Nine Secrets to Financial Stability After Retirement., by Flavio J. “Joe” Carreno

You need to know the reasons why retirees live a financially comfortable life after retirement. You will discover that you don’t need to have a massive sum of money before living comfortably after retirement when you know these reasons. The point is that if you execute effective management of your expenses, you can retire with a moderate budget.

Do you want to retire on less money? Here’s how to make it happen

Identify your want during retirement.

When you think about your wants and needs during retirement, you will keep some funds to cover your retirement expenses. Married workers should make their decision and agree on what they need to make their retirement life splendid. When you identify what you want during retirement, you can afford to travel around the world while leaving your family well set.

Start your savings earlier.

You have a higher chance of accumulating more wealth when you save before your retirement is near. When you save and invest your money, you will make more money from your investments. For example, Marco Sison, who retired at 41 in 2015, funded his first retirement savings account when he was 20 years old, and he retired with enough savings.

Avoid high-risk investment

Instead of starting a new business, purchasing stock, or looking at bitcoin, you can take a slow but steady approach using financial opportunities that will diversify your savings and will also give you more money in the long run. You can also keep your savings in a broad market ETF portfolio and bond. If you want to diversify your savings, you can use a rule of thumb by subtracting your current age from 100. The result will now be your percentage portfolio in stock. For example, if you are 50 years, you will subtract 50 from 100; your result will be 50. This implies that you have 50% of your portfolio in stock.

Make savings beyond your average earnings.

If you have an increase in earnings in a year or receive a bonus from your employer, you should save some money in your savings account. During your entire work period, you will have some outstanding years to receive a higher income than your regular monthly payment. The idea is to live your everyday life while spending the extra money on an investment. If you follow this advice by saving your excess income, you will gather more wealth when you retire.

Minimize your housing costs

You can reduce your monthly budget by renting or downsizing a portion of your space. If you rent out a bedroom from your condo, you will reduce your mortgage by 50%. The reduction of housing rent may not work for everyone, but if you rent out a room or get a roommate, you will save more money per year.

Estimate your utility

Before you even think of retirement, you need to identify how you can save more money. You can save more money when you evaluate your utility bills. You can estimate your utility bills by getting the best rates possible, such that you will pay a little amount of money every month.

Pay off your car debt.

Before your retirement, you must evaluate your car loans and make sure that you pay off all your vehicle loans. When you pay your debt, you don’t need to worry about any auto payments when receiving a fixed income.

Move to an area with a cheaper cost of living.

Moving to an area with a lower cost of living will help you to reduce your expenses. The area with the lesser cost of living can be within the same city, country, or different country. When you live in Portugal or Columbia, you will further save 50% of your money than living in the United States.

Purchase items in bulk

Purchasing various household items and groceries in bulk helps you to reduce your expenses. You can buy a large package of stables and separate them into three or four small packages. Then freeze the remaining packages until when you want to use them. You can also use this strategy for meat.

Whenever you want to buy new supplies, make sure that you check the home supplies you already have. When you do this, you can repurpose these items you already have to save more money.

Contact Information:
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Bio:
For over 30-years Flavio “Joe” Carreno of The Retirement Advantage has been a Federal Employee Retirement System specialist (FERS) as well as a Florida Retirement System specialist (FRS) independent advocate. An affiliate of PSRE (Public Sector Retirement Educators), a Federal Contractor & Registered Vendor to the Federal Government, also an affiliate of TSP Withdrawal Consultants. We will help you understand your FERS & FRS Benefits, TSP & Florida D.R.O.P. withdrawal options in detail while recognizing & maximizing all concurrent alternatives available.Our primary goal is to guide you into retirement with no regrets; safe, predictable, stable, for life. We look forward to visiting with you.

Disclosure:
Not affiliated with the U.S. Federal Government, the State of Florida, or any government agency. The firm is not engaged in the practice of law or accounting. Always consult an attorney or tax professional regarding your specific legal or tax situation. Although we make great efforts to ensure the accuracy of the information contained herein we cannot guarantee all information is correct. Any comments regarding guarantees, safe and secure investments & guaranteed income streams or similar refer only to fixed insurance and annuity products. Fixed insurance and annuity product guarantees are subject to the claimsâ€paying ability of the issuing company. Annuities are long-term products of the insurance industry designed for retirement income. They contain some limitations, including possible withdrawal charges and a market value adjustment that could affect contract values. Annuities are not FDIC insured.

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