If you’re hoping to be able to retire before the age of fifty, or, well, ever, it’s time to get serious about the investments you’re making. You have to know what money you have and where it’s supposed to go. It might seem like a pipe dream, or purely imaginary to be able to retire, but there are some ways which can help. How can you pursue an early retirement before the age of fifty?

Use the Roth Conversion Ladder

The Roth Conversion Ladder is a smidgen confusing, but if you’ve got a 401K, it’s important to understand it’s available. Basically the idea is to avoid taxes by adding your money to a 401K…but this has an issue. If you take money out before you are sixty, the government takes ten percent off the top. This, obviously, you’d like to avoid. If you instead choose to use the conversion ladder, Modest Money explains that you would move money from a regular 401K, to a Roth IRA 401K, and then be able to convert that to money you can use in about five years!

Invest in Real Estate

Investing in Real Estate is a tried and true method of building wealth. According to J Bixler Inspections, getting a property inspected before closing can help you avoid major issues. Research can determine what areas locally are growing fiscally. You want to find a great property management group to help you as well. This is like finding an excellent personal assistant to help you manage all of your time and money. Trying to do everything yourself with multiple properties is too complex and time consuming.

Know What You Need

In order to consider retirement, you need to know what you specifically will need in order to retire. This means a good amount of math, knowing what you have both in savings and investments, and knowing what you will need later on. If you plan to retire early, you will need more money saved than the average couple who retire at age fifty five, according to Synchrony Bank, and need just around 400k to last them their remaining years.

With people living longer, and having a higher quality of life for a longer period of time, you want to be able to have a good buffer of funds which can last you past your eighties. Save your time for things you enjoy, and find an assistant. Use the Roth Conversion Ladder, and build up that savings!

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Retirement can be a luxury. However, to make this luxury possible, you’ll need to plan ahead, especially in regards to where you want to live. Below are some things you should consider when deciding where to retire.

Taxes

When deciding to retire, you’ll need to consider how much property tax you’ll pay. Every state has different taxes. So look into how much you’re going to pay in each state before deciding to live there.

You’ll also need to consider how much you’ll pay in taxes when you withdraw money from your traditional individual retirement account. Taxes may have gone up since you put your money into the account, so you’ll have to pay those increased taxes when you withdraw your money. This can affect how large of a home or property you can afford. If you have a Roth IRA, then this likely won’t apply to you because you already paid taxes when you put your money into your account.

Proximity to Health Care

As you age, you’re likely to encounter more health risks and chronic illnesses. This is a fact of life that many retirees face. So you should find a home that is close to health care. That way, you won’t have to drive far when you’re in an emergency.

If you’re close to health care, you can try TMS therapy. TMS therapy is non-invasive and doesn’t use medication like traditional depression treatment. This therapy impacts the brain to help with depression. So if you already have depression and know you’ll still face this mental challenge during retirement, be close to health care.

Proximity to Family

After retiring, you’re likely to miss out on the social life you had before, whether that was through the community or through work. You may be the type of retiree who doesn’t want to leave the house that often or is unable to due to health reasons. This is why proximity to family is important when considering a home.

If you’re close to your family, they can come visit you and vice versa whenever you’re looking for social interaction. You can see your family and descendants grow and mature. You can also pass on your stories to the next generation, so your legacy won’t be forgotten.

Before retiring, consider what your future will be like. If you don’t like your prospects, change them before being out of a job. Unsure of what steps to take? Consider talking to friends or family who have already retired and see what steps they wish they had taken when retiring.

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