Would you hire a financial advisor to help you handle your finances? Most people who do not have financial advisors are likely to dismiss such professionals, thinking that they can manage well on their own without the added cost of paying for financial services. However, the value that a financial advisor adds to your financial situation is far more valuable than the cost.
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Our main objective is to help you understand that there are ways you can manage your finances and loose them. However, we want to introduce you to ways you can earn and maintain a sustainable lifetime income that will be exposed to very little risk through our website and subsequent online interactions.
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Through our website, we will offer you financial information that you will need to know and implement for you to obtain financial freedom. Our well-researched articles will give you accurate information with regard to the financial climate of the country at all times and how the on-going events are likely to affect you.
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Steps Towards Financial Freedom
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One of the best things you can do for yourself and your finances is to follow us closely, implement the financial tips on our posts that are relevant to you, and ask us any questions if you want to understand things better.
Retirement should be a goal from the moment you start your first real job. That’s because many people find that employee sponsored plans or social security is not the windfall they expected. Instead of relying on one source of income, check out other means to a financially secure retirement. First decide on the lifestyle you want to live during your golden years, then determine the revenue streams you need to make it happen.
If you have been employed over the course of the years, the first source of income should be an employer’s pension. Before reaching retirement age, contact present and past employers to review plan details, such as how much you will receive and when.
Individual Retirement Accounts
If you have previously established an IRA, contact the plan administrator for the value and payout circumstances. Individual Retirement Accounts are a good way to supplement pensions and social security. It is important to assess how long the money will last based on your planned retirement age.
Personal Savings and Investments
While the amount may not be ideal, the amount in a personal saving account can help with retirement living. If you have any accounts with a bank or credit union, determine the value of each. Be sure to evaluate all assets, from cash to stocks and bonds.
If you have paid into the social security program while employed and have earned enough for a payout, determine what that amount will be. While you most likely can retire early at age 62, financial experts advise waiting until full retirement age. The reason is the longer you wait the higher the benefits. You can get a full statement from the federal Social Security Office.
Yes, you can get cash out of your home you are age 62 or older. If you have been a long time homeowner with built up equity, you may qualify for a reverse mortgage. With this type of mortgage, the financial institution will give you a lump sum or monthly payments until such time you move or sell the home, or in the event of your death. The mortgage becomes due in such situation.
After you tally up all of your income sources, including any from rental property or an inheritance, you might find that you may need more cash in order to get what you want out of retirement. It may be time for a part time job. Look for work that is fun and energizing, so retirement can still be enjoyable.
Health Care Coverage
A major expense after retirement could be health care. Many retirees don’t have employee sponsored insurance after retirement. The good news is that health insurance if available. One option is Medicare, a federal health care insurance plan for those aged 65 and older. If you qualify, this program offers coverage for medical care and prescription drugs. Unfortunately, not all expenses are covered, but you won’t have to shoulder every expense entirely.