Getting Ready for Debt-Free Retirement
[x_custom_headline type=”left” level=”h3″ looks_like=”h3″]How to Handle Debts as You Prepare for Retirement[/x_custom_headline]
Welcome to our third and final article towards Living Your Retirement Dream…
DEBTS
It is a pleasant feeling to go into retirement owing nobody, but that is not always possible.
Here are some guidelines on dealing with debts:
- If you are in the last three or four years of your mortgage and you will get enough gratuity to pay it off with ease i.e. with something left over, then do so. If the amount you get will just barely cover the repayment, do not, because should an emergency come up, you cannot get back the mortgage to be able to pay the medical bill, repair the roof, buy a new car or pay travel expenses
- If you have a company car, when you retire you will have to give it up. Do not wait until you retire to buy a car, because it is extremely difficult to obtain a car loan once you have reached age 65 years
BEFORE YOU RETIRE
Consider repairs to the roof, the plumbing and electrical wiring; do a complete overhaul.
- Review the condition of the fridge, stove, washing machine and other major household appliances and replace if more than 10 years old
- Assess the state of the car; over haul or replace as necessary
COUNTDOWN TO RETIREMENT
- Twenties- Think about a pension; the earlier you start the less you have to put in to get a good payout.
- Thirties – Join your organisation’s pension plan or start your own.
- Forties – If you change jobs make sure a good pension is part of the compensation package.
- Fifties – Look at your investments, go for preservation of capital. If your house is too big for you to look after in your old age, now is the time to move.
- Sixties – Check that your pension will be large enough for you to live on; practice living on a reduced income; make big purchases before you retire.
There’s still time to Register for the Live Your Retirement Dream workshop and learn more.
Call 1-869-465-1011 Now and Live Your Retirement Dream.