Best Place to Retire Depends on Advance Planning

3:47 pm Retirement Planning

retirement sign e1367526898975 Best Place to Retire Depends on Advance PlanningThere are a variety of “Best Places to Retire” lists and websites, but where you spend your retirement years depends on a lot more than just whether you like the ocean or the mountains.  It depends on how well you have planned for your retirement and several other factors, including:

How many kids you have and when you have them.  Older parents will spend more on raising kids today than those who started young, with college expenses conceivably carrying over into the retirement years.  Those with large families also spend more rather than being able to sock money away for retirement.

When you begin saving for retirement.  The earlier, the better is the guideline for retirement saving.  Those who begin saving at 25 rather than 45 have 20 more years of growth to enjoy in retirement.

What you spend your money on now.  If you like to spend your money on big-ticket items like expensive cars, boats or luxury vacations, that is less you could be saving for retirement.  People who keep their debt low and bargain shop are statistically better prepared for retirement.

Your occupation.  Chances are that higher earning professionals like doctors and lawyers can afford to put more money away for retirement in later years.

The best place to retire is always a place of financial freedom.  To learn more about getting there, contact our Newport Beach law firm.

Leave a Comment

Your comment

You can use these tags: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

Please note: Comment moderation is enabled and may delay your comment. There is no need to resubmit your comment.