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Dec 18

Money Matters: Many Factors in Deciding to Retire – Apache Junction News

Exercise Programs Comments Off on Money Matters: Many Factors in Deciding to Retire – Apache Junction News

Here in the valley of the sun, many people are already retired. But what do you explain to someone who is not sure whether or not they are ready to retire? Of course, one of the most important factors is of the financial nature. Questions begin to arise. Will you receive a pension? If so, will it include a COLA (cost of living adjustment)? How much will your social security be? Income becomes very important when a person is ready to retire.

Inflation is the silent eater of a persons money as time goes by. Even at 3-4%, if your income remains stable, inflation will slowly erode your purchasing power. As you know, prices on most goods and services go up, not down. So, remember to know in advance what your approximate income will be before you actually retire from your job.

If you were able to save money, either through work sponsored programs such as a 401k or thrift savings plans, or individually through IRAs or Roth IRAs, you are ahead of the pack. Saving money and having it grow through solid investments and having time for it to grow is very important. So, make sure that while you may be eying retirement in a few years, saving your hard earned money is very important.

We work hard all of our adult lives to save money and try to live a comfortable lifestyle and, consequently, accumulation of money is important, but when you retire, distribution becomes more important. Having money that will provide current income and not running out of it becomes more vital. One big fear of people who retire is outliving their money.

Another important factor when deciding when too retire is debt. If you have a mortgage or outstanding loans, will they be paid off before you retire? Having large amounts of debt can really cripple someone mentally. Many divorces are directly related to debt and money issues.

So, now you have a comfortable number and are ready to officially call it quits. The next major question is, what are you going to do? Here is where it is very important to have a plan. Through my thirty years in the financial field, I have seen people who cant wait to retire and have wonderful plans to travel and do interesting things. I have also seen the other side, where people are forced into retirement due to health reasons or various other issues. Being able to retire on your terms is certainly, without question, the best. Planning is crucial to having and enjoying a successful retirement.

As we age, it is important to interact with younger people to some degree. This may consist of being involved with the grandchildren or friends. Planning is really as simple as answering the questions, What kind of life do you want to live? Where do you want to live? What is it you always wanted to do, but never had the time? Remember: retirement is supposed to be our golden years. This is the time for you to go or do anything your heart desires.

All of this may sound wonderful, except one thing: health. The old saying, If you have your health, you have everything, is so true as we age. Begin, if you have not already, starting an exercise program of some kind. It may be as simple as just taking a long walk every morning. The key is to be consistent. Taking care of yourself and your money are just a couple of important parts of any successful retirement.

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Money Matters: Many Factors in Deciding to Retire - Apache Junction News

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