After working for decades to save for retirement, one of the last things you want to do is make mistakes that put you on the wrong path right out of the gate. Here are three costly mistakes to avoid in your first year of retirement, according to Motley Fool.
1. Not following a budget Just like you need to follow a budget while you’re working, you should also plan on having one during retirement—especially if you will be living off your savings and Social Security alone.
The secret here is to get a handle on your spending early on so that when you see certain expenses are more than you anticipated, you can compensate by cutting back in other areas.
2. Withdrawing too aggressively from your nest egg Your savings may need to last you 30 years on average, according to Motley Fool. If you withdraw too much money from your nest egg early on, you'll risk running out of money later in retirement. You won’t only lose those extra dollars; you’ll also lose any potential investment income from them. Over the course of 30 years, that could really make a big difference. Therefore, you'll need to develop a withdrawal strategy that gives you access to the income you need without going overboard.
3. Letting yourself get bored According to the Institute of Economic Affairs, the chances of being diagnosed with depression during retirement increases by 40%. With so much free time on your hands, feelings of worthlessness and restlessness can trigger depression, according to the IEA. You may be less likely to develop theses symptoms if you map out a schedule that keeps you occupied. Keeping busy by working on home projects, spending time with friends or even working a part-time job could make a big difference.
You deserve to start off your golden years on a positive note. Avoid these mistakes, and you'll likely set the stage for a happy, fulfilling retirement.
Climate change activists are not just interested in reducing carbon emissions in order to "save the planet." Their underlying desire is to overturn capitalism and replace it with socialist governments worldwide.
Our story starts with the IPCC, or the Intergovernmental Panel on Climate Change, a U.N. organization. "And any settlement of the Global Warming issue by the UN would entail massive transfers of wealth from the citizens of wealthy countries to the politicians and bureaucrats of the poorer countries." (1)
In 1992, at the first U.N. Earth Climate Summit in Rio de Janeiro, Brazil, Program Executive Director Maurice Strong stated, very candidly:
"We may get to the point where the only way of saving the world will be for industrialized civilization to collapse. Isn’t it our responsibility to bring this about?" (2)
Former U.S. Senator Timothy Wirth (D-CO), then representing the Clinton Administration as U.S. undersecretary of state for global issues, join…
In my lifetime, I have bought six houses, and sold five. I currently live in the sixth, which was new construction, which was an adventure unlike purchasing an existing home, But the principles of buying a home are the same, whether you are purchasing a new home, or an existing home.
1. Understand why you want to buy a house
Purchasing a home is a major decision that shouldn’t be taken lightly. It’s important to define your personal and financial goals before proceeding. Think about factors such as whether you’re craving more stability, whether it makes sense financially and whether you’re prepared for the responsibility of maintaining a home.
You should explore some resources on Renting vs. Buying before you make the decision. I posted a article with a couple of good videos on this subject, and bankrate.com as an informative article here. 2. Dig Into Your Credit Reports and Credit Scores
Your credit score and history are the first things all lenders will look at to decide whether or …
"From this I conclude that the best education for the situations of actual life consists of the experience we acquire from the study of serious history. For it is history alone which without causing us harm enables us to judge what is the best course in any situation or circumstance." -- Polybius, The Rise of the Roman Empire (about 100 BCE).
A survey by the American Council of Trustees and Alumni found that “more Americans could identify Michael Jackson as the composer of ‘Beat It’ and ‘Billie Jean’ than could identify the Bill of Rights as a body of amendments to the U.S. Constitution,” “more than a third did not know the century in which the American Revolution took place,” and “half of the respondents believed the Civil War, the Emancipation Proclamation or the War of 1812 were before the American Revolution.” Oh, and “more than 50 percent of respondents attributed the quote ‘From each according to his ability to each according to his needs’ to either Thomas Paine, George…