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Evaluate your current situation and determine how well prepared you are for retirement. Calculate the value of your retirement nest egg and develop a retirement budget.
To successfully live below your means, identify a clear picture of what you want to achieve. Set financial goals to provide you a sense of purpose and motivation to save money. Spending less than you earn doesn’t mean you can’t enjoy life and have nice things.
Avoid Rollover Mishaps – Money moved from an employer’s retirement plan should be transferred directly from the 401k plan to the custodian of your IRA. The check should be made payable to the custodian of your IRA account, not to you.
Outliving your money is one of the greatest fears of individuals and couples planning for retirement. This is largely driven by uncertainty around medical expenses. Medical expenses will represent one of your largest expenses after housing and transportation.
One of the biggest concerns in retirement is outliving your money. Before considering early retirement, calculate how much will be needed to meet your desired lifestyle, including inflation and unexpected expenses.
Studies show that most people spend about 80% of their pre-retirement expenses in retirement.