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Preparing for your retirement savings early means you can enjoy it sooner. It doesn’t mean you should go splurging it all. Instead, it would be great to also put it in worthwhile investments to further increase its value.
by Mabel Marquez, 21 December 2017
Make your farm life dream come true at 50 with help from your retirement savings.
Before, people are expected to retire by the time they’re 50. That hardly applies nowadays, however, especially given how much life expectancy has improved. There are still so many things you can do at this age, so many more opportunities for self-improvement and career growth. So if you have retirement savings all geared up, don’t be too quick to think you can stop taking care of it anytime soon.
There are plenty of other ways you can further expand and improve the value of your savings, which can only mean further improving your quality of life and opportunities to enjoy the same. Here are some of the things you can do with your retirement savings at 50, without draining your resources.
Buy a Farm Lot or Beach House
At first glance, it may seem like an unnecessary luxury that defeats all your efforts to save in the first place. However, if you think about it, a farm lot or a beach house isn’t just a purchase. It is an investment. Properties like these are great investments because their value appreciates over time. So you are simply diverting your cash savings into another form of tangible investment. At the same time, you also shift the way you incur earnings, from interests in your bank account to appreciating real estate value.
Aside from that, buying a farm lot or beach house is retirement-friendly. It’s perfect for getting away from the stressful and hectic city life. Imagine waking up to the cool ocean breeze and taking leisurely walks along the beach, or picture yourself relaxing in your own house in the middle of a vast green field. Sounds appealing, right?
Pay Off Debts
One of the worst things that can happen to you is to enter retirement age still encumbered with debt. If you start saving for your retirement early, you would have already made some headway in building a small fortune—maybe even a big one, if you took investing seriously from the start. With this, you can work on finally clearing the rest of your debts—house or car mortgage, business loans, overdue credit card fees, etc.—so you don’t have to worry about them anymore.
The advantage of this strategy is that you are putting your retirement savings to good use, because debts can seriously derail you from growing and protecting your wealth later on. The longer you let these debts hound you, the bigger the interest rates you’ll have to face. Although it’s more preferable to leave your retirement savings intact, it’s going to be more beneficial for you in the long run
If you take out the debts from the equation, you can focus on your retirement savings from here on out.
This is just a recommendation so you can live your 50s debt-free. But, ideally, you should have a separate budget dedicated for clearing your debts. Using your retirement savings should only be your last resort in expediting payment for all your debts.
This may not seem like good advice, considering that you want to add to your retirement savings. However, if you think about it, being able to enjoy the money that you’ve worked hard for is precisely one of the reasons why you have a retirement savings fund. Using some of it makes it a lot easier for you to explore and do the things you love, because it is a clear manifestation of your financial freedom.
Again, the operative term here is “some.” Be prudent when spending for travel. You want to be able to enjoy life while you’re still in the pink of health and at the peak of your personal economic stability. Your 50s is the best time for that. You can even take the experience as some sort of run-through for when you officially retire in the near future. Of course, it would be better if you replace and replenish your retirement funds after deducting a small sum to fund your well-deserved vacation.
The only way for you to enjoy these advantages and options, however, is if you make a head start in saving up for your retirement funds early. Doing it in your 30s is probably a good time to start, although you can still play catch-up even after that.