FINANCIAL IDEAS for RETIREMENT IN THREE STEPS (by Marvin Stotz - retired high school mathematics teacher ) 1. BE DEBT FREE. No house mortgage , no car loan, and pay off credit card bills monthly to avoid interest charges. 2. SAVE 20 % TO 25 % OF YOUR GROSS PAY . ( Not your NET pay !!! ) 3. YOU CAN SPEND DOWN YOUR RETIREMENT SAVINGS AT THE RATE OF 4 % , AND NOT OUTLIVE YOUR MONEY . Mathematically , 4 % is 4/100 = 1/25 . So , you take your desired yearly income in retirement , and , multiiply by 25 to get the necessary total you need in the bank , in bonds , in CD's , etc. For example , if you want $1 in retirement , you need $25 in the bank , in bonds , in CD's , etc. If you want $40,000 in yearly retirement , you need $1,000,000 in the bank. If you want $80,000 in yearly retirement , you need $2,000,000 in the bank. Remember , as your math teacher may have told you : YOU CAN AVOID MATH , BUT MATH WILL NOT AVOID YOU !!!!!!!!!!!!! 1. EARLY RETIREMENT
Part-time jobs can ease the adjustment to your retirement experience. Some volunteer / charity work can also be fulfilling. 2. MID - RETIREMENT Refine part - time job / charity / volunteer work to better blend with your family situation / energy level / interest level . Find your passion / calling / purpose. Travel / explore educational or new learning or hobby activities. 3. LATER STAGE RETIREMENT / LESSONS LEARNED "Smell the roses". Re-connect with family members , former classmates, reunions , etc. Share your lessons learned with new retirees, and possibly family members. Outline end of life issues, and share with family members. work on your "bucket list" of interesting places, events , trips, etc. |
ArchivesCategories |