As some of you know I'm getting my ducks in a row for my future retirement in 5-8 years. I've been researching and talking to others about what they are doing and I really want to share with you what I've learned in case you are doing the same thin
1. Is There Such A Thing As A Secure Retirement?
Life is a constant process of change. Each new season is typically met with the need to finetune the balancing act necessary to be prosperous in the current. When entering the preparation stages for retirement, it is typical to thin out larger bills to minimize outgoing and retain more financially.
My last child moved out and now I'm an empty nester which sliced out some of my expenses :)
A decade ago, the retirement age looked vastly different than the current. Understanding that retirement is not necessarily associated with a specific age, but instead, a position of financial freedom has empowered many to transition into retirement at unprecedented levels.
That's why I'm taking a close look at my financial picture and where I want to be when I do finally decide to retire.
2. So, What Does Retirement Preparation Look Like?
For me, Eliminate The Debt.
Debt elimination is one of the most significant moves to make but can also be the most difficult. Student loans, 30 -year mortgages, and credit card debts are among the average person's highest and most relevant debts. In even the best cases, one could argue that they could secure a great rate, but the debt isn't in the principal; it is wrapped in the interest payments. The solution is rooted in strategic repayment targeting that interest.
I have eliminated all debt except my mortgages as I am considering other things that I will talk about in another post. I'm deciding if I want to stay in the Colorado Springs area or move somewhere else. If I stay in Black Forest, how much will I need to stay in my current home?
Understanding where to attack first in debt elimination is key. What if I told you that you could eliminate your debt in ⅓ or even ½ of the forecasted amount of time? It may come as a shock and nearly impossible to mentally digest, but it's true. You can pay off debt without traditional methods such as refinancing, debt consolidation, and taking on a second job to make it work.
I've been studying the proven debt elimination model of the Money Max Account, and you can maximize each dollar, allowing it to work to its full potential. This proven system will enable you to not only retire in peace but do so according to your schedule by getting rid of the number one factor that tends to hold up progress.
3. How do I Maximize my Financial Assets?
It's different for each person, depending on where you are in their retirement journey.
When preparing your financial roadmap for retirement success, eliminating debt may be the first step, but it doesn't end there. Debt elimination is possibly the most efficient as it maximizes financial retention. However, you must optimize the return on your financial assets. Setting up an Individual Retirement Account (IRA) can help with that. There are a few different options, so it is necessary to understand your goal and, if needed, partner with a financial advisor that can help facilitate a retirement GPS to assist you in being successful in reaching your goals.
4. How do I Protect my Retirement?
It is also essential to protect your assets. Life can be filled with the unexpected, and while we can't predict the future, we can prepare as best as possible. When preparing for retirement, it is necessary to consider the ultimate decision of what to do with your things in the future. Having been efficient in building a retirement plan that allows you to be debt-free and profitable comes with implementing a solid mandate as to the distribution of the estate when the time arises. Creating a living trust not only does just that, but it communicates your wishes during a time when you are of sound mind and body. A living trust is the absolute best alternative to the potentially forced conservatorship, which could lead to assets being mismanaged and not following your desires, or leaving those incapable of making the necessary decision with the task to ultimately do so.
Preparing for retirement does not have to start when you are emerging into your desired retirement time. Building out a roadmap to financial freedom begins today. If you are ready to reduce the remaining years of your mortgage by 10 - 15 years, or if you are prepared to purchase a new home but not interested in managing the standard 30-year mortgage, I can help. Contact me today to discuss your financial goals and how I can help you reach them through the proven methods of the Money Max Account.
If you have any Pro-Tips for retirement or are interested in buying or selling a home in the Colorado Springs or Front Range area, don't hesitate to call. Let's work together :)
