Planning for Full time Finances
“Money is the last thing you want to worry about when you retire, yet too many retired (and soon-to-be-retired) RVers face the prospect of outliving their earnings or compromising their standard of li...
Forum Discussion
conventional wisdom tells us that retirement finances are like a 3-legged stool. pensions, social security and savings/investments.
my belief is that there are several things one can do to provide for their retirement. in no particular order...
- no debt. shed as much debt as possible before retiring and cash-flow as much as possible afterwards. we both walked into retirement not owing a penny to anyone.
- maximize 401k, 457b, IRA (defereed comp plans), etc. and continue to fund your IRA after retirement. you're never too old to save and invest.
- live beneath your means both before and after retirement. goes hand-in-hand with no debt.
- save and invest 10%-15% of monthly income in a good mix of no-load index, growth and bond mutual funds over and above your deferred comp accounts.
- set realistic savings goals and develop a savings plan to reach that goal. much easier to do if you're living beneath your means.
- make and follow a monthly budget.
my belief is that there are several things one can do to provide for their retirement. in no particular order...
- no debt. shed as much debt as possible before retiring and cash-flow as much as possible afterwards. we both walked into retirement not owing a penny to anyone.
- maximize 401k, 457b, IRA (defereed comp plans), etc. and continue to fund your IRA after retirement. you're never too old to save and invest.
- live beneath your means both before and after retirement. goes hand-in-hand with no debt.
- save and invest 10%-15% of monthly income in a good mix of no-load index, growth and bond mutual funds over and above your deferred comp accounts.
- set realistic savings goals and develop a savings plan to reach that goal. much easier to do if you're living beneath your means.
- make and follow a monthly budget.
