How Three Important Life Decisions Will Affect Your Retirement
How Three Important Life Decisions Will Affect Your Retirement
How close are you to retirement? Is it just around the corner or is it still years away? Regardless of how you answer that question, planning for retirement is something that everyone should do. And waiting till you’re 55-years-old isn’t a good idea. It’s best to start that plan as early as possible. The sooner you get started the better off you will likely be when retirement finally comes.
Planning for retirement consists of several important decisions and of course the plan will be different for everyone. However, there are three crucial life decisions that everyone will need to make regarding retirement, the consequences of which will determine how much you enjoy your retirement.
First off, you will have to decide how you want to live: lavishly or frugally. Almost everyone would love to live a lavish lifestyle. It’s the stuff dreams are made of. However, most people will never have that opportunity. But anyone who does want to live more lavish lifestyle in retirement has to make sure to save enough along the way. Retirement can last many years, so you need to save enough to cover those expenses. If you want the lavish lifestyle, you’ll have to save a lot more.
Another important decision in retirement is whether or not to downsize your home and your possessions. Of course finances will play a big role in this decision, but so will location, both yours and your extended family’s. Downsizing could help you save money on living expenses and could also add to your savings if you make a nice profit on your home.
Lastly, your decision to work with a financial advisor could play a huge role in your retirement. It’s vital for retirees to make wise financial choices, including with their investments, which is why starting or continuing to work with a financial advisor is a very smart move both before and after you retire.
https://www.yahoo.com/news/3-lifestyle-decisions-retirement-143600799.html
We hope you found this article about “How Three Important Life Decisions Will Affect Your Retirement” helpful. If you have questions or need expert tax or family office advice that’s refreshingly objective (we never sell investments), please contact us or visit our Family office page or our website at www.GROCO.com. Unfortunately, we no longer give advice to other tax professionals gratis.
To receive our free newsletter, contact us here.
Subscribe to our YouTube Channel for more updates.
Alan Olsen, is the Host of the American Dreams Show and the Managing Partner of GROCO.com. GROCO is a premier family office and tax advisory firm located in the San Francisco Bay area serving clients all over the world.
Alan L. Olsen, CPA, Wikipedia Bio
GROCO.com is a proud sponsor of The American Dreams Show.
The American Dreams show was the brainchild of Alan Olsen, CPA, MBA. It was originally created to fill a specific need; often inexperienced entrepreneurs lacked basic information about raising capital and how to successfully start a business.
Alan sincerely wanted to respond to the many requests from aspiring entrepreneurs asking for the information and introductions they needed. But he had to find a way to help in which his venture capital clients and friends would not mind.
The American Dreams show became the solution, first as a radio show and now with YouTube videos as well. Always respectful of interview guest’s time, he’s able to give access to individuals information and inspiration previously inaccessible to the first-time entrepreneurs who need it most.
They can listen to venture capitalists and successful business people explain first-hand, how they got to where they are, how to start a company, how to overcome challenges, how they see the future evolving, opportunities, work-life balance and so much more..
American Dreams discusses many topics from some of the world’s most successful individuals about their secrets to life’s success. Topics from guest have included:
Creating purpose in life / Building a foundation for their life / Solving problems / Finding fulfillment through philanthropy and service / Becoming self-reliant / Enhancing effective leadership / Balancing family and work…
MyPaths.com (Also sponsored by GROCO) provides free access to content and world-class entrepreneurs, influencers and thought leaders’ personal success stories. To help you find your path in life to true, sustainable success & happiness. It’s mission statement:
In an increasingly complex and difficult world, we hope to help you find your personal path in life and build a strong foundation by learning how others found success and happiness. True and sustainable success and happiness are different for each one of us but possible, often despite significant challenges.
Our mission at MyPaths.com is to provide resources and firsthand accounts of how others found their paths in life, so you can do the same.
2010 Tax Relief Act creates a 100% writeoff for heavy SUVs used entirely for business: HISTORY REPEATS ITSELF
[vc_row][vc_column][vc_column_text]OLD RULE: A calendar year taxpayer bought a $50,000 heavy SUV in June of 2010 and used it 100% for business in 2010. It may write off $40,000 of the cost of the vehicle on its 2010 return, as follows: … $25,000 expensing deduction (Sec. 179(b)(6) Limit, see below under “History”), plus … $12,500 of…
Tax-wise Gifts for Loved Ones
Tax-wise Gifts for Loved Ones One of the great joys of parenting (or grand parenting) is watching your youngsters reach milestones, large and small. Nurturing these loved ones. Offering them the emotional and financial support that they need in order to thrive. From an estate planning perspective, making gifts is an excellent way to accomplish…
10 Things Every Taxpayer Needs to Know About the Pension Law
10 Things Every Taxpayer Needs to Know About the Pension Law The Pension Protection Act, signed into law on August 17, 2006, is designed to address the nation-wide problem of under-funded pension plans. The law penalizes noncompliant companies and encourages employee contributions, but many of the changes directly impact taxpayers of all ages, regardless of…
Planning for Retirement
Planning for Retirement Unfortunately, Social Security’s assets are being rapidly consumed and the number of workers supporting it is shrinking. For us, this means we will have to rely heavily on our personal savings when the time for retirement finally comes. While there are a number of options to help each of us create a…