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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.
Spend time working on your finances and approach it as an opportunity. Wealthy people devote at least 2 hours a week thinking about and managing their money. If you don’t understand finances, educate yourself.
As your income increases your tax rate increases. In addition to increases in your tax rate, retirees incur three additional taxes/expenses when they reach certain income thresholds. These include taxation on a larger portion of your Social Security benefit, the 3.8 percent Medicare surtax on net investment income and an increase in Medicare premiums.
Healthy people are generally happier and take a more active role in their finances. Individuals who strive to maintain their health have similar traits to those who work to improve their finances.
More than 1 in 4 of those who are currently 20 years old can expect to be out of work for a least a year due to a disabling condition before they reach retirement.