Retirement can seem like a long way away.

So far away, in fact, that it’s easy to ignore altogether.

This might explain why the average American has a paltry $96,000 saved for retirement.

That, of course, isn’t going to go far. Unfortunately, at the current rate, the possibility of ever retiring seems unrealistic! It’s a shocking realization. After all, nobody wants to work longer and harder than they have to.

Of course, it’s in everyone’s interest to retire as early as possible. Nicely, it’s absolutely possible.

It just takes the right know-how. With a few lifestyle changes and sensible decision-making, you can bring your retirement date forward by decades. Sound good? Want to learn how to do it?

Keep reading to discover exactly how to retire at 50!

1. Save More Earlier

Nobody retires at 50 by living paycheque to paycheque.

If you’re forever spending everything you earn, then you can never expect to retire at a reasonable time. The only way to do it is by being rigorous and regular with your saving.

The trick? Start as early as possible and invest what you save.

You have to make your money work for you. Sticking it straight into a typical saving account is good for nobody. Having cash is okay, but interest rates are at an all-time low at the moment.

Combine that with rising inflation and your money can end up depreciating in value over time.

Saving larger amounts earlier, and investing it all, helps you leverage the power of compounding. This is when money grows exponentially over time via interest. The earlier you start investing, the better. It gives you more time for compounding to take effect.

2. Live With Frugality

The more you save, the better.

Even relatively minor additions to monthly savings can make a dramatic difference in the long run.

For example, imagine investing an initial $1,000 and adding $100 per month for 30 years. An annual return of 8% interest will provide over $146,000 by the end. You’ve contributed $37,000 in total, but almost quadrupled your money thanks to compounding.

Amazing, right?

However, imagine the same setup, but this time you invested $200 every month. Now, you’d come away with almost $282,000. That’s an enormous jump for an extra hundred bucks a month.

As you can see, it’s in your interest to put more aside every month.

That takes sacrifice. Get into the habit of cutting back elsewhere so you can reach your monthly savings goals. For an extra hundred bucks, that might just mean cutting out your morning Starbucks coffee!

Oh, and want to know how much you’d get for saving $200 every month for 50 years (with an initial $1,000 investment)? A whopping $1.42 million. It’s a clear example of how starting earlier is in your interest.

3. Invest Aggressively, Earlier

The key to attaining these numbers is in investing.

We mentioned that earlier too. However, it’s worth digging into deeper. After all, investing is a total mystery to almost everyone out there. That’s one reason why not many people do it! Investing feels risky; in tricky times, it’s understandable to want to stockpile money instead.

However, investing should be for everyone. There are different ways to do it. Some are riskier than others. The trick is finding your risk tolerance and investing accordingly.

In truth, though, younger people can afford to invest more aggressively. What does that mean? It means investing larger sums in riskier assets (in other words, it means investing in stocks over bonds).

Market fluctuations are normal. They’re going to rise and fall. Over time, any falls will correct themselves and, like a pendulum, swing back into the positive. At a younger age, you’ve got more time to weather market downturns.

Want to retire by 50? Invest in riskier assets when you’re young. Then, as you get older, begin to reallocate your investments into ‘safer’ asset classes, such as bonds.

4. Reduce Your Taxes

Taxes are anathema to early retirement plans.

Of course, they serve a vital societal function. However, there’s no point paying more than is necessary. Many people do this unknowingly. All the while, their retirement date gets pushed ever further backward.

Imagine meeting your savings goals. Years go by and you start feeling great about your retirement account. You congratulate yourself on your achievement. You go to withdraw your money, only to be landed with an unexpected tax bill that slashes the total by 30%.

It’s more than possible; it’s in your absolute interest to take sensible tax-reducing savings decisions.

Two accounts of particular note are your 401(k) and a Roth IRA. Both accounts provide means of sheltering your finances from undue tax obligations. The tax-savings can extend to thousands of dollars.

Be sure to look into them in more detail and leverage them in your bid to retire at 50.

5. Plan Ahead

Is everything about financial planning a mystery to you?

We don’t blame you! Investments, savings, and budgeting can get confusing.

Speaking with a retirement planning advisor may be a good idea. Sure, you’ll pay for the service; it’s always worth having a clear understanding of how much they charge.

That said, finding a reputable and ethical, financial advisor to help you plan for retirement can make a big difference. They can support you in setting goals and reaching them. How? By making solid recommendations based on expertise and knowledge, suggesting sensible investment allocations, and preparing you for market downturns.

For total newbies fixed on retiring at 50, this can be a sensible approach.

Final Thoughts on How to Retire at 50

There you have it: 5 essential steps that help explain how to retire at 50 years old!

People are struggling to save for retirement. As it stands, the majority of Americans will struggle to retire at all! They won’t have enough saved up to cover themselves and provide any quality of life. However, that doesn’t have to be the case.

In reality, anyone can retire on time. Even better, taking early retirement is possible too! It just takes the right approach and know-how.

Hopefully, this post has highlighted the key steps in making it happen.

Want more articles like this one? Head to the Getting Finances Done section of our blog now!

The San Diego market is pretty hot right now, and it’s the right time to start thinking about putting up your property for sale if you haven’t already. However, if you want your house to sell fast and for a good price, you’ll have to consider making some modifications. These modifications also have to be in line with the needs of the typical homebuyer in the area. And they also should allow you to recuperate your investment, or at least most of it. Here are a few ways that you can increase the value of a San Diego home.

Add Solar Panels

One of the best things you can do to increase the value of your San Diego home is to have solar panels installed. Buyers in San Diego tend to be environmentally conscious, and solar panels are perfect for the local climate.

Not only are these a good investment to increase the value of your home, but you will soon notice the monthly savings in electricity you can make. Make sure to play up this aspect when selling the house. Also, solar panels allow homeowners to be protected against rising utility costs. Not to mention that you can reduce the solar panel costs in San Diegoby taking advantage of federal tax credits and get favorable financing through initiatives like the Go Solar San Diego program.

But you have to make sure that you work with the right contractors. The best solar power companies in San Diegoshould be NABCEP certified. This ensures that they have the expertise and experience necessary to properly install your panels. Also make sure that you pick a reputable solar company in San Diegowith a solid track record who are known for great customer service, like Semper Solaris for example.

Semper Solaris has been in the contractor and solar power business for over 20 years and have gained a solid reputation as one of the best solar companies in San Diego. They offer a wide selection of solar panels from all the top brands and also offer battery storage and roofing services. This will allow you to save if you need to have your roofing done at the same time and keep all your warranties at the same place. They can install solar panel systems of any size and for any budget. If you only need a few panels to supplement your current energy needs, or go off the grid, they have a system for you. They’ve made a name for themselves by offering top of the line products, great warranties, and after care service. If you want to learn more about their services and what they can do for you, consider looking here for more information.

Add Some Greenery

If you want a fast and easy way to increase the value of your home, then you should consider adding a few trees on the front and around your house. This might seem like a small addition, but one market study found that adding trees to your property could increase its value by as much as $8000. This is about as much as you would get for a new bathroom, only for a fraction of the cost, time, and effort. The same study also found that trees could reduce the total amount of time your house will stay on the market by almost two days on average.

Most people love trees, and while they can be a great selling point, they’re unlikely to be a deal breaker for anyone, which makes them a great option. They can also help you make savings on things like air conditioning as they can help block the sun rays. Not only that, but they can also facilitate draining, increase privacy, and decrease noise, all things potential buyers will be happy to hear about.

Make Some Minor Bathroom Renovations

One of the worst mistakes you can make is going all out on a brand-new deluxe bathroom. First of all, you have no idea what prospective buyers might prefer, and going for something that is too extravagant might actually hurt your chances and cost you way too much.

If you’re going to be making some changes, make sure that they’re modest and that they will work for most people. And also make sure to not switch major components around as it will drive up the renovation prices.

Some of the things you could do is add some new veneers to the shower area for instance. Veneers cost less than new tiles and will give you the same esthetic. You could add some luxury vinyl tiles as well. But don’t get put off by the name, they’re only called luxury vinyl tiles by comparison to traditional vinyl tiles.

Luxury vinyl tiles come in a wide range of price and are easy to install. You could even install them yourself if you have the savoir faire. One of the great things about luxury vinyl tiles is that they can replicate the appearance of materials like wood and give you the chance to have wooden looking floors in your bathroom – something that would be difficult given the properties of actual wood.

You could also do some minor things like changing the color scheme, adding some new fixtures, or even adding a frame to your mirror. Just a simple change like this could revitalize your bathroom and make it stand out to buyers.

Go Easy on the Kitchen

The same advice goes for the kitchen. If your kitchen is outdated, then it would be a good idea to give it a second life. But there again, it’s better to keep things simple. High end kitchen renovations are one of the worst money pits for homeowners, and chances are you won’t get your money back. Not only that, but just like bathrooms, you could end up alienating some buyers with your choices.

Another thing you’ll have to watch out for is making sure that the kitchen works with the rest of the house. If your house has more of a modern look, then try not to go for something that would be too retro for the kitchen.

One of the simplest things you can do is add some counter lights and hanging light fixtures. This alone could give your kitchen a fresh new look. Adding a new stainless-steel range and appliances could add a sense of cohesiveness to the kitchen as well. And the best part is that you’ll get to leave with them if you want to.

Calling in an expert like best plano appliance repair to check your appliances and suggest new upgrades is always a smart move.

Adding new countertops could be an option, but only if the current ones are outdated or damaged. Another thing you could consider is repainting the cabinets and adding some fixtures. Though you should think twice about doing it yourself as they need to be treated properly for results to last.

Clean it Up

Sometimes you don’t even have to make modifications to increase the value of your home. A dirty home can be an instant deal breaker, even if it is nice. The same goes for cracks and missing pavers. This could be a major red flag for a possible buyer and make them weary about other things that might be wrong with the property.

So, make sure that the house is as clean as possible and have professionals come in to pressure wash your gutters and siding. Make sure that you clean up the lawn and remove any weeds that might be there. If its wilted, then consider investing in some new sod.

Another great thing about doing a massive cleanup is that you’ll have the chance to make a visual inspection of the house and spot some issues. If you see anything that you can fix yourself or can be fixed on the cheap, do it immediately.

Also make sure that the home is clutter free during visits. You want the buyers to be able to imagine themselves actually living in the house, so make sure that there are no clothes, dirty dishes, or toys laying around. Clutter free homes look more spacious, and have the added benefit of being easier to keep clean as well.

Give Your Interiors a Fresh Coat of Paint

Painting is one of the fastest and easiest ways to increase the value of your home, and it’s something that pretty much anyone can do. You could also call in professionals to do it. A good painting contractor will cost you around $300 for a room, which is a pretty good investment if you ask me.

You don’t have to redo the whole house either. If you want the most bang for your buck, you could paint the main hallway only. Another big winner is original paint jobs for kids’ rooms. You could go all out with color combinations, stencils, or combining the paint with wallpaper strips.

However, unless it’s for a kid’s room, try to be as conservative as possible with the colors and stick with neutral tones. Not only will you eliminate the risk of alienating some of your buyers, but it will also give them a blank slate they can work with.

Boost Curb Appeal

You never get a second chance to make a first impression, and this is definitely true with a house. You have to make sure buyers are blown away the minute they see your property. The great thing is that you don’t necessarily have to make major changes to improve your house’s home appeal.

One of the simplest things you can do is change the front door’s color. This might seem like nothing, but painting the front door in a bright color that complements the house can be a huge winner with buyers, and is one of the changes with the highest return on investment you can make.

Another simple thing you could do is use your front porch space as a pot garden. This is also a low-cost way to spruce up the facade and make it stand out. Also, consider changing your house numbers and mailbox to something in gold, copper, or chrome depending on the house.

Know Your Limits

Last, but not least, you have to make sure that you know what you’re doing before you start doing anything yourself. While DIYing renovations can be a great way to save money, a poorly done job could actually turn to a catastrophe and cost you tons of money to fix.

So, unless you’re 100% sure that you can get the job done, you should definitely consider calling a pro. Sometimes the difference in costs is minor, and you’ll reduce the chance of damaging property or hurting yourself. Or you could have them do the most difficult parts, and do the rest yourself to reduce labor costs.

Some of the things you should never do yourself is anything that has to do with plumbing or electricity. Working with electricity demands a lot of experience and safety training. The same goes with plumbing. Just one minor mistake could turn into a flood and could cause severe damage to your house.

Another thing you should think twice about doing yourself is any type of roof work. Unless you have experience there, stay off the roof at all costs. However, if you know the proper safety procedures and work with a pro first, doing some minor work like removing some shingles can be done on your own.

One of the best DIY projects you could do to increase the value of your home however would be to build a new deck. This is also a great choice for a first project. The process is pretty simple and straightforward and can be done by pretty much everyone. It’s also one of the projects that could offer the best return on investments, especially if you do it yourself.

All these tips should allow you to increase the value and appeal of your home on the market. Make sure that you follow a few or all of these recommendations, and you’ll be able to get your house off the market in no time.

Image: Pexels.com

Changing careers is not easy, especially if you’ve grown somewhat accustomed to your line of work. Unlike changing a job, migrating into a completely different field requires a lot of time, effort, and studying. As if this weren’t demanding enough, starting from scratch might mean having to build your way up from the corporate ladder all over again. In other words, having the role of a junior employee often means being paid less compared to your previous job position.

Despite all of this, a career change is sometimes a necessity if the desire for a fresh breath of air is stronger than the burden of the hard pill that you have to swallow to make it happen. As long as the desire is burning strong within you, mustering up the strength and courage to take a leap of faith will always be in your reach.

But to make extra sure you really want this, be on the lookout for the following signs:

1. You are under stress

If you can’t attribute your stress to anything else, your work just might be the source of it. But to make extra sure, it’s important to eliminate all the factors and possible variables. For instance, if you’re running from the sins of the past, seeking out a criminal defense lawyer free consultation will make it much easier to grasp the options available to you and see the road ahead. Although an attorney is by no means a therapist, talking to one will make it easier to determine where your stress originates from in case you’ve done something wrong.

2. You can’t get anything done

Sometimes it’s seemingly impossible to get anything done at work, including the simplest of tasks. You find yourself procrastinating and putting things off until the last moment, and even then, finding excuses to avoid doing it comes second nature to you. At any time one of your workers invites you to a coffee break, you’re more than happy to oblige. This is a clear sign that your work is no longer challenging to you and feels like a chore.

3. You can’t stop fantasizing about quitting

Counting down the days until you finally get to retire is normal… to a certain degree. But if fantasizing about quitting is all you do and it takes up a sizable chunk of your schedule, you may have a problem on your hands. A simple question to ask is this – does your mind drift away only when you’re exhausted (at the end of the day, for instance) or does it happen all the time? If it’s the latter, there’s your answer.

4. You aren’t growing

Learning something new goes hand in hand with career development and personal growth. But if you’re constantly finding yourself doing the same things over and over without them providing any kind of challenge that would require you to use your creative and logical brainpower to solve… a career change might be necessary. Contrary to popular belief, education does not stop in school. Having a chance to be able to tackle complex career-related problems the solution to which requires knowledge and expertise is vital to both your professional as well as personal growth.

Conclusion

Now that you’re aware of the signs, it’s time to connect the dots and see how this newfound knowledge translates to your current situation and the life around you. Changing careers is a decision that shouldn’t be taken lightly and no one is more qualified to make the call than you and your best judgment. Couple this with your gut feeling and it’s hard to go wrong.

Everyone dreams of buying a new car in order to upgrade their life and enjoy driving in style. Of course, new cars can be very expensive, even if you are planning on buying one that has been used before. The good news is that there are some ways that you can buy a new car on a budget and we have put these together here in this article. Keep reading to find out more.

Cutting Costs

If you are planning on buying a new car on a budget, then you are going to need to think carefully about cutting costs in the purchase to meet this. To do this, you can also consider purchasing a luxury car for less by going for a used model. This means that you will save some cash out of your budget so consider it.

Model

While you might have always dreamed of owning a particular type of car, this is not always going to be achievable if you have a low budget. A good way to get around this is to still go for the manufacturer that you like such as Honda but go for an older model. This way, you can get a new car and stick to your budget at the same time.

Considering Insurance

Have you thought about the cost of the insurance on your new car? This is something which you also need to consider when buying a new car on a budget as it could cost a lot depending on the make and model. Newer cars might cost you an arm and a leg just to insure and this is why many people avoid this. Look at the engine size and other factors that affect insurance and this should help you to find a car that is within your budget.

Gas Type

The final thing that you need to consider when buying a new car on a budget is the type of gas that it uses. Does it take petrol or diesel? Sometimes, these can fluctuate in price and so you need to know what is going to be the cheaper option for you. If diesel prices are through the roof right now, then we suggest that you avoid this kind of car in order to stick to your budget.

Final Thoughts

Buying a new car on a budget is entirely possible if you just take the time to consider all of the financial elements. Think about the cost of the insurance and the gas that it is going to use. While it can be tempting to go for a car that is brand new, but there are a ton of used cars that fit any budget.

Try to follow the advice that we have given you here in this article and you should be able to stick to your budget and find the car of your dreams for less.

The American people are drowning in debt. Excluding your home, the average American has racked up $38,000 in personal debt.

According to the same source, older millennials have the highest amount of personal debt at $42,000. Common debt drivers include credit cards, student loans, and vehicles.

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A good saving habit is essential for a secure future. You will always have the money to attend to your needs if any arises. This could be health emergencies or unnecessary bills that come up.

A good example is when you start experiencing problems with your teeth. You will have enough money to visit a wonderful dental clinic if you save. You should also teach your kids how to save. Simple things like getting them a piggy bank or opening a junior account for them helps them to learn and develop the culture. You can use different life lessons to teach them about saving. Here are some of the things you can use to educate them on the importance of saving.

Financial Independence

Being financially independent is good for your life. You don’t have to depend on anyone every time you need something. Financial over-dependency on someone may lower your self-esteem and limit you from doing important things in your life. You can teach your kids to start being independent early by introducing them to saving at a tender age.

Emergencies

Different emergencies that require financial help may arise in life. You may be involved in an accident and need money to service your medical bills. Not having enough in your savings account may see you struggle with your bills. You should encourage your kids to save to stay safe in case of such in the future. They can also use the money on preventive treatments like the use of prophy paste to treat oral illnesses that may force them to spend a lot in the future.

Peace of Mind

Financial challenges can deny you the peace of mind you need. You will be in constant depression and anxiety because you lack enough money to buy essential commodities and service your bills. Some people experience mental health issues as a result. The best way to overcome such financial challenges is saving. You will have enough money to service your bills and buy important items. This guarantees you peace of mind essential for your life.

Job Lose

You may lose your job or get laid off in several instances. This is one instance when your savings can be put into good use. You can use that money to start up a profitable venture that will sustain you. It is a life lesson you should use to teach your young one on the importance of saving and how to utilize the little they get from their income if they secure a job in the future. Teaching your kids this habit at an early age will make them develop an interest in saving and have a secure future.

The average retirement age in the United States is 62. Some workers get to 69.

But let’s be honest. Who, especially among millennials and GenZ, wants to work into their 60s? Don’t we all want to call it a day on our careers much earlier and do more meaningful things like traveling the world and, you know, watching Netflix all day?

The only problem? Money!

If you don’t save enough money for retirement, you cannot afford to retire early. Heck, you might not even retire at all.

The good news?

This how to retire early guide will help ensure you’re one of the early birds.

Know How Much Money You to Retire

Doing some research, you’ll quickly learn that experts recommend a nest egg of $1 million to $1.5 million.

Well, on paper, that’s a tidy bundle, but it doesn’t necessarily mean it’ll be enough for your retirements. First, it’s challenging to establish the exact amount of money you’ll need, simply because of life’s uncertainties.

You could have $1 million in your retirement kitty, but then you develop a serious illness a few years into your retirement, which wipes out the money. This being said, there are ways to take care of these uncertainties, such as purchasing adequate health insurance.

So, how can you determine how much money you’ll need?

Let’s crunch the numbers.

Begin by setting your target retirement age, say, 55.

Life expectancy in the U.S. is 78 years.

This means after retiring at 55, you’ll have 23 more years to live. But if you’re a tough cookie, you could get to 90+!

Next, what are your current living costs? If you spend $50,000 a year, you’ll need at least $1.15 million to retire at 55, and assuming you don’t live past 78 years!

Bear in mind living expenses tend to significantly increase as one gets older, so you should factor in that too.

Starting Saving, NOW!

A recent survey established that most Americans in their 40s have saved up a meager $63,000 for retirement. Considering that the ballpark figure is at least $1 million, it’s fair to say this lot is dangerously behind, and, ironically, they are the ones dreaming about early retirements!

A mistake many people make is starting to get serious about saving when they’re very close to the retirement age. Maybe this is when the reality of retirement hits home, or they simply believe they’ll be earning a lot more money in the future, so saving will be easier. Don’t be like these people.

If you want to retire early, you have to start saving right now. The earlier you start, the more time you’ll have to raise the amount of money you need to retire.

Let’s say you just turned 30, want to retire at 55, and you need at least $1.15 million for retirement.

So you have 25 years to save $1.15 million. In this case, you’ll need to put away $46,000 every year till you turn 55. Quite a challenge, but certainly doable.

If you start saving at 40, the amount you will need to save every year climbs to $76,000. For most people, this isn’t possible.

Again, start saving now.

Invest NOW

Let’s face it:

You can hum on about numbers as much as you’d like, but the hard truth is the average American isn’t going to raise a million bucks through savings alone. What will happen if, for instance, you lose your job? Your savings plan will be thrown into disarray.

This is why you need to start investing today.

Investing, as long as it’s done right, is a sure way to build wealth and get rich.

The question is: where should you invest your money?

If you’re anything like most Americans, you’ll want to put your money in the stock market, and for good reason. Folks who invested $1,000 in Amazon 10 years now have over $20,000, assuming they didn’t sell off their shares. If you’d put in $10,000, you’d have over $200K.

Looks all rosy, right? Not so fast! A stock market crash can wipe out your investment!

This means you have to diversify your portfolio. Another ideal investment market is real estate.

Unlike stocks, the value of real property cannot be wiped clean. Sure, the Financial Crisis of 2008 negatively affected the real estate market, but values will drop and start climbing back up after a couple of years.

Also, another selling point about real estate is you don’t have to invest in physical properties. You can put your money into Real Estate Investment Trusts (REITs) and wait for your profits at the end of the financial year.

Get Advice from Retirement Professionals

Planning for retirement might look easy on the surface, but it’s incredibly challenging when you dig deeper. In fact, left to your own devices, you’ll likely make costly mistakes that will only delay your desire to retire early.

It’s advisable to seek retirement plan services. These experts will evaluate your financial status and help you set smart savings goals and develop investment strategies that suit your needs.

Also, a retirement professional will help you develop the right mindset about retirement. You’ll learn that retiring early isn’t necessarily about age, but how well-prepared you are to hang up your spurs when you’re ready.

How to Retire Early Simplified!

It’s one thing to desire an early retirement, and it’s quite another to actually retire early. For most people, this will remain just a desire.

But with this guide on how to retire early, you now have much of the information you need to turn your desires into an actionable, achievable plan.

All the best and keep tabs on our blog for insightful financial advice.

Are you struggling to find the right insurance agent?

Choosing your insurance agent is an important decision that you shouldn’t take lightly. Everyone needs insurance for a variety of things like healthcare, your home, car and life insurance.

When you’re working with a good agent, they’ll get you honest prices and be there to answer any questions you have. The wrong agent can make your life miserable, so it’s crucial to do your homework before you decide to hire anyone.

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