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Practical Retirement Advice

Episode #138: Do You Want To Be Rich And Free In Retirement?

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Episode #138: Do You Want To Be Rich And Free In Retirement?

 
 
00:00 / 22 mins
 
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Do you want to be rich and free in retirement?Do you have a nest egg to invest? One question to ask is ‘do you want to be rich and free in retirement’? One way to get there is to know how to get ahead by investing in the stockmarket. Being rich gives you options to choose what sort of retiremnt you will enjoy.

The path to becoming rich may be uncomfortable but be persistant and keep focused while working your way to riches. The journey may not always be smooth as you will  be learning by your mistakes along the way. Having that goal that you want to be rich will be what  keeps you moving forward as you pick up the necessary skills to get to your chosen destination.

Investing in the stockmarket can be the way to get you there. Invest some time and effort into picking up the necessary skills and mastering a few tools to use to base your investing decisions on.

Once you have an investing plan and strategy mapped out you can be well on the way to achieving your goals. It will not happen overnight but it is possible to become wealthy from stockmarket investing. I personally know people that have made hundreds of thousands of dollars out of investing in small cap stocks and are well on the way to becoming millionaires.

You just have to ask yourself ‘Do you want to be rich and free in retirement’? It is possible.

Join Ann as she shares some of her investing journey.

Connect with Ann online

Have you listened to the last episode of Retire Well Retire Happy Podcast?

Episode #126: How A Healthy Lifestyle Can Overcome Chronic Illness

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Episode #126: How A Healthy Lifestyle Can Overcome Chronic Illness

 
 
00:00 / 12 Min 37 sec
 
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How a healthy lifestyle can overcome chronic illnessI am learning how a healthy lifestyle can overcome chronic illness. I don’t have the answers but the path to finding a solution is recognizing there is a problem. Overcoming poor eating habits is one of the reasons why health and wellness will secure  a happy retirement for me.

What is a Healthy Lifestyle? The World Health Organization defines health as “not merely the absence of disease or infirmity, but a state of complete physical, mental, and social well-being”. Finding what works for me is the main reason why health and wellness will secure a happy retirement.

Wellness has been defined more as the action an individual takes to meet the above definition of health. The older I get the larger my waistline has become. This correlates with the less activity I am also doing. I am on a continuing journey to find what works for me. When I awas young I could get away with eating anything as I was generally more active.

The more online I have become then the less I have participated in sports and outdoor activity. My health is more than what I eat. Wayne Dyer says ‘it’s what we think about what we eat’ that is important. That is why I am taking a more holistic look at myself to create a healthy lifestyle. I now think about and picture myself enjoying that healthy body again.

I thought I did not have any chronic illlnesses but apparently obesity is along with heart disease, stroke and cancer.

It’s back to the drawing board for me and educating myself on how to make appropriate nutritional and lifestyle choices. What I eat does play a role in disease prevention and according to Palemla McDonald, Nurse-Practitioner. Palema states in her book, The Perfect Gene Diet, ‘Good nutrition has a powerful effect on a person’s health, and is the number one integrative-medicine tool.’

I don’t want to end up attached to a bedpan in old age. I would much prefer the image of me attached to a backpack and travelling the world enjoying a healthy lifestyle. How about you?

 

Epsidoe #116: Baby Boomers are rethinging the Best Places To Retire

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Epsidoe #116: Baby Boomers are rethinging the Best Places To Retire

 
 
00:00 / 17 min 14 sec
 
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Baby Boomers are rethinging the Best Places To Retire

There are many lifestyle options out there and baby boomers are retinking the best places to retire. Half of retirees choose to relocate and are learning how retirement downsizing can create exciting opportunities.

When baby boomers rethink the best places to retire they are ending up all around the world. This is the time to become adventurous and spread your wings. The traditional models for retirement communities are getting a shake up. Do you want to be treated as a patient in retirement? It seems as though senior citizens are being herded into retirement communities without thought for the individual needs.

Retirement Communities and/or Independent Living Facilities are most appropriate for seniors who can manage their health care needs on their own or with assistance from family in an apartment type setting. Independent Living does not offer health care services or assistance, but may offer a monthly meal plan, housekeeping, social activities, and transportation. The cost of assisted living places is outrageous in some countries.

However if you want to see your money last longer and are up for a bit of adventure there are other retirement possibilities to consider. Some retirees and moving to another country for a variety of reasons including making the retirement savings last longer and gaining some respect. In some countries seniors are respected and valued.

What are the advantages of a Retirement Community?

  • Nutritious Meals, Activities, and Housekeeping offered
  • Maintain Independence in a social setting
  • No upkeep or utilities to manage (except personal phone and cable)

These same advantages can be obtained in other ways. Retirees can have the Nutritious Meals, maintain independence and enjoy no upkeep to manage in other places. Some have rethought their options on now enjoy life on a cruise ship permanently like Mario Salcedo  or how does living in a Holiday Inn as Terry Robinson does.

Both these gentleman have done there sums, weighed up the pros and cons, have taken the plung to live differently and are reaping the benefits.

Have a listen to Ann E Nelson talk about how there are many lifestyle options out there and how baby boomers are retinking the best places to retire.

Connect with Ann online

Have you listened to the last episode of Retire Well Retire Happy Podcast?

What Can You Do To Future Proof your Retirement Income?

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What can you do to Future Proof your Retirement Income? When my aunt turned 90 her guaranteed income from her annuity finished at 90. She had outlived her money and had to get used to living on the government pension.  Could you survive on just the government pension? What would you have to miss out on if your retirement income was suddendly reduced?

There are a few necessary questions that need to be asked when looking at Retirement planning. How long will your retirement savings last? What could you do to put more into your savings to make your nest egg  last longer? The sooner you do this exercise the more time you have to implement some strategies to Future Proof your Retirement Income.  Involve your significant other in this exercise and consult a Certified Financial Planner in your delibrations.

Why you could even retire sooner if you get your investing strategy right. It’s about having a look at things more creatively. David and Dana Hagstrom faced that situation, came up with a solution and are now helping others bridge the gap to retirement. You may be able to retire earlier than you thought.

grow your nest egg

You need to spend some time planning the type of lifestyle you want to enjoy in retirement. This will determine how much money your investments will need to earn to provide you with a suitable pay check each month. If you find you are coming up short of money then perhaps you could generate some extra funds for retirement to bridge that income gap.

 7 options to generate extra funds:-

  1. Keep working  past retirement age either full time or transition into retirement by working part time;
  2. Have investing strategies in place like investment properties;
  3. Supplement your retirement with a business. Either off-line or on-line. What could you do? For example become an agent and sell Herbalife or Avon, having a shop on eBay is becoming popular. If you can generate an extra $800 per month/$9600 per year can be the equivalent to having saved $240,000 towards retirement assuming a 4% return on your money. (The formula to work the equivalent savings out is divide the extra yearly income $9600 by 0.04 (assumed return))
  4. Releasing equity in your home. This can be achieved by either down- sizing and investing the excess funds for your future or taking out a reverse mortgage and spending the kids inheritance. A one level dwelling is most popular for retirees.
  5. Save more now. Cut your spending to increase your savings. What could you do to cut your spending?
  6. Take in a lodger to supplement your living expenses. If you are on your own this can make a lot of sense to rent out a room. You will get some company and some extra money.
  7. Join an investing club and learn how to trade shares on the stock market. In my town the local University of the Third Age (U3A) run a Successful Investor Course to teach how to buy and sell shares. Ask around and see what is available to learn in your town.

We need to recognize that the population and demographic changes will affect us all.  The qualifying age for the Aged pension is rising. Spend some time planning and educating yourself now will give you more choices later on. Ask yourself what can you do to Future Proof your Retirement Income?

Early Retirement: Would you like to travel the world at your leisure?

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Do you want to be able to pick your retirement date? If you want an early retirement then would you like to travel the world at your leisure?

The biggest difference between a comfortable and a modest lifestyle is the cost of our leisure activities. What type of lifestyle do you want in retirement, modest or comfortable?

I like the idea of more people having the choice to retire younger. The trick is to know what sort of lifestyle you want to enjoy in retirement. Once all the essential expenses are out of the way then our lifestyle budgets will get the balance of funds.

This could mean the difference of over $10,000 per annum or more for a couple. It goes back to planning and have you given much thought to what you want to be able to do in retirement? Do you want to travel and if so how often and to where? Are you happy to do a road trip within your country or do you want to travel overseas? Are you planning to go the movies, take in the latest show at the theatre and go to the game? How often will you eat out?

If you struggle to make ends meet then leisure pursuits will have a modest budget. You can still have an enjoyable life but you will have to put effort into planning your social activities on a budget.

To achieve early retirement we all need to have a strategy in place to save more than we spend. The earlier you want to retire than the more you need to save. How much is enough is the age old question? A guide is to put away at least 15% of your income.

In some countries it is compulsory for an employer to put a portion of wages into a retirement plan for employees. A good start for you then is to top up your retirement savings with the difference. In Australia compulsory superannuation for retirement is currently 9 1/2 per cent of gross wages. You need to be prepared to save at least 5 percent extra towards retirement on a regular basis?

If you want to get really serious then you could consider extreme savings. Mr Money Mustache states that ‘your middle-class life is an Exploding Volcano of Wastefulness’.  This website advocates that you will easily be able to cut your expenses in half so you can save half of your income. Even  saving two thirds or more is possible. Mr Money Mustache claims that by spending much less than you earn is the way to get rich. The ONLY way with surprising effects: if you can save 50% of your take-home pay starting at age 20, you will be wealthy enough to retire by age 37.

Norm Pyle and wife Deb from Kneedeepinit.com, decided to retire to a life on purpose. They had a radical shift and moved from cold Colorado to retire to the island of Vieques, PR. Norm & Deb were able to achieve their dream  when they decided they wanted to live our lives on purpose, not on autopilot. So that’s the mental shift they made, and that in turn made all the difference to their retirement savings.

Depending on which country you live it this may or may not be possible. It would be a good challenge to see what you could cut back on to save more of your take home pay packet. I read of a lady in the USA that after having a hard look at her expenses decided to sell her house, save the mortgage payments and chose to live in a trailer park. The mortgage payments went into her retirement savings instead and she is now well on the way to having an early retirement.

One family have given up their cars. They catch public transport, ride push bikes and walk. You can run a ruler across all of your expenses like buying the cup of coffee or more every day and see where money is being spent on non-essentials items.

 To make significant differences to your savings may require a complete re-think to how you currently live. Are you up for the challenge? Depends on how badly you want to be able to pick your retirement date?