Five Ways To Retire With Five Hundred Thousand Dollars

Finding the right amount to have in your savings account depends on several factors. Where you want to live, your lifestyle, and your retirement goals must be considered when deciding when to retire and how much you have to put back in liquid assets.

Do you want to travel? Do you have managed care that needs to be considered? Are you going to be responsible for aging parents or young children? Do you have children who will be in college when you’d like to retire?

These questions are essential when deciding whether or not you can retire with $500,000 in liquid assets. If you choose to retire once you’ve reached that $500,000 in assets, here are five ways to make that money work for you so retirement can be your golden years.

The longer you wait to claim social security, the more money you’re likely to claim in monthly benefits. The minimum age to take your social security benefits is, as of 2022, 62 years old. For every year past that you wait, however, you’re likely to get an 8% increase.

Social Security

Anything that can be saved should be saved. Learning to live on less will help you stretch your retirement assets much further. Shopping clearance items, only buying things you absolutely have to purchase, and generally being frugal can help you in the long term.

Cut Unnecessary Spending

Pay off your cars and house, ensure your student loans are taken care of and that any other outstanding debt is comfortably in hand.

Pay Off Debt

Sometimes traveling can also hold the key to making your U.S. dollars stretch. Currency exchange rates can help your American money go further, allowing you to see parts of the world you might otherwise have missed out on.

Moving On

Painting, mowing lawns, power washing services, shoveling driveways, or gardening work can all be income hobbies. These activities you enjoy doing for yourself can easily be turned into income when you offer to do them for neighbors or others you come into contact with.

Side Hustlin'

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