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.

Overspending is one of the reasons why individuals seek debt relief through a bankruptcy filing. Most individuals are guilty of overspending at some point during their adult lives. Below are eight causes of overspending and suggestions for how you can stop overspending.

1. Failing to Budget

Many people view personal budgets as denying themselves what they want to purchase. They overspend to maintain the lifestyle they desire without thinking about the future. Unfortunately, once you become accustomed to a specific lifestyle, you may borrow money and incur debt to continue the lifestyle even though you cannot afford the payments in your budget. At some point, the overspending will catch up with your budget.

The best way to avoid overspending is to create and live within a budget. Budgeting does not need to mean you have to give up what you desire. Budgeting allows you to reduce expenses so you can save money for the things you desire. Budgeting can also help you identify the difference between a “need” and a “desire.” You can make budgeting easy and less stressful by using an online budget tool such as Mint, Acorns, or YNAB.

2. Stress and Emotional Overspending

Some individuals deal with stress or emotional situations by shopping. Often referred to as “retail therapy,” shopping can help you focus on something other than stressful situations or unhappy emotions. It can be difficult to recognize that you use shopping to deal with emotional issues and stress. In many cases, a family member or friend may say something.

According to John Scura from the Scura Bankruptcy Law Firm, many times due to uncontrolled stress, people tend to overburden themselves with more debt than they can handle.

If you find yourself purchasing items you do not need when you are stressed or sad, you may need to find ways to curb that spending, such as creating a budget, getting rid of credit card accounts, and finding another healthy outlet for stress and emotions.

3. Peer Pressure

Peer pressure is a common reason for overspending. You are out with friends, and your friends are spending money, finding great deals, and having fun. It can be difficult not to want to join in the fun by purchasing items that you cannot afford and that you do not need.

If you are trying to save money or living within a strict budget, do not feel shy about sharing this information with your friends. You may be surprised to discover your friends need to save money too. Try to find other activities to do with friends that do not involve shopping or spending money.

4. The Holidays and Special Occasions

The holidays and special occasions can trigger overspending, especially when you are trying to please or impress someone. For example, you are attending the wedding of a college friend, and you think you need a new wardrobe, or the wedding is a destination wedding that you really cannot afford to attend. For Christmas or birthdays, you tend to purchase gifts that are extravagant and far more expensive than anyone else purchases for the occasion.

If you find yourself overspending during the holidays or for special occasions, you may want to try the envelope method of budgeting. Place money in an envelope with each person’s name. The money in the envelope is the maximum you may spend on that person or occasion.

5. Opening Multiple Credit Card Accounts

Too many credit card accounts may cause overspending. Credit card companies entice consumers into opening new accounts with specific perks and benefits, such as no interest for an introductory period or rewards. Store cards are notorious for offering a percentage off your entire purchase the day you open and use your credit card.

You can limit your credit card debt by using one or two major credit cards with low credit limits. If you max out the card, you cannot charge anything else until you pay down the debt.

6. Spending Has Become an Addiction

Some people cannot control their urges to purchase items. They purchase items they do not need, and they cannot afford. They may have multiple duplicates of items they purchase. In this instance, a person should consult a counselor or therapist to inquire about professional help with an addiction disorder.

7. Spending at Specific Times of Day

Do you notice that you spend more money in the evenings when you are relaxed and shopping online or when watching shopping networks on television? Maybe you shop on the way home from work or on the way to work when you are rushed and less likely to pay attention to how much money you spend?

Some individuals create a habit of shopping at certain times of the day. If you notice that you shop or spend more money during certain times of the day or days of the week, you may want to make a conscious effort to cut spending on those days and at those times unless it is absolutely necessary.

8. Poor Money Management Skills

In some cases, overspending stems from the lack of or poor money management skills. Managing money wisely is not something that humans instinctively know. Many of us learn our money management skills from our parents. Some individuals who overspend did not have positive role models for wise money management. However, you can learn how to manage your money wisely. You can take an online course to learn about personal budgeting, the wise use of credit, retirement savings, and managing debt.

Written by John J Scura III, Esq.

Partner, Scura, Wigfield, Heyer, Stevens & Cammarota, LLP

John has been Certified by The Supreme Court of New Jersey as a Civil Trial Attorney. Whether it is a personal injury case, bankruptcy case, litigation case or other type of matter, John wants his clients to participate in the decision making process toward solving their problem in the best way possible.

https://www.scura.com

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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