Living a successful retirement requires more than just building a large nest egg. It is important that in retirement you also continue to practice smart financial money habits or start using them if you didn’t prior to retirement. Living a money smart lifestyle is extremely critical during your retirement years because it can make your money last longer.
We all know it is important to build our savings and the positive impact that developing a savings habit can have on your overall financial success. With the US household savings rate still hovering around 8% according to the US Commerce Department, it is clear that not everyone is saving as much as they should be saving.
Even though there are several important financial events in your life, your retirement is the single most important financial step in your life. Preparing for this event shouldn’t start a few years before it happens.
Lets face it, managing money can be adventure especially in today’s ever changing financial environment. Whether you have a portfolio of investments or it is just managing your 401k, there are mistakes to avoid if you want to have long-term success.
We often hear that a budget is the key to financial success but did you know there are many different types of budgets? Picking the one that works for your current situation is the key to budgeting success.
For most everyone, following the basic money rules is the path to success. However, just like all rules, there are exceptions. Knowing when to break a money rule can be the key to long term financial success breakers.
The biggest threats to achieving the retirement of your dreams are actually very easy to control if you recognize and deal with each of them. You need to acknowledge these potential retirement threats and develop strategies to make sure that you don’t fall prey to one of these potentially devastating actions. It is also important to note that some of these retirement threats might present themselves very early in your life so strategies to avoid these threats need to be devised long before you get into your 60’s.
A big component of financial success is knowing the products that you need to have and how best to use them. You might be surprised at what is on the list of financial products we all need and how they should be used.