Quit and Retire Three Years Earlier!
For most people, there is a direct correlation between how worried they are about retirement income, and how much they can actually do about it. This is because the more worried you are, the closer you probably are to retirement, and the less time you have to do anything - like save up. Effective 'saving up' requires time. Time so your money can grow. Save an extra $200 a month, three years before retirement (at age 62), and you'll amass a grand total of $7,887 (averaging 6% growth). Not likely to have a big impact on your retirement lifestyle.
But what if you invested for retirement when you were NOT worried about it? What if you, say, quit smoking a pack a day at age 45 and took the money and invested that instead? (For the purposes of this illustration, let's assume a pack costs $7.00 and you smoke a pack a day so you invest, for easy figure's sake, $200 per month. Again, average compound rate of return is 6%.)
Instead of starting to save when you start worrying about retirement (at age 62), and amassing that grand total of $7,887 by age 65, you start saving when you're NOT worried about retirement (at age 45 - by quitting smoking and saving that money) so you end up with, wait for it, --- $91,129 !
What will $91,129 do for you at age 65? It would provide you with $456 in additional monthly income for the rest of your life (continuing to average 6% growth), and you won't have to touch your capital. Or, perhaps, you could choose to retire earlier!
Don't start to worry, at age 62, and save a paltry $7,887 by 65. Instead, start saving $200 more a month at age 45, when you're not worried, and have $69,892 by age 62! Then you could retire completely at age 62, by using both the principle and interest as income from 62 to 65. $69,892 would provide you with $2,100 in income for three years! Thus, quit smoking and quit working 3 years earlier!
Of course, most of us 'act' when we have the 'urge' to act. (Note how the words 'urge' and 'urgent' have the same root.). You will tend to act on your retirement plan when it is most urgent. But long term goals are, by their very nature, NEVER URGENT! Now, perhaps THAT is something to worry about.
About The Author
Rick Hoogendoorn is a financial security advisor with Cheri Crause & Associates Inc. (He quit smoking ten years ago this month.) Cheri Crause is a certified financial planner in Victoria, BC.
Investing Action Plan — January Wrap: Apple, OPEC, Exxon And The Fed Investor's Business Daily
Why the $4,555 Max Social Security Benefit Is a Fantasy The Motley Fool
Where Are Stocks, Bonds and Crypto Headed Next? Five Investors Look Into Crystal Ball - The Wall Street Journal
Where Are Stocks, Bonds and Crypto Headed Next? Five Investors Look Into Crystal Ball The Wall Street Journal
Tax-Aware Investing: What Is It and How Do I Do It? | Chase Chase News & Stories
Investing in Method Andreessen Horowitz
Committee affirms anti-ESG, anti-China pension investing bills Indiana Capital Chronicle
5 of the Best Paper Trading Sites | Investing | U.S. News U.S News & World Report Money
Investing When Your Time Horizon Is Short The New York Times
The Best Stocks to Invest $20,000 in Right Now The Motley Fool
Investing in Voldex Andreessen Horowitz
What's Going on With REITs? An Investors Guide The Motley Fool
How ‘Permabears’ Make Money by Selling Fear Investing.com
Democratic lawmakers create sustainable investment caucus to ... Pensions & Investments
2 Dividend Stocks to Help You Beat the Market in 2023 Investing.com
Soft Landing Scenario: Possibility or Fed Myth? Investing.com
How to Invest in Stocks - Buy Side from WSJ The Wall Street Journal
Why You Should Invest: Top 10 Reasons AllBusiness.com
The 10 golden rules of investing Yahoo Finance
Investing in Cygnvs Andreessen Horowitz
Your Investment Lost Money Last Year. So Why the Big Tax Bill? The New York Times
Ultimate Guide on Investing for Beginners Entrepreneur
Investing $100,000 in These Stocks in 2023 Could Get You $1 ... The Motley Fool
I asked ChatGPT investors' top questions. Here's what a CIO thought of its answers. - Markets Insider
8 Best Small-Cap Value Stocks to Buy | Investing | U.S. News U.S News & World Report Money
The Art of Contrarian Investing Investing.com
5 companies UPMC is investing in Becker's Hospital Review
80% of Warren Buffett's Portfolio Is Invested in These 7 Stocks The Motley Fool
Investing in Deflation, Inflation and Stagflation Regimes Wealth Management
Investing in REITs vs. Direct Real Estate Morningstar
Spend Your Time Working or Investing? » The Stacking Benjamins ... The Stacking Benjamins Podcast
Investing in PLAI Labs Andreessen Horowitz
Investing in 2023: A Year to Be Patient and Selective Morgan Stanley
Microsoft Considers Investing $10 Billion In OpenAI, Maker Of ChatGPT: Here’s What It Means For Investors - Forbes
Microsoft Considers Investing $10 Billion In OpenAI, Maker Of ChatGPT: Here’s What It Means For Investors Forbes
U.S. Warns Banks to Watch for Russian Oligarchs Investing in Commercial Real Estate - The Wall Street Journal
U.S. Warns Banks to Watch for Russian Oligarchs Investing in Commercial Real Estate The Wall Street Journal
5 Investing Alternatives for Conservative Investors Kiplinger's Personal Finance
Rosie on the House: Investing in a whole home energy audit Arizona Daily Star
Coffee Steaming Again After 4 Months in the Cold Investing.com
3 Reasons Investors Should Zoom In on GoPro Stock The Motley Fool
5 Fast Facts for Investors to Consider | Chase Chase News & Stories
1 Smart Way to Invest Your Tax Refund You Haven't Thought Of The Motley Fool
1 Undervalued Stock That Smart Investors Are Buying In 2023 The Motley Fool
Rewind 2022: My Investing Journey Seeking Alpha
Is Intel's Downfall Good News for AMD and Nvidia Investors? The Motley Fool
The Week in Impact Investing: Integrity ImpactAlpha
Bohanon and Horowitz: When investing, balance opinions of ... Indianapolis Business Journal
Calm Before the Rally? Investing.com
Is Microsoft Now the AI Stock to Beat? The Motley Fool
Personalized Investing Portfolios: Unlock the Greatest Potential Kiplinger's Personal Finance
Lucid Group doubles on Saudi rumors By Investing.com Investing.com
Long-Term Investments Require a New Approach Kiplinger's Personal Finance
International Day of Education: Investing in the Future of Students ... Leader Publications
Would You Still Consider Investing in Amazon (AMZN)? Yahoo Finance
The First ETF Launched 30 Years Ago, Revolutionizing Investing The Wall Street Journal
Considering a 1031 Exchange? The Rules You Need to Know Kiplinger's Personal Finance
Gold and Silver Maple Leafs Get New Packaging
Gold Maple Leafs and Silver Maple Leafs are receiving packaging makeovers, changes clearly mandated by investor disfavor with packaging that the Royal Canadian Mint has used since the coins were introduced. Gold Maple Leafs debuted in 1979, Silver Maple Leafs in 1988.
Press Release Scams and Successes: Reading Between the Lines
Press releases are a means through which companies can keep the public up to date regarding their recent affairs. It is the duty of every public company to keep its investors and indirectly potential investors aware of what is going on in the company.
The Difference Between Investing and Trading
Investing and Trading are not the same thing. The returns you seek, the length of time it takes to achieve those returns, the amount of risk one is prepared to take, and the commitment one can make to monitor the investments dictate the strategy of whether to invest or trade.
Investing & Online Stock & Share Trading- The Stock & Share Markets are Booming But Be Warned
I had the pleasure of being invited on a friend's yacht to sail in a race on Sydney Harbour yesterday. On board, as one of our motley crew, I met a top ranking corporate executive from one of Australia's largest banks, who we'll call 'Phil' here for the purpose of this article.
Missleading Fund Names Wreak Havoc On Investor Returns!
Mutual fund managers use fake fund names to part you from your money such that you cannot judge what a fund does by its name. Many funds have names that are outright misleading or even deceptive.
An Old Dividend Stock Investment Idea, for a New Generation
Death and taxes! The certainties of life! And then, of course, there are the mortgage payments, the utility bills, phone bills, the car payments and thirsty automobiles. Add that to the grocery and clothing bills, and there appears to be more then just death and taxes as certainties of life.
Stock Market Retirement Investment Plan
For a successful retirement investment plan to work in the stock market, some 'reasonably sure' assumptions would have to be made:The retirement investment plan must take into consideration the one prevailing constant in any stock market security - risk and uncertainty. Understanding that risk and uncertainty are the key factors that propels the return on investment in the stock market far beyond the returns of Passbook Savings Accounts, CD's or Bonds are a start.
The Perfect Economy?
Invest To Make Money, Not To Get Rich
The technology boom of the '90s romanticized the "rags-to-riches" ideal that all of us dream about when investing. For those that invested $1000 in Dell at $5 during 1990, held through the seven splits, then sold in March 2000 at $59, the dream was a reality.
Wit and Wisdom on Money, Wall Street and Success - Part #2
Here are ten more WISDOM packed GEMS that ooffer very unqiue insights to the world of trading and investing.These quotes promote a philosophy which is readily understandable and sometimes hysterical.
DXPortfolio: A Great Passive Investment of 25% to $40% per month
First, I need to explain about e-currencies or digital currencies. DXPortfolio are based and supported by the supply and demand of e-currency.
Which IRA Is Best For You?
An Ira is one of the greatest ways to save on taxes currently and accumulate money for the future.For individuals three types of IRA's will normally come under consideration.
A trading system consists of a set of rules for viewing markets and making trades. The advantages of trading systems can be hidden when they become associated with trading platforms involving trade order submission and processing.
Chile Leads the Latin Pack
Everyone's talking about China. Don't miss the opportunities in the other CHI.
Do You Need A Financial Planner?
No matter how much money you make, it pays to keep on top of money coming in and going out. Even if you do a good job of that, there are important times in your life when talking with a professional adviser makes sense.
Stocks: Reduce Risk Yet Maximize Profits
It is important to note that every smart investor wants to minimize risk while maximizing profit potential. Yet conventional investment theory tells us that in order to increase returns, you have to increase risk.
Angels, Are They Real?
They're real, but few survive. High risk investing is dangerous to your bank balance.
Invisible Mutual Fund Fees Erode Your Returns!
Many investors think that investing in mutual funds is free. What nonsense! Funds collect more than $50 billion a year in fees from investors.
Can Using Sales Leaseback Method of Investment Property Acquisition Reduce Risk?
Sales Leaseback compared to traditional property investmentCan a Sales Leaseback arrangement make investing in Orlando investmentproperties more safe and reliable?Yes. Providing a guaranteed rental amount each month is the safest andmost reliable way to realize a return on your investment.
Are You An Investment Dummy Like Me?
I am good at a few things. I can certainly market well and I consult with others about how to bring more attention to their products and services on the internet for a living.
|home | site map|