by Dr. Regina Campbell
When you retire will you be prepared? Are you on the right track to retire so you can enjoy the fruits of your labor?
Here are some tips I suggest that will position you for retirement:
- Meet with a financial advisor and decide together what your future financial goals are after retirement thus you can know how much to save towards your retirement.
- Live today a very discipline financial life…meaning don’t live above your means.
- Set financial goals to keep debt at a minimum
- Learn the principle of saving and paying in cash. For example if you want to make a large purchase save up the money and then purchase it in cash. For example, when you need to purchase a large item such as an appliance you do not have to use your daily checking account or paycheck to cover the cost. This will position you upon retirement to own all of your furniture, cars, and other items.
- Limit yourself to no more than 2 credit cards and keep them paid off. Only charge what you can pay off in cash within 30 days or set a limit what you will charge. Don’t feel as if you have to charge the credit card up to its charge limit because the interest rate will make it difficult to pay off the card.
Retirement is all about planning and how you live your life now. You are to start today planning and living as if you are retired so you can enjoy retirement when that times come.