It’s never too early to start thinking about retirement – but it can be too late.
Retirement planning is a subject that’s easy to put off. No matter your background or your other commitments, there always seems to be another, more urgent matter to deal with.
No matter your financial situation, tax planning is essential. Tax planning ensures you pay only the taxes you are truly obligated to pay. Without it, many people add significant costs to their financial lives by volunteering taxes they are not required to remit – whether due to new temporary exemptions or for other reasons.
While this may sound like a feat, the benefits outweigh the cost. It’s important to consider downsizing your home as you approach retirement age for two reasons. The most important reason is reducing costs and conserving your income.
Transitioning to a smaller house typically yields lowers housing costs which frees up income for your retirement plan. This is especially beneficial if you’re looking to spend money on travel or have a sizable spending income during retirement. Another reason to downsize your home is to reduce the amount of maintenance needed to manage the upkeep of your house. Reducing time spent on house maintenance frees up time for other activities and hobbies.
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