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How to Financially Plan for Your Retirement

How to Financially Plan for Your Retirement

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    Even if you’re young, retirement will arrive faster than you expect. If you’re not in a career you love, you might even feel like retirement can’t arrive quickly enough. Even more concerning is the idea that if you’re not financially ready for retirement, you could spend your “golden years” struggling to stay afloat. Fortunately, there are ways you can more easily avoid that risk and financially plan for retirement. Here are five issues to consider when you’re making those retirement plans.

    1. Understand the Differences Between Savings and Income

    Having a savings account or other investment vehicle is a great idea. You want to have saved as much as possible before you retire, so you can be ready to stop working and enjoy whatever you have planned in your later years.

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    Savings, though, is not the same as income. If you don’t still have any money coming in, your savings could eventually be depleted. Because you don’t want that worry hanging over you in older age, you need both savings and income.

    One way to generate more income for your retirement planning is by opening accounts that provide you with strong returns over time. Scottsdale Bullion and Coin suggests that you consider transforming part of your retirement investments into a tax-deferred asset through the creation of a precious metal IRA. Precious metals such as gold can increase in value at a much stronger rate than more traditional investment vehicles.

    2. Pay Off Debt

    Debt is a problem for most people, from early adulthood through middle age and beyond. However, when you go into your retirement years with debt, the struggle can become even more significant. Therefore, it’s very important to factor in a debt repayment plan before entering retirement.

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    Cars, homes, student loans, credit cards, and other types of debt should all be paid off before your retirement date. Then, all you need to be concerned with in your later years are normal household bills, along with standard purchases and anything extra you want to spend money on (travel, family, etc.).

    3. Apply for Government Benefits

    It’s important to know what kinds of benefits you’ll be able to receive from the government in retirement. Social Security and Medicare may be very important to you, depending on what other income streams and insurance options you have. However, it’s often best to delay receiving Social Security, if possible.

    Those who put off drawing on their Social Security benefits will get more per month—all other things being equal—than those who claim it early. If you’ve successfully planned for retirement, you shouldn’t have to take your Social Security benefits too early.

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    4. Budget for the Future

    The cost of long-term care is rising, and nearly 70 percent of people who live past the age of 65 will eventually need this type of care. Some will require it for a number of years. With that in mind, you should financially plan for retirement in a way that takes into account as many different scenarios as possible.

    Long-term care insurance can be a good choice for retirement planning. You can also consider investments that will pay strong dividends, as these can be used to pay for long-term care, as well. Assuming that you won’t need this type of care could leave you struggling in retirement, so it’s much better to plan for the possibility.

    5. Attend to Legal Matters – Insurance, Wills, Power of Attorney

    Getting your affairs in order is another excellent way to handle financial planning for retirement. Go through your will and make sure there aren’t changes you’ve put off making. Also, consider what kind of insurance policies you have, how much they’re for, and whom you have for beneficiaries.

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    If you have a power of attorney (POA), make sure you’re comfortable with the person you’re giving control to. If you aren’t, or you don’t have a POA, now is the time to get one ready. The odds are that you’ll enjoy many happy years in retirement, but it’s better to take care of things sooner, rather than later.

    Attending to legal matters early will help ensure that your retirement will be comfortable, and that you won’t have to worry about money as you age. As you get closer to retirement, you can assess how much you’ll have in terms of savings and income. You can also take a look at your debt levels and see what you might need to change to pay off debt before you retire.

    No matter how young you are, it’s never too early to start planning for retirement. If you start budgeting and preparing now, you’ll be ready to live comfortably when you reach an age where you want to retire. Then, you can move confidently away from the workforce and into all the joy and adventure your later years will have to offer you.

    Featured photo credit: Skloff via skloff.com

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    Last Updated on February 11, 2021

    Want to Get Free Product Samples Like Bloggers and Beauty Gurus Do? Read This.

    Want to Get Free Product Samples Like Bloggers and Beauty Gurus Do? Read This.

    Imagine receiving a regular supply of free samples through your letterbox?

    These free samples by mail could include things such as cleaning products, cosmetics and packaged food.

    Free samples are a great way to try out some of the latest products. One week you may have a new toothpaste to try – the next week you may be snacking on a delicious chocolate cookie sample.

    As the saying goes, variety is the spice of life. And by requesting free samples by mail (I’ll show you how shortly), you’ll have not just variety – but fun too!

    Tell Me More About Getting Free Samples Sent to My Door!

    So, it looks like I’ve caught your interest. That’s great news!

    Just before I introduce you to 10 places where you can get free samples by mail, let me clarify a couple of things.

    Firstly, all the places I’ll talk about are currently active in sending out free samples to consumers. (In other words, no links to out-of-date or dead pages!)

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    Secondly, location is key. If you live in North America, then you’ll have a wide selection of places to sign up to. In other locations (for example, Africa, Asia and Europe), you’ll have fewer choices – but free samples by mail are still a possibility.

    Lastly, to whet your appetite for the freebies, here’s a short list of product examples:

    • Pet food.
    • Beauty products.
    • T-shirts.
    • Greeting cards.
    • Wallets.
    • Snack bars.
    • Vitamins.

    Free Samples by Mail… Tell Me Where to Get Them!

    It’s now time to share my recommendations for the best sites to claim free samples from.

    Let’s start with…

    #1 SampleSource

      This company sends out boxes of 6-12 free samples about four times a year. Products include baby wipes, cereals and tissues. Register with SampleSource to be notified of the availability of their free samples. (Canada and U.S. only.)

      #2 Influenster

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        As their name suggests, Influenster wants to send free samples to you in exchange for you sharing about the products on your social media accounts. Once you’ve become a member (join for free!), they’ll send you a box of free goodies every few months. The more you share pictures and reviews of the products – the more free samples they’ll send you! (All major territories.)

        #3 PINCHme

          This organization will send you free samples in the hope that you’ll then go out and buy the equivalent full-size products. To receive regular boxes of free food, drink and cosmetic samples (and sometimes coupons), then sign up and create your profile. (U.S. only.)

          #4 House Party

            Thinking of throwing a house party? If yes, then be sure to sign up with this company. They’ll send you a box of ‘themed’ products and services that you can hand out at your party. Register with House Party. Wait for the fun freebies to be mailed to you. And then start sending out your party invites! (Worldwide.)

            #5 YoFreeSamples

              This site is a great resource for a whole host of free samples that can be mailed directly to your door (with no survey requirements!). You’ll find anything from books to perfume, with new offers listed daily. Head over to their site to see what’s currently available. (Mostly U.S., with occasional offers for other countries.)

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              #6 Magic Freebies

                The U.K.’s most popular freebie site. Register for their email newsletter, and they’ll send you a daily email with eight free sample offers. These include products such as disposable razors, dog bowls, and even fake tan! So, what are you waiting for? (U.K. only.)

                #7 SweetFreeStuff

                  Since 2002, this simple site has been linking to the best free sample offers currently available. To get started, sign up to their daily email newsletter, which contains links to the latest offers. As well as free samples, SweetFreeStuff also gives information on coupons and deals. (Worldwide.)

                  #8 Sample A Day

                    Would you like to receive a notification of a new free sample every day? Well, that’s the promise from this site. They claim to thoroughly research all offers, ensuring there are no catches or hidden surveys! From baby products to socks, this site is sure to have something for you. Registration is super-easy. Simply enter your email address. (Australia, Canada, U.K. and U.S. only.)

                    #9 Pretty Thrifty

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                      This site specializes in free beauty products, but also lets you claim free samples such as energy drinks, snack bars, and even magazine subscriptions. Pretty Thrifty has more than 85,000 followers on social media, so clearly knows how to attract free sample hunters. One thing that makes Pretty Thrifty stand out from most of their competitors, is that their email newsletter is available in daily, weekly and monthly formats. (Mostly U.S., with occasional offers for other countries.)

                      #10 CrazyFree

                        My final tip for getting the best free samples by mail, is Australian company CrazyFree. Their funky website offers big brand free sample offers, which currently include items such as Dolce & Gabbana perfume, Coke Zero, and Happy Dog pet food. To claim the offers, select the free samples you would like, and then complete their registration form. (Australia, U.K. and U.S. only.)

                        Receiving regular free samples by mail is a fabulous way of testing out the latest products on the market (and some that aren’t even on the market yet!)

                        You’ll impress your friends and family with all the free stuff you’ll be receiving. And take it from me… it’s a fun, free and rewarding hobby.

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