3 Keys to Successful Retirement Planning

Retirement planning Before retiring from your 9-to-5 job and your hectic lifestyle, you probably can’t imagine accomplishing less than you intended in any given day and not feel frustrated about it. Paradoxically, after retirement, you probably won’t accomplish as much as you do right now, but you’ll be happy about whatever you do manage to get done. During retirement, you’ll change in a way that you would previously would not have thought possible. All sorts of lifestyle changes are possible.

So, how do you get to this place where you start seeing things in perspective, stop sweating the small stuff and notice that it’s all small stuff? You need to be able to create a comfortable retirement.

Three ways to make sure that you take care of things before you retire is to get life insurance, contribute enough to your 401(k), pay off all your debts.

Buy Life Insurance 

When you get life insurance, you’re taking care of your family when you are no longer here. After you die, your beneficiary will file a death claim with your insurance company and submit a certified copy of your death certificates. In most states, an insurance company has about a month to review the claim before they pay it.

If you would like to learn more about the benefits that life insurance can provide your loved ones, then check out PolicyZip.com, a website that reviews up top-rated life insurance companies that explains exactly how life insurance works.

Make Full Use of Your 401(K)

If your employer gives you a traditional for 401(k) plan, you can contribute pre-tax money.

If you’re in the 15% tax bracket, it will be a huge advantage because the money comes out of your paycheck before taxes.

If, for example, you earn $1,000 every two weeks, $150 will be deducted as your contribution and your take home pay will drop to $850.

Another option, if your employer offers a Roth 401(k), is to make your contributions after taxes.

Either way, whether you get a traditional IRA or a Roth IRA, you should try and match up to your employer’s contribution. If, for instance, your employer offers you a 50 percent match up to 5 percent of your salary and you earn $100,000 a year, then contribute up to $5,000 a year. If you do, your employer will add another $2,500. Essentially, you’ll get a free amount of money.

Become Debt Free

If you have a large number of debts before retirement, you will still have to pay them after you retire. So, if you can become debt free before you stop working, then you will not have to tap into your savings during retirement to pay off debts that you had previously incurred.

It’s easiest if you start by clearing up consumer debt, like the purchases you’ve made on your credit card and your car loan.

One way to get the money you need to pay off these debts is to cut your subscriptions and any other recurring costs. In short, repurpose your money to clear your debts.

Once you’ve cleared your consumer debts, then work on bigger debts, like your home mortgage. You can pay off your mortgage quickly by increasing your monthly payments. This will speed things up.

By having no debts when you retire, it will ease your monthly cash flow. You’ll also have less financial issues to worry about and can focus on buying the things that you need when you need them.

In summary, three ways to improve your retirement plans are to get life insurance, contribute to your 401k, and become debt-free before you retire.

You Need To Buy Gold When Prices Fall This Year

After a promising start to 2018, gold prices have been up and down for the past few months and it doesn’t look like it’s going to break out any time soon. Quite the opposite. There are now signs that gold could be slipping further down towards its December 2017 prices. Unless gold breaks through key resistance points, and with downward pressure defining gold right now, that seems unlikely, gold prices could be set to decline for the time being.

Should gold investors be worried? Quite the contrary, they should be looking forward to the opportunity.

Don’t Get Spooked by Low Gold Prices

Human nature is a fickle thing. Take the most fundamental wisdom of investing: buy low, sell high. There’s a reason it bears repeating: the human brain isn’t wired for that kind of thinking. When you set aside $5,000 in a stock, a fund, or an asset, and it goes down day after day until you only have $3,000, you’re worried about losing it all, so you sell. Then, as that same stock or asset starts to recover, you want back in, so you buy at $5,000. If things go well, several years later your investment is worth double, but you’ve spent $7,000 getting there. Don’t get back in at all, and you’ve lost $2,000 without participating in the recovery. It’s called loss aversion – the human brain is more sensitive to losses than gains.

Gold Is Forever

Buy GoldGold is a long-term investment. At any given time, anywhere from 5 to 20 percent of your portfolio should be invested in gold, depending on the price of gold and other factors in the market. Never sell gold in a panic. It’s a smart strategy to take advantage of peak prices and reallocate some of that wealth. You can sell gold to dealers like Silver Gold Bull when the time’s right.But never be scared off by declining prices, especially if you haven’t seen a return on your initial investment. Gold has had a consistent value for hundreds of years and there are no signs that will change.

Buy Gold Low

Just because the price of gold now is going down doesn’t mean gold is in for a bear market. By most accounts, it’s already in one, looking to emerge. And there are a number of factors that suggest buying gold now will prove to be a smart move.

On the heels of new tariffs on steel and geopolitical factors, both steel and gas are quickly rising in price. The U.S.’s steel tariffs are expected to lead to a $300 increase in the cost of vehicles, while gas prices are also leading inflation. Rising inflation also means rising gold prices as investors hedge against the eroding power of the dollar.

Instead of letting falling gold prices spook you out of the market, use the opportunity to increase your position and buy cheap gold. In addition to low spot prices, online gold dealers like Silver Gold Bull also offer low premiums. The more you save on gold, the better your returns when you sell.