When should you talk to a Financial Advisor?

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When it comes to your future, you can never be too safe. For many people, they believe that they have the ability to manage their own money. While this may be true, it is never troubling to have someone there to guide you through the overall process.

In reality, financial advisors do more than just sell you a specific product or service. Instead a quality advisor listens to your financial goals and plans strategically of how to best move forward with your investments. While you many not always need a financial advisor for a long-term commitment, there are definitely specific instances where a quick consultation can be beneficial for your future.

Below, you will find four necessary moments when you should meet with a financial advisor. These meetings will not only clarify any misunderstandings, but also enhance your knowledge of how to best handle your funds.

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You should meet with a financial advisor when you… get a new job or role.

Regardless of what field you are in, meeting with a financial advisor after assuming a new role at your company or a new firm is incredibly beneficial in putting your finances in check. Not only can they advise you on how to best begin saving for your retirement, but also they can provide insights on how to maximize your employer’s benefits package. For many businesses, much of these retirement options can be overlooked through the day-to-day training they will start you off on. To help alleviate the information overload, try and spend some time with an expert to break down any benefits that can help aid your financial future. This can also give you a chance to review your personal finances holistically and reevaluate any holes to get you back on track for the future.

You should meet with a financial advisor when you… get married or divorce.

Whether you are getting married or divorced, both instances will drastically change your financial plan in a variety of ways. As much as you can do this yourself, seeking a financial advisor can help alleviate the stress while also aiding you personally and emotionally. Let’s start with divorce. For many people going through this untimely moment, they know that finances, especially any dealing with combined assets, can be taxing and emotional for both parties. Rather than fight with your soon to be ex-spouse, try throwing in an objective financial advisor into the equation. They can help split any shared income or savings evenly and fairly in the most unbiased manner.

In comparison for marriage, you are dealing with an entirely new situation. Utilize your financial advisor to help you plan for your future goals and retirements. Allow them to guide you in reaching any personal goals, while also managing both of your accounts in the best and optimal manner.

You should meet with a financial advisor when you… get an inheritance.

Receiving a large sum of money is never a bad thing. This can come from a large inheritance, company bonus, a big raise, etc. The only mistake you do not want to make is squandering the new funding for frivolous opportunities. To ensure that the money will be used in the most beneficial way, try and talk to an expert. See what new financial options you can leverage to help expand your financial portfolio.

You should meet with a financial advisor when you… want to retire.

Retirement planning is one area, but actually retiring is a huge leap to make in your life. Rather than live with uncertainty, try and meet with a financial advisor of how to best allocate your financial funding so that you can do all of the fun things you planned for your future. They will provide you with a strong and strategic financial budget that will allow you to live the rest of your life with ease and comfort.

TedTalks: One Life-Changing Class You Never Took

In the spirit of ideas worth spreading, TEDx is a program of local, self-organized events that bring people together to share a TED-like experience. At a TEDx event, TEDTalks video and live speakers combine to spark deep discussion and connection in a small group. These local, self-organized events are branded TEDx, where x = independently organized TED event. For this particular Tedx Talks, we have Alexa von Tobel.

Alexa von Tobel is the founder and CEO of LearnVest.com which she has been developing and growing since 2006. LearnVest is the leading personal finance and lifestyle website that brings financial literacy to women. Since launching LearnVest, Alexa has been widely quoted as a personal finance expert and entrepreneur in top tier business and consumer publications including: New York Times, The Wall Street Journal, New York Post, BusinessWeek, Shape, Fast Company, Marie Claire, ForbesWoman, InStyle, People StyleWatch, Time Out New York, The Huffington Post, among many others. Alexa has been included on Vanity Fair’s 2011 Next Establishment list, featured on Business Insider’s 2010 and 2011 Silicon Alley 100 lists, named “One of the Coolest Young Entrepreneurs” in Inc. Magazine’s 30 Under 30 feature, titled a “Woman to Watch” by Forbes and included on the publication’s 30 Under 30 list, highlighted on BusinessWeek’s annual list of “Best Young Tech Entrepreneurs,” among others. LearnVest has been named one of “25 Women-Run Startups to Watch” by Fast Company, included on Forbes’ list of the “Top 100 Websites for Women” for the second year in a row, featured on Business Insider’s Digital 100 list and included on Time Magazine’s annual list of “50 Best Websites.”

In Alexa’s TedTalk, she discusses one of the most pressing issues going on in our nation today, personal finance. For years, the concept of personal finance has not been fully conceptualized or taught in grammar, secondary, or collegiate classes. This ever-evolving problem forces many fresh college graduates to learn the ‘life lessons’ of finance through trial by error. Rather than see this vicious cycle persist year after year, Alexa tries to educate her audience and viewers with five money principles every single person should live by. To learn more about it, please check out the video above.

 

 

Five Main Questions to ask before hiring your Financial Advisor

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When it comes to finding a financial advisor, it is absolutely vital that you do your homework on the individual. Some of this can be researched online, while other research requires a more in-person interview. Whatever is the case, make sure you do your due diligence to ensure yourself that you are getting the advice and value that you deserve from your advisor.

Below are five of the main questions you should be asking your financial advisor. Some advisors may be unable to answer the question. Others will oftentimes runaround the answer. If those individuals are unable to give you a direct response, you may want to consider getting a second opinion on your portfolio. If, however, they are able to provide an educated and informative reply to your questions, stick with them. They will be the game changers that can transform your portfolio in the best possible way.

1. Are you a fiduciary?

A fiduciary is a person who holds a legal or ethical relationship of trust with one or more parties. Typically, a fiduciary prudently takes care of money or other assets for another person. For many people, this type of professional relationship can influence their decision of the type of service that they are seeking.

2. How do you charge for your service? How much is your service?

If you didn’t see this information on the financial advisor’s site, be sure to ask the overall logistics for fees and payments. Remember, even with the gains, there is a level of expense that you will need to account for when dealing with a financial advisor. Understand the initial planning fee, what percentage they charge under management, and how much they make from selling a specific product. This will allow you to evaluate whether or not this person is the right fit for you.

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3. What licenses, credentials, and other certifications do they have? How much experience do they have in the field?

Similar to any profession, we want to make sure that the individual we are working with has both the educational background and work experience necessary to help you achieve your goals. Think about it. When we are working with doctors, we want to make sure we are working with a veteran than a resident. When we are working with a lawyer, we want to make sure they are coming from the best law schools with at least three to five years under their belt. Similar to a doctor and a lawyer, you want to make sure your financial advisor has the necessary requirements to handle your financial portfolio. This requires a CFP certification and three to five years of experience within the field. The reason you would want an individual with three to five years is that they will already know how to best shape and strategically plan a financial portfolio in the best possible way.

4. What services does your financial advisor provide?

This is one of the most important questions you should ask your financial advisor. Some advisors are meant just for investments and financial advice, while others are meant for something more comprehensive such as financial retirement or financial estate planning. Whatever your personal financial goals are, make sure your financial advisor is able to meet your demands.

5. How often does your financial advisor communicate with you?

While this is more of a personal level question, it will play a role in how comfortable you will be throughout the entire process. When it comes to a financial advisor, their job is to help grow your financial portfolio. Some people prefer a more hands on approach. Others, however, enjoy the autonomy with just minimal communication. Make sure you know what you are expecting from your financial advisor. If they do not meet your standard of communication, move on and find someone who will.

Thinking of Never Retiring? Here’s What You Need To Know

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Young entrepreneurs join the workforce with the drive to achieve many high goals. One common goal of aspiring entrepreneurs is to work for their entire lives. While many people look forward to the relaxing days of retirement, many young entrepreneurs are not writing this into the game plan. This issue is up for contention, as the never retiring lifestyle is not necessarily as glamorous as it may seem.

At the age of 85, Warren Buffett is still kicking and says he’ll never retire. He fully believes that working for your entire life leads to a more enriching lifestyle. Here are a few of the pros to never retiring:

1) You’ll increase your earnings

So many people are calculating the age at which they can afford to retire. But if you work beyond this age, you can increase your funds. These funds serve as a safety net in case there is a financial upheaval, as well as providing some extra money for your own personal enjoyment. If you do retire, then all of the money you can use for the rest of your life with be either from your savings or from income generated by your investments. Healthcare costs are increasing and the American lifespan is greatly increasing as well. With these changes, your lifestyle can lose its luster if you retire.

2) If you love your job, keep doing it!

When you get to the typical “retirement age”, do you really want to stop working or do you just think you’re supposed to? If you love your work, why quit? Many people after retirement begin to lose a sense of purpose. If you keep working, that sense of purpose will be here to stay.

So how about if you don’t love your job? You may want to make a change. But who says that the change you need to make is a retirement? Instead of no longer working, it might be better to look for a second career, or maybe even start your own company!

3) You worked hard to develop these skills, why not continue putting them to use?

A recent survey by the Society for Human Resource Management shows that more and more employers are recognizing the knowledge and experience that an older employee can bring to a position. As many Baby Boomers retire, employers are getting concerned that their access to this knowledge will be limited.

Nowadays, there are a growing number of options in terms of work schedules. There may be more options available to employees who are approaching retirement age than either working full-time or not working at all. If you are getting to retirement age, why not try to renegotiate your hours or time off? This experience will have you much more engaged than you would be if you simply retired.

On the other side of the coin, Jay Jay French of the band Twisted Sister warns us not to be too excited about never retiring. The truth about working when you’re older is that your physical health and mental capacity is not what it was when you are younger. As employees work past the typical retirement age, whether that’s in a rock band or in an office, they are more likely to experience health issues that can affect their work.

Many younger people see the “never retiring lifestyle” as an opportunity to be a powerhouse for the rest of your life. While working for your entire life can certainly be fulfilling, it is important to remember that certain adjustments may need to be made due to health problems and other effects of aging. Luckily, this is where Buffett’s advice regarding work schedules comes in. Working your entire life can be enriching as long as you shift your schedule and other aspects of your work life to accommodate your needs.

Financial Saving Tips for Recent College Graduates

GraduationWith May and June right around the corner, many senior college students have eagerly awaited the much-anticipated day that they can finally call themselves college graduates. While that day will always be cherished, it is also a celebratory welcoming into the real world.

Unless you are graduating with a bachelors of science or bachelors of finance degree, you may not have the knowledge or understanding of how to successfully save and invest your money for your future. Many college graduates and young professionals get overly excited about ‘making’ a salary that they oftentimes live beyond their means. While many people, especially their parents, can call this a learning curve, the trend itself has gotten out of hand as it continues to grow dramatically year after year. That being said, I have jotted some financial wisdom of what you should do with that first paycheck. Remember, the uphill battle is find your career. Winning the war is how much you can save in the process.

Start off by picking up a book or two on money basics or finance. While school may be out of session, learning about the foundation of saving can help you tremendously throughout the years. One of the best selling books to help aid you in your process is, Get a Financial Life: Personal Finance in your 20s and 30s by Beth Kobliner. In this book, Kobliner provides her readers with a substantial guide of money, business, and finance. She teaches you various tricks for becoming a master of your financial future regardless of what happens in the economy.

Once you have studied up, pencil out a budget. I have written countless blogs about creating a personal budget on my career site and professional site. The reason why is because of how important a monthly budget can do for your financial future. The goal comes down to this simple question: How much money are you making, spending, and saving each month? To answer this, you need to map out your budget in a holistic and calculated way. Even for unknown values such as food or social outings, you can always estimate. The main expenses to hit are of course the essentials such as your rent, utilities, groceries, transportation, any student loans, and car loans. Once that is calculated draft up a rough estimate of your social expenses such as a gym membership or any extra curricular activities. Once that number is calculated, subtract that from your revenue (monthly salary) to get your savings. This figure gives you the opportunity to see what you can save or spend each and every month.

Now when it comes to expenses, be realistic. I have heard countless times of millennials finding lavish apartments in New York City or San Francisco. Unless you are making a cool six-figure salary out of college (something that does not happen to often), living within your means will play a large role for your financial future. Make sure to cut your expenses as much as possible. At the end of the day, these expenses will play a large role in what your overall lifestyle can be

Speaking of expenses, try and lower your debt as much as possible. Whether they are student loans or credit card expenses, you want to make sure you are able to cut down that number as much as possible. One thing you should not do is to think of your debt as a monthly bill. That type of mentality will only make you cavalier about paying it off. If there is any way for you to reduce it, do it! It will pay off in the long run.

Last but not least, make it a top priority to set up an emergency fund. The rule of thumb from many financial advisers is to try and set aside the equivalent of three to six months worth of living expenses. The reason why is that we cannot predict our future. Certain things can happen along the way and we want to make sure we can handle them accordingly. Yes, it may be difficult, but this is the start for something greater.

FOUR Big Cost to Know for your Retirement

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When preparing for your retirement, we tend to focus on a specific numbers such as $100,000 or $250,000 as the basis for our golden years. While accruing that amount is fantastic, to be more financially effective, you need to start thinking about your savings in a different way.

For this, I am not talking about creating a budget. Yes, creating a budget is the first step to a better future, but without understanding holistically what these numbers mean to you, you could be risking much more than just your financial future. That being said, when planning your retirement, you must start by understanding your future bills and expenses. While your annual income today, plus any guaranteed income such as Social Security, will define your standard of living, that number can only do so much when it comes expenses. Like it or not bills and expenses do not end when we retire. That is why I advise you to develop real numbers for your annual expenses. These estimated figures can help you conceptualize and priorities your finances in the most optimal and effective way.

Below, I have highlighted four of the biggest expenses you will endure during your retirement. While you assemble your budge, take those estimated numbers seriously and see what you can do to enhance your savings. These four big cost can help you manage any risk for your retirement plan.

Living Expenses

For newly retirees, congratulations! After years of hard work, you deserve this break to reflect and enjoy your time with your partner and your family. One thing you still have to understand is that even though you left the working world that does not mean your expenses will stop. Certain expenses I am talking about include the following: rent, food, commuting cost, car payments (if driving), health insurance, etc. While you can rely on some of your family members, you want to make sure that you have a large sum that can accommodate all of these expenditures.

Activities and Family

In addition to your living expenses, you also need to take into consideration of any overheads, especially when it comes to activities and family. Many people dream up various scenarios such as attending art classes, traveling the country, or spending time with the grandkids as their future retired selves. While there is nothing wrong with that, you need to be aware that everything comes with a price. If you are looking to go big, like traveling, take into consideration flight trips, living expenses, food, and gifts as just a portion of your retirement. In addition, even if it is something mall such as ice cream with your grandchildren, make sure you have a rough estimated amount so that you can budget wisely.

Health Care Cost

Throughout the years, medical cost have historically risen faster than general inflation. Because of this, managing your health care cost can be critical challenging for retirees. The one thing you need to understand is that the future is very much unknown. What can happen a month from now, two-years from now, or even five-years from now is incredibly uncertain. Many people have estimated a little over $200,000 to cover any health expenses for themselves and their partner. If you were thinking about long-term care, the number only goes up. One thing to consider, especially for your retirement savings, is to purchase long-term-care insurance.

Inflation

Inflation is defined as a sustained increase in the general level of prices for goods and services. In simple terms, it is the general increase in prices and the fall in the purchasing value of your money. Because of this, inflation can eat away at your purchasing power of your money over time. Make sure you hypothetically plan for these worst-case scenarios. This will allow you to push for a specific figure that can help you live a nice and comfortable life.

The Problems of Borrowing from Your Retirement Plan

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When it comes to your finances, debt is one of the things that can prevent you from meeting your monthly and annual financial goals. For any person, debt is our financial obligation that we pay at a given period of time. The one thing you need to comprehend is that debt can delay your retirement altogether.

If you are struggling to pay the bills, it can be clear that you cannot meet your financial obligations such as long-term savings or retirement. With the 2016-year starting off, try and make a plan on how you can pay off your debt in the most efficient and effective way. Try not and make the mistake of taking out of your retirement plan. The purpose of a retirement plan is to finance your post-work years, allowing you to maintain a financial holding for your personal standard way of living. Any type of withdrawals permitted under the plan can compromise the amount and your future.

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As such, any financial or retirement advisor will encourage you to both save and defer from making any withdrawals. The reason is because there are negative repercussions when you do. Taking a loan from your retirement account may adversely affect your retirement savings. The only time you do this is if you have exhausted your other financial options. For instance, if you have a credit card balance of $10,000.00 dollars with an interest rate of 20% and you can only afford $200.00 dollars per month, it might make financial sense to take a loan from your retirement to pay of that exceeding balance.

When it comes to taking a loan or making a withdrawal, it is imperative that you understand the difference between the two. When withdrawing from your account, you are removing a portion of your balance and reducing the numbered amount from your assets in your portfolio. In comparison, with a loan, the loan itself is treated as part of your portfolio. Unlike a withdrawal where you are not required to return the amount, with a loan you will be asked to repay the amount in order to avoid tax consequences. One of the biggest reasons against taking a loan from your retirement plan is that the amount you repay in interest will be double taxed. This is because the loan repayment includes the interest. Now, because of that tax, some people will decide to withdraw than loan. While it is understandable, just note that at the end of the day, you are risking your financial future. Remember, the goal for your retirement plan is to provide an estimated source of income after your post-work years. This cannot be beneficial if you pull the assets from this savings.

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At the bottom line, you should not take a loan from your retirement account unless it is an absolute necessity. View your finances holistically and determine whether the loan is beneficial for you right now. Yes, having a large debt is not the most comforting thing in the world, but you do not want to make the mistake in risking your future.

Four Ways to Prevent Student Loan Debt

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Student loans…While simple in its definition, these two small words play a large role in the financial and future stability of a freshly college graduates. It is estimated that more than 55 million working Americans, roughly between the ages of 18 to 35, do not have access to a financial retirement plan. Though many of these individuals are making an adequate annual amount, much of their money funnels to their educational expenses such as student loans than to their retirement savings. To prevent this problem from happening, college students need to be financially aware of how to manage their student loans.

When dealing with your student loans, you need to be realistic. Yes it may seem that they are like a godsend when you get them. But without a critical action plan, your loans can grow to be an impossible financial disaster. This can lead to sever and negative ramifications later on in life as you try to pay off these debts. At times, your loans can grow to be tens of thousands of dollars. Unless you have a financial backing, paying this of will often result into longer work hours and low cost of living,

To prevent this type of situation, here are four vital tips you need to properly manage your student loan expenses. Remember, by graduation time, you want to begin your career with an open mind, not with an open wallet.

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1. The More You Pay, The Less You Owe

If you have the will and the means to afford your college tuition in an annual way, try treating your student loans like you would with a mortgage on your house. Pay it off in large sums. This tactic is beneficial in various ones. First and foremost, the more you pay, the less you owe. But beyond the simple concept of borrowing money, you have to conceptualize the financial interest your loans are accruing each and every year. The faster you are able to pay your loans, generally offered at a lower interest rate in the beginning of the process, the less you will have to owe years down the line. One of the biggest flaws many college students make is that they do not account for the mounting interest that attaches itself at the end of your college career. If you have a way to pay it off, do it!

2. Create a Financial Plan

The minute you walk away from your alma mater with your cap and gown dazzling in the sun is the day you are reborn into the real world. One of the most important things you need to realize is that you need to create a financial plan. Usually student loans are long-term. That means that you will be paying them off from anywhere between ten to twenty five years. When this happens, you may start to feel like there is no end to sight. Don’t worry! To ease your mind, start off by creating a long-term financial plan. In your plan, take note of the amount of expenses, especially your college loans that will be taken out monthly. Compare those numbers to your overall revenue and begin planning specific financial goals and financial milestones that you want to reach within a year (five years, ten years). By creating a plan holistically you will be able to tackle your expenses confidently while also planning strategically for the future.

3. College Loan Repayment Funds

Especially in this time, try and find any financial plans available to help you pay off your debt without any hassle or interest. Similar to the IRA, students can deposit money into these accounts whenever they can and these debts can be paid off as long as money keeps coming into the accounts. All you need to do is deposit small amounts every week and you should be fine for the month.

4. Part-Time Job

If you are planning on going to college or are in currently enrolled at a university, you should consider getting a part-time job to help save up for your student loan payments. This is definitely one of the best ways to future proof your college finances and ensures your student loan repayments will be stress-free. Many people often do through the university through work-study programs. If you are unable to sign up for one of those programs, try looking around locally for any part-time position. If possible, utilize your own skills and traits as a resource for income such as tutoring.

End of the Year Retirement Strategies

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With 2015 coming to a close, it is now the time to get a strong stance over your finances. By understanding and conceptualizing your finances holistically, you will be able to evaluate, plan, and strategize the best ways moving forward into the New Year. This type of organizational understanding will give you the ability to view your financial and personal goals and adjust any necessary steps that can alter your finances in a better and more lucrative manner.

Below, you will find five ways to get your retirement planning back on track before that New Years Eve ball hits the ground. This type of action plan will help alleviate those financial concerns and set you off on the right path for 2016. Take a look!

1. Review Your Investments

If you have not looked at your accounts in the past three-to-six months, now is the time to check in on them. Any allocations, investment performances, or contribution rates should be noted. The main questions to ask are: Is this where you wanted to be before the year hit? Why or Why not? Is there room to save more? What does this mean for your long-term financial goals? By reviewing and evaluating your investments, you will be able to understand what changes you can make or additional cash you can save to alter your portfolio in a better way. In addition, your 401K plan may remove certain funds from its offerings. Be sure to review where that money is currently sitting and make necessary adjustments.

2. Create a Plan for Extra Cash

Remember, at the end of the day, you are working for a specific retirement goal or goals. If you were lucky enough to have been given a specific bonus or increase in income before the year-end, plan a place for how you’ll allocate it before you receive it. Do not make the mistake of spending it on miscellaneous items. If, however, there are certain expenses you have to make such as gifts or credit card debt, try breaking the amount up so that you can save at least 20%. At the end of the day, you need to look at the bigger picture. Understand that this money can truly make an impact in shaping your financial future.

3. Know Your Money: Evaluate Cost and Expenses

During the holiday times, people happen to overestimate the amount they are spending on gifts and presents. If you are one of those individuals, be sure you understand the amount you are spending. Take an hour or so to review your overall cash flow, whether it is annually or monthly. Then try and conceptualize the expenses you pay monthly and the big expenses, such as holiday presents, that you had to endure this month. If you find the figures to be shocking, try and plan what you can do to get back on your retirement path. If they seem to be stable, look into how you can improve your financial retirement plan.

4. Create Financial Goals for 2016

Another year means another opportunity to move into your financial goal! As you head into the New Year, lay out an overall savings goal that is specific, measurable, and attainable. Say you want to save $5,000.00 in your Roth IRA by the summer time or you want to have at least $1000.00 or more a month going to your retirement plan. By setting these goals down to a specific number, you will be able to target and track your progress in the most effective and efficient manner.

5. Preplan for the Big Moments

Like any person, we will eventually end up spending. I am not saying that you should not spend. Rather you should be smart about your expenses. Start off by mapping out those big financial expenses for the year. This can range from vacation to graduation gifts. By preplanning, you will be able to strategically and financially plan out the most affective and impactful way to save. Keep in mind, be absolutely clear on your financial goals for this year. While you may spend, you do not want to go overboard where your retirement plan can be put at a hold.

Steps Before Retirement

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Congratulations! After a long and fulfilling career, you have finally reached the last leg of your retirement. Like many Americans, you may be looking forward to ending your career and enjoying the quality time with your family and friends. While you may be eager to jump into that lifestyle, take a minute and consider the type of retirement you want to enter into once you finalize your decision. The one big mistake many people make is that they transition quickly from work into retirement. Instead, consider easing into this new life. Understand that this decision is not just a financial one, but it is also a mental and emotional one as well.

Below, you will find various tips that can help aid you in your transition into retirement. By following these steps, you will be assuring your dreams, goals, and passions for the future.

Start off by cutting back on your expenses. Yes, I understand that you have made financial strains in the past to save up for your retirement, but doing this makes a difference in whether or not you will be enjoying your new life. Unlike your savings tactics in the past, there will be no revenue coming in to buffer your expenses. If you are looking for those daily brunches or long weekend fishing trips, you need to think strategically about the overall cost that each activity is for your future. Start off by seeing what you can financially cut out in your life. This can range from downsizing your home to adjusting your own everyday expenses. Remember, the only difference that stands between your happiness and goals is how much you have in your pockets.

If you have the ability to work part-time, try and do so! At the end of the day, you have to remind yourself that you deserve this. You have given your all to your company and they appreciate the hard work and sacrifice you made each and every day. By working part-time, you will be able to ease into those hours of “not-working. Many Americans oftentimes feel uneasy about not having a schedule because of that quick transition. Try not to make the same mistake. Understand that your retirement is not a punishment, but a reward for everything you have given to society.

If, however, you feel like you have more to offer, but still want to transition out of your company, try picking up a new part time job that can truly fulfill your days. Do not make the mistake of picking a position that is high demanding and stressful. Make sure that whatever job you take, it will be something that you can enjoy and benefit from each and everyday.

Lastly, if you feel like getting another job is not in your cards, try looking into various volunteer positions or hobbies to fill up your time. Many retired Americans optimize this time to engage in causes and organizations that they feel passionately about. One important thing to keep in mind is the financial aspect of the hobbies. Make sure that your hobbies align with your finances. Oftentimes, hobbies such as weekend fishing trips or sailing can be quite costly. You do not want to make the mistake of burning your retirement within a year. If you find that they are too expense, seek other options. At the end of the day, you want to enjoy your time rather than worry about your finances. You have already been smart enough to get to this point. Just be cognizant of each expense and how it can impact your lifestyle.