Five Ways to Retire With Five Hundred Thousand Dollars

When you're looking at retiring, it's important to properly judge and budget for the lifestyle you want to maintain in your golden years.

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.

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.

Social Security

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.

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 Debt

Pay off your cars and house, ensure your student loans are taken care of and that any other outstanding debt is comfortably in hand. So, your money can go further when you stop working full or part-time.

Sometimes the places where we raise our children aren’t the best places to retire. If you chose an area with great schools and a higher cost of living, it might be time, now that your kids are all grown up, to move to an area with a lower cost of living.

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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