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The 8 Biggest Financial Mistakes to Avoid in Your 60s

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Whenever anybody hears about retirement planning , they usually think of numbers, like what are my investments doing? Not enjoying their leisure years Emily Rassam, CFP ® and Senior Financial Planner for Archer Investment Management, has found that many clients avoid withdrawing their retirement funds. What’s the market doing?

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Can I Go into Retirement Early With FIRE?

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To achieve this, people use extreme saving techniques, sometimes living on 50% or less of their annual income for years and investing the remaining amount. All the extra funds are invested, usually aggressively, in a mix of savings accounts, tax-advantaged retirement plans and brokerage accounts.

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How to Define and Plan for Financial Freedom

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Calculate your number. Many personal finance experts will tell you to take your current monthly expenses, add 4% to the overall number for inflation, and then multiply that by 25 or 30 in order to reach your financial independence goal. From there, apply concrete steps that will help you achieve your goals.

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Using a Financial Planning Checklist Can Help You Meet Your Goals

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Keep a running tally or spreadsheet to help you quickly calculate costs in each category so you can compare them across the last three months. Check your cash flow Calculating what comes in and goes out every month is a great way to help you determine your current financial status.

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7 Tips to Help You Plan for Retirement

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While you don’t need to calculate an exact amount down to the last penny, having a rough estimate of how much you’ll need to live the way you want can give you a goal to pursue. Predicting things like future inflation and how long you’ll live is difficult, so add a healthy cushion to your goal number to ensure you’re prepared for the future.

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The Secret from My 3rd Grade

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Just like that, in a split second, you realize you invested yourself in the wrong partner. Or you may learn from your bank that inflation made your life savings worth a nickel. 2) Take calculated risks. Or you may wake up learning that your partner is not the person you though he/she was. Your emotional life is not safe anymore.

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