Financial Steps for Those Approaching Retirement
Jean Chatzky, financial editor for NBC’s Today Show, spoke recently about the need to protect your nest egg for those approaching retirement. With the economy being unstable, and the retiree population growing, Chatzky has compiled a list of seven costs to eliminate now for a worry-free future.
• Lower your investment fees – Perhaps roll your 401K into an IRA or switching your college savings plan.
• Do it yourself – Someone you know likes to fix the computer, while you like to garden. Barter with your friends and swap tasks.
• Plan for big ticket items - If you know your roof will need replacement, set aside a liquid pool of money.
• Clear your credit card debt – Check out websites such as www.creditcarddebt.com for guidelines and calculators.
• Complete an audit of existing monthly expenses - Utilize, websites like www.billshrink.com while asking yourself questions, “Can I cut the cable bill by consolidating?”
• Get rid of additional phones - You can often get by with one, which is usually your cell phone.
• Pay off your mortgage - The relief you get will enable you to thoroughly enjoy your life.
- Although this is targeted for those approaching retirement age, its great financial advice for everyone, whatever stage of life you are in -