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Transition into retirement is stressful. It requires a significant change in mindset from contributing to your portfolio to taking distributions.
Rebalancing enforces a discipline to sell when prices are high and buy when prices are low.
You can take Social Security as early as 62 but this could result in a reduction of up to 30% in benefits.
Generally, the happiest retirees are debt free with no credit card debt, a paid off mortgage and no car payments. They also have several sources of income such as Social Security, a pension, income from investments, rental income, royalties, or a part-time job.
Women need to take an active role in managing the household finances. Organize your finances so you both understand your current financial situation – what you have, where it is held and how to access it.
It’s important to devote time to enhance your career and increase your earning potential. This includes working effectively in your current position and taking time to improve your skills and education to progress in your career.