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.
Next, create an emergency fund that, hence the name, will only be used for emergencies. Build up this account as far ahead of time as possible so that you have as money as needed for potential injuries, losses, or what have you. Furthermore, do not dip into this account for any reason other than worst-case scenarios. By following these rules, you'll have another countermeasure to lean on if debt becomes a concern.
Lastly, if you're in the shape and condition to do so, you should think about applying for part-time work. Being retired doesn't mean that you can't still work in some capacity, even if it's only during weekends, which more and more elders are becoming privy to. Not only does this allow them to prevent the development of debt, but it gives them something to aspire to as well. These are just a few reasons why working following retirement is more common than you may think.
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.
Next, create an emergency fund that, hence the name, will only be used for emergencies. Build up this account as far ahead of time as possible so that you have as money as needed for potential injuries, losses, or what have you. Furthermore, do not dip into this account for any reason other than worst-case scenarios. By following these rules, you'll have another countermeasure to lean on if debt becomes a concern.
Lastly, if you're in the shape and condition to do so, you should think about applying for part-time work. Being retired doesn't mean that you can't still work in some capacity, even if it's only during weekends, which more and more elders are becoming privy to. Not only does this allow them to prevent the development of debt, but it gives them something to aspire to as well. These are just a few reasons why working following retirement is more common than you may think.
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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