December 1, 2023

What Are the Best Ways to Ensure a Quality Retirement?



If you’re sitting at your desk at work right now thinking about the many things you’re going to do once you’ve retired, you’re not the only one. Summer’s warm and sunny weather encourages this behavior. You want to be outside gardening or taking a walk around town, but in order to make this a reality; you’ll need to begin saving substantially beforehand. Unfortunately, because of the lackluster economy and its effects on the job market and workers’ portfolios, this is becoming much easier said than done. If you’re struggling to come up with a viable way to retire, here are some things to keep in mind:


Have you considered a Checkbook IRA? One of the biggest reasons people get behind is the failure of others to properly manage their IRA or 401K. When the economy tanked, so did many retirement accounts. The traditional model gives little control to the owner of the account and forces them to rely on faceless “experts” who are supposed to know what’s best for your account. A Checkbook IRA can prevent this because it’s self-directed. The owner of the account retains control to make investments in non-traditional assets, like real estate, and other areas, like precious metals or private money lending, where the investor can still diversify while directly overseeing the type and quality of the investment.  This approach enables the IRA or 401k owner to be their own “wealth advocate” and it is having much success.


Living within your means: This is one idea that many of us forget about. In a society that is increasingly becoming more about instant gratification, it’s certainly tempting to put something down on a credit card or loan, especially if the payments are affordable. But the question then becomes how much are you paying in interest? This interest could be used to pay down debt or save for your future. By living within your means and looking for deals when you can find them, you’ll make it far easier on yourself to save and avoid high interest debt.


Live a healthy life:  We’re all allowed a cheat day every now and then, but a good diet combined with exercise, sleep and proper stress management can make your retirement budget more manageable. One of the biggest components of a retiree’s budget is healthcare costs. Even with Medicare, co-payments, premiums and out-of-pocket prescriptions do add up. By taking control of your health, you can put yourself at a reduced risk for many chronic illnesses, which should free up your finances for more fun things in your retirement.