Living Below Your Means Doesn't Stop When You Retire

A listing of a the best places to retire for $30,000 a year. 

Young Chinese Don't Want to Work in Factories

There will likely be growing pains for China and more expensive iPhones for all, but we hope they succeed.  As Martha says, "It's a good thing."

Same-Sex Spouses Should Review Retirement Plans

Same-sex couples have a lot more considerations now.  For the foreseeable future, most same-sex couples should considering using a tax or financial professional, especially those whose relationships aren't recognized by their state.  Having their relationships recognized by The Federal Government and not their State Government could be confusing.

Social Security: Don't Say You Haven't Been Warned

10 Things Social Security Won't Tell You.  Basically, try not to rely on Social Security.  Think of it more as a perk.

How to Be Richer

Ironically, not all of these 10 financial lessons to a richer life involve money.

Small Boosts to Your Retirement Plan Has Huge Benefits

After most people pay off their debt, they use their extra money to improve their quality of life, i.e, start spending it.  What if you didn't do that?  What if you put at least half of that towards your company sponsored retirement plan, Tradition IRA or Roth IRA.  The benefits are huge if you contribute this extra money regularly.  Take a look.

Social Security Recipients at Risk

Here's another reason to not rely on Social Security.  Studies suggest that Gen Y and Millennials don't expect to be around for them and are planning otherwise.  Unfortunately, many current recipients may not have planned accordingly.  All generations should plan as if Social Security won't be around to help them.  For your own security, consider it a perk.   

How Much Do You Need to Save for Retirement?

The keys to saving for retirement are, 1) start early, 2) save consistently and 3) monitor your savings rate and adjust accordingly.

Saving for Retirement Is Harder

Retirement: Saving for retirement can be less difficult if one lives below their means and commits to saving regularly.  Also, only in the most dire circumstances should one cash out their retirement prematurely. 

Gallup Survey

In line with what we talked about the other day, Gallup did a survey and found that of all the financial issues that Americans are facing today, we’re most concerned about not having enough money for retirement . . . 66% of us, in fact.  Reducing our expenses now and moving that “extra” money to a retirement or investment account will help us all address that concern.  With a little creative juice (think NSE), we won’t have to lose our standard of living by too much, which is our third biggest concern (58%). 

 Gallup Survey Results

Our sixth biggest concern, by 41%, is not having enough money to pay for our children’s college education.  There is a lot of talk on the Internet these days about the “higher education bubble” and the virtual “debt slavery” our kids take on in order to get a college degree.  Now is the time that we need to assess whether paying $50,000 to $300,000 is worth a higher education degree, especially with about one in four recent college grads not being able to find a job right now. 

Maybe It’s Time to Start Taking Care of Ourselves

Over the past several years there has been a lot of talk about the dire situation that Medicare and Social Security are in and what the impact will be on those of us in our forties, thirties and twenties. We will be left without a security net, without the protection of government funded health care when we are elderly.  Oh what will we ever do? What will happen to us? How shall we survive?

I guess I have to say that maybe this is a good thing. Maybe it is time to take away the “safety net,” that has become a crutch.

One of the defining principles of Debt Free Living is Planning Ahead, and we are not just talking about the weekend or next month, or even this year’s vacation. Planning means being ready for all future events, be that a lay off or retirement. Being ready for our future means that we do not have to rely on anyone to take care of us, whether that be in our old age or in our times of ill health. True it is nice to know that if I were to become disabled tomorrow I would have something to fall back on for tomorrow, but why not plan ahead for myself.

There are a number of ways to plan ahead for retirement and for health concerns. We can invest in IRAs and 401k accounts as well as HAS and flexible spending accounts. Being ready for tomorrow is a true sign of someone who is Money Conscious.

Medicare, Social Security Will Go Bust Sooner: Report