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Technology5 things to do by 50 to make sure you can retire when you want

18:16  27 may  2019
18:16  27 may  2019 Source:   msn.com

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By 50 , you want to be maxing out your retirement accounts, paying off your debt, and streamlining expenses. While not saving at all for retirement is the No. 1 mistake you could make to prepare for this huge step, not maximizing the potential on your retirement accounts would also be high up there

Wondering how to prepare for retirement ? By 50 , you want to be maxing out your retirement accounts, paying off your debt, and streamlining expenses.

5 things to do by 50 to make sure you can retire when you want© Thomas Barwick/Getty Images
  • It's always a good idea to prepare for retirement years before you need to.
  • By 50, you want to be maxing out your retirement accounts, paying off all your debt, and streamlining your expenses.
  • Visit Business Insider's homepage for more stories.

Ah, retirement. To live the life you've always wanted after leaving the workforce - it's the ultimate dream, isn't it?

For people who are 50 and younger, now is the perfect time to put a little extra thought into your retirement planning.

Even if you've got a ways to go before retirement, there are plenty of things you can do right now to ensure that your financial goals are attainable by the time you do get there.

3 expenses to avoid if you want to retire in 10 years

3 expenses to avoid if you want to retire in 10 years If you want to retire in 10 years, it's smart to keep saving — but you'll also want to turn a sharp eye to your expenses.

Read More: 5 things to do by 50 to make sure you can retire when you want . When it comes to adult kids, you 'll want to limit how much you help them Planning for retirement in 10 years could also mean coming up with ways to live more simply when it happens. As Tanza Loudenback reported for

Deciding when to retire is scary. This retirement guide is sure to help and it covers the essentials Those who retire by 50 do one of a few things ; they live on very little and save a lot, they inherit This makes sense as 62 is the earliest age you can being collecting your own Social Security retirement

1. Try to max out your retirement accounts

While not saving at all for retirement is the No. 1 mistake you could make to prepare for this huge step, not maximizing the potential on your retirement accounts would also be high up there, Sophia Bera, CFP with Gen Y Planning told Business Insider.

Read More: Here's exactly how to figure out when you can retire

If you don't, you could be leaving money on the table with a match through your work or compound interest earned over the years.

By 50, "people should be aggressively saving for retirement," said Bera.

2. Consider investing in a brokerage account above and beyond retirement goals

"Retirement is on the horizon, and it's really important to not only maximize your retirement accounts, but you should also have a brokerage account that you're automatically contributing to every month," said Bera.

5 ways to heap up savings before you retire

5 ways to heap up savings before you retire Falling behind on your retirement savings? These simple habits can thicken your wallet in no time.

How does that help you if you want to retire at 50 ? Roth IRAs have a loophole. Contributions to a Roth can be withdrawn free from taxes and the early That contribution withdrawal loophole makes the Roth IRA perfect for early retirement . You can make this happen by doing a series of annual Roth

This is particularly true when it comes to retirement savings. If you ’ve already received your AARP card and still have not started putting money aside for If your employer offers a 401k retirement plan, make sure you at least save enough to qualify for their matching contribution. It may not seem like

These types of accounts offer options and flexibility, so if you want to phase into retirement, you have an account to pull money from before needing to tap into your retirement assets, she said. Those retirement assets will be important to keep for later on down the road.

If you are considering this option, Laura McCamy previously reported for Business Insider that it's better not to let your emotions rule your investment decisions, and it's important to understand your overall investment goals to help you decide where to put your money.

3. Pay off all your debt, including your mortgage, if possible

The more you can reduce your monthly living expenses, the easier it will be to make your retirement savings last, says Bera.

High-interest debt should be the first to go. In fact, financial planner Ryan Cole previously told Business Insider, for people who have debt that costs more than 9% a month in interest and fees, it's smarter to pay down that debt before putting money toward retirement.

4 Things You Must Do the Year Before You Retire

4 Things You Must Do the Year Before You Retire These could spell the difference between an easy retirement and a stressful one.

Before you quit your job and retire , here are 5 things you should consider to make your retirement planning easier. It's great to have retirement goals. But the Employee Benefit Research Insitute's 2015 Retirement Confidence Survey found that 50 % of people quit work earlier than they expected.

If you have a fixed income each month from a pension, make sure you create and stick to a budget to stay within your limits. If you are spending down your nest egg, be sure to research Go do whatever you want , including nothing. Phil Taylor is a certified public accountant and the founder of PT Money.

That's because the high interest rate makes the debt so expensive that it's costing more than they could earn elsewhere, including in retirement accounts. (The exception to Cole's rule is if their employer offers a 401(k) match - in that case, the smart move is to contribute enough to get the match, then devote any extra money to debt payments.)

4. Avoid taking on loans or other debt to help pay for your kids to go to college

As hard as it may be, think long and hard before helping family out if you don't necessarily have the means to do so. If you haven't spent the years saving up for your kid's college, taking out loans to do so may not be the smartest option.

Experts say that children are most expensive in college and beyond, and that parents' tendencies to bankroll their adult children can lead to disaster for their own finances down the road.

Read More: Here's how much more money you'd have for retirement if you saved $100 a month starting at 25 instead of 35

"Your children can take out student loans for college, but you can't take out loans for retirement," said Bera. "Don't sacrifice your own retirement to help your family. The best thing you can do is secure your own retirement, and if you're in a position later on to help family, then you can do that when you're retired."

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Log In Join HuffPost Plus. 5 Things To Do The Minute You Retire . Just don't expect smashing results. Almost 75 percent of Americans over 50 say they expect to work during Both Social Security and Medicare are convoluted, full of loopholes and will make you believe that nothing could be this

You earned your retirement , now make it last. If you have a fixed income each month from a pension, make sure you create and stick to a budget to stay Use your hard-earned wisdom and experience to teach others. Start a free course at your local library or community center. You could even possibly

5. Streamline your life and your expenses

By the time you retire, your life may have become very complex. If you can start now to simplify it so that you have a clear vision of retirement and you know how much money you'll need to retire, you'll be ahead of the game.

Of course, people who are 50 or older still have time to make essential changes today that can make a big impact on their retirement years.

For example, it's never too late to log into your retirement accounts and increase your contributions, said Bera. "The best thing to do is start saving more … today!"

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