In order to retire-debt-free, we must learn to manage all facets of our finances. This should include a saving plan, debt-management, and retirement planning. Managing our finances and being able to retire without the burden of debt requires the preparation of a realistic and workable budget. At a minimum, your budget preparation must include a candid assessment of income, expenses and debt.
You need to decide when you want to retire. How much money will you need and how you will get the money that you need. You may decide that you don’t want to retire at all but just do something different. Retirement should be a time of emancipation from your life’s profession and a time to be able to do what you want. Whether that is another profession, a charity, or mission work or whatever you choose to do. However, you will not have the necessary freedom if you remain a slave to debt and not be able to retire-debt-free.
Most people have a mortgage on their home and owe on one or two automobiles. Many have outstanding balances on one or more credit cards. If you are near retirement age, you have hopefully retired the debt on your home and paid off the automobiles. A mortgage can be paid down more quickly by paying an additional sum each month to apply to the principal. I do not know where you are in preparing for retirement or what your financial situation is but the time to start is now.
The most onerous enslaving debt that anyone could have is credit card debt. People get into trouble with credit card debt because it is so easy to fall prey to the manipulation of the credit card companies. Many people become willing victims as a means to satisfy their passion to buy things right now. The inevitable result is a lifestyle where you are always paying off yesterday’s purchases instead of saving for tomorrow’s needs. This has to be reversed if you are to retire-debt-free.
Every situation is different and each of us has different needs. The following are suggestions to help you to retire-debt-free.
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In the end it's not the years in your life that count but the life in your years. Abraham Lincoln
Do you have great strategies and experiences in finding a retirement job or developing a retirement business. Have you been able to develop additional sources of income that you are willing to share? What methods have you used to eliminate unnecessary expenses? If you use a financial consultant, what criteria did you use to select that person?