suggest summer community college classes.
- Learn the art of frugal travel. Living on a fixed income when retiring doesn’t have to mean skipping trips altogether, but it may mean making some smart money moves that pertain to lifestyle changes. When it comes to travel, instead of planning to head off at peak times, consider the amount you’ll savings of travel during the off-season or non-peak periods. If you want to cut down on accommodation expenses, purchase an RV for travel or participate in a home swap rather than spending big bucks on a hotel.
By making these smart money moves and firming up your retirement strategy, you’ll find that it will pay off in the long run — bringing you a peace of mind that money can’t buy. This would also be the ideal time for Easy Escapes RV to provide you with an appraisal if you have an RV that you want to sell. Call us at (239) 302-3789 to learn more about our consignment program.