4 Priority Items to address when Nearing Retirement

Pay Off Debts, or Pay Them Down


We live our lives on credit and most of us live from paycheck to paycheck. We are conditions or programmed to be consumers who always stay on top of trends and the latest technology. Easy methods of debt reduction are available to all, for free. If you can, avoid those services that claim to reduce your credit card debt with secrets the credit card companies don’t want you to know. Ask yourself, and better still, ask them how are they funded and how to they make their money?

A great authority on debt-free living and getting out of debt is Dave Ramsey. I’ve followed his advice in books and seen him on TV. His advice is solid and it works whenever you decide to begin. His website is here https://www.daveramsey.com/

Complete Your Estate Planning


What is your estate? Your estate is the tangible property you leave behind when you leave this life. This may include real estate, stocks, a business, or it may be the balance of your bank accounts and investments. In the very least, have a will drawn up by a competent attorney.
If you don’t have a will, the State gets a huge chunk.

Establish a Budget and Stick to it

budget ledge

You’ll be living on Social Security. If you’re lucky, you’ll have a 401k that will supplement your benefit. However, many people have had to sacrifice their 402k to deal with a devastating interruption in employment. Others have had to deal with expensive medical issues. The best way to reduce debt is with the stairway system. You use your existing income to pay off your bills, but with a slight change. You really must live on a budget and begin by pay off your smallest bill first. Let’s say that payment is $20 a month. THe next month, add the $20 to the bill that became the smallest one. It pays off faster. Repeat this process until all debts are paid.  THe process works! 

Find Ways to Add Income


Is frugality enough? For some, this is true. Consider this, what are both the importance of adding income and the tax implications of doing so? Taxes can be simple, but it is important to check with an expert. I began full retirement at age 66. I found out there’s no tax on Social Security, although you must file a tax return. You still get to claim the standard deduction or the itemized deductions if your medical expenses are high. You’ll be in position to add income with very little tax to pay.

Where Do You Look to Add Extra Income?

I found a great training program at Wealthy Affiliate and I started for free!

Have a look, go check it out. You’ll be glad you did.


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