Things You May be Doing to Delay Retirement

Posted on: April 19th, 2010 by

Financial Planner - Rockville, MD There are simple things you may be doing that are easily delaying your retirement by years.  Daily financial decisions that you make can directly impact your future, so poor financial habits will keep you working longer.  Keeping up with the Joneses is probably one of the worst “habits” you can have.  Having the latest and greatest items may make you very happy now, but when you are stuck working an extra 5-10 years, you probably won’t be too pleased.  Its simple, just live within  your means.  Set a budget for yourself and stick to it.

Three of the most expensive habits, that are only going to continue to get more expensive, are smoking, drinking, and gambling.  The odds of hitting the jackpot in the lottery are very slim.  Instead of spending all that money on tickets, why not put it into an interest bearing account and let it compound; a guaranteed win.  A glass of wine may lengthen your lifespan (according to medical research), but if you haven’t saved enough money for that longer life, you will run into problems.

Track how much money you are REALLY spending on entertainment.  Entertainment is a huge pitfall for budgets because most of the spending is unplanned.  How often do you go back and see how much money you spent at the bar, restaurant, club, or movies.  Too often we let these expenditures go untracked and then when our paycheck is gone, we have no idea where it went.  The best thing is to just make smart decisions.  Bring cash when you go out so you can track exactly what you are spending.  Set a budget for yourself and stick to it.  All that money you are no longer spending on daily “habits” can add up in the end and it can help get you to an early retirement.  If you choose to spend those funds, by all means speak to a financial adviser and choose to invest in appreciable assets.



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