One of the most important reasons to save money, according to the likes of Robert Jain, is retirement. This is one of the most commonly shared goals among the working class and everyone reaches it at different points. It's important to note, though, that debt is still a possibility. Knowing how to avoid it is essential for living a stress-free life following retirement. Here are a few tips that will help you achieve exactly that.
One of the best ways to avoid debt during retirement, according to the likes of Bob Jain, is to know which debts are okay to have. Your mortgage is a great example of a reasonable debt, as it's one that all homeowners will have to cover. The same cannot be said for, say, a store credit card you recently opened. This can become a financial detriment in a hurry, so keep this information in mind at the onset.
You should also have an emergency fund set up in case the unthinkable occurs. It's never a bad idea to set aside a sizable nest egg so that if you, or one of your loved ones, suffers an injury or some other catastrophe, you won't have to scramble for funds. Make sure that this fund is built up as early as possible. The sooner that you establish this account, the more of a buffer you'll have in the long run.
What about the possibility of part-time work? Despite what you may think, retirement doesn't prevent you from working every now and then, especially if you don't find the idea of staying at home enjoyable. Furthermore, you'll be able to make some extra money on the side, which may help in terms of reducing the risk of debt. Seeing as how many people work into their 60s, or even older, this isn't as uncommon of a venture as one might expect.
As you can see, there are quite a few ways to avoid debt following retirement. When you leave the workforce on a full-time basis, you should be able to enjoy the fruits of your labor as much as possible. This cannot be easily done, however, if you have certain payments that have to be made. For those that are planning on retiring down the road, following steps like the ones discussed earlier will make a huge difference.
One of the best ways to avoid debt during retirement, according to the likes of Bob Jain, is to know which debts are okay to have. Your mortgage is a great example of a reasonable debt, as it's one that all homeowners will have to cover. The same cannot be said for, say, a store credit card you recently opened. This can become a financial detriment in a hurry, so keep this information in mind at the onset.
You should also have an emergency fund set up in case the unthinkable occurs. It's never a bad idea to set aside a sizable nest egg so that if you, or one of your loved ones, suffers an injury or some other catastrophe, you won't have to scramble for funds. Make sure that this fund is built up as early as possible. The sooner that you establish this account, the more of a buffer you'll have in the long run.
What about the possibility of part-time work? Despite what you may think, retirement doesn't prevent you from working every now and then, especially if you don't find the idea of staying at home enjoyable. Furthermore, you'll be able to make some extra money on the side, which may help in terms of reducing the risk of debt. Seeing as how many people work into their 60s, or even older, this isn't as uncommon of a venture as one might expect.
As you can see, there are quite a few ways to avoid debt following retirement. When you leave the workforce on a full-time basis, you should be able to enjoy the fruits of your labor as much as possible. This cannot be easily done, however, if you have certain payments that have to be made. For those that are planning on retiring down the road, following steps like the ones discussed earlier will make a huge difference.
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