For Fantastic Vacation, Retirement or Resort Real Estate Click Escape Homes.com
Save Thousands of Dollars on your next Real Estate Transaction, check out For Sale by Owner for Free Real Estate Forms!
Stunning breakthroughs in Nanotechnology are about to transform the future of our economy and make EARLY INVESTORS RICH Click below to learn more.
The Secret to a Planned Early Retirement
For most Americans, the indicator of true success is early retirement.
About 90% of the working population would love to go into early retirement
while they still feel they have some energy left in them to do the things
they do not have time to do now.
One way to do this is to start early and invest into an IRA or a 401k.
But with today’s economy you need to save every penny that you earn, and
you can never guarantee that the place you work for is going to stay in
business for your entire working life.
Since there are no guarantees, you need to start saving for early
retirement now if that’s what you truly want - but it will come with a price. If
most of your traditional retirement plans are designed to give you the
maximum amount in your account when you reach retirement age, and will penalize
you heavily for early withdrawal, then they are not for people who will
want early retirement.
What you want is a savings account. With a savings account you have the
option to withdraw the money whenever you want, put in as much or as
little as you want and since you are already taxed on that money you won’t pay
any further taxes except for the interest.
The downfall to this type of account is that, the interest rates aren’t
that great and you have to have self control, in other words, when you
deposit the money into the account you must not touch it. You need to keep
reminding yourself that this money is for early retirement and you can not retire
early if you can not keep your hands off the money until the right
time.
You can, however, use the money if you plan on investing in bonds or
stocks, because the money you are spending may yield a higher interest rate,
giving you a better return for your money than a regular savings account.
The Secret
The big secret to early retirement is to evaluate your life right now
and figure out how much you really need for your present lifestyle. Let’s
assume you net $3,000 a month. Take that amount and subtract all of your
bills, including, utilities, rent or mortgage, car, insurance, water, cable
and trash. Now take your miscellaneous expenses like clothing dining out
and movies - anything that can be classified as a luxury. Now take that
total and subtract it from the new net income. What you may have remaining is
very little.
This is the hard part where self control comes into play as you will
have to decide what you can do without and take that money and invest it into
your account and not touch it, ever, until early retirement time.
It would be ideal if you can invest 50% of your net pay, but a lot of
times that is not feasible, so try to invest as close to 50% as possible. You
can do this by eliminating your credit cards and pay cash or write a check
for what you need and save yourself from paying that ridiculous interest.
A simple secret to paying off all credit card debt is to pay off the
smallest balance first and then take the money you would have spent on
that payment and apply it the payment on the next to the smallest credit
card balance. In this way you will end up paying the largest credit card
balance with the most amount of cash.
How much you want early retirement and what you are willing to do for
it now is the real secret.
December 2nd, 2008
Reno Gazette Journal, NV - Nov 21, 2008
However, in August the district board due to budget concerns voted to suspend the early retirement incentive policy, saying it didn't have the $800000 …
… read more
Secretly recording conversations, which led to Police Chief Bryan Smith’s early retirement, is a tool a chief needs, Smith said, and one he believes he was authorized to use. … read more
Not unless you want to continue working. While it is true that the full retirement age is gradually rising to 67, early retirement remains at age 62. So if you go ahead with your plans to retire early, your benefits will be reduced. You also should know that if you choose to keep working even beyond your full retirement age, you can increase your future Social Security benefits. With delayed … … read more
Early retirement program approvedDecorah Journal, IA - Nov 17, 2008By Lissa Greiner The Decorah School Board has the option whether or not to offer early retirement to its employees. That was the discussion during Monday's …
|
… read more
KOTA KINABALU: Justice Datuk Ian Chin, who revealed the existence of a boot camp for judges, said he decided to go for early retirement as work had become very stressful. … read more
Early retirement OK d for Norcross police officersAtlanta Journal Constitution, USA - 3 hours agoBy SHANE BLATT The Norcross City Council has approved early retirement for police officers 55 or older with 20 years of service. The council s Monday night …
|
… read more
Divorced spouse eligible for Social SecuritySouthtown Star, IL - 19 hours agoWhile it is true that the full retirement age gradually is rising to 67, early retirement remains at age 62. So if you go ahead with your plans to retire …
|
… read more
… read more
Early retirement is 62, benefits are lowerAkron Beacon Journal, OH - Nov 23, 2008While it is true that the full retirement age is gradually rising to 67, early retirement remains at age 62. So if you go ahead with your plans to retire …
|
… read more
… read more
Posted in Early Retirement | No Comments »
December 2nd, 2008
Bloomberg - Nov 21, 2008
In June, Citigroup offered all 1350 employees at its Japanese consumer-finance unit early retirement with two months salary as the company withdraws from …
… read more
