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Old Fashioned Ways To Save Money

Technology can be incredibly handy when it comes to conserving cash– from apps that assist you budget to online shopping tools that discover you the very best offers.

However often the best method is the old-fashioned way.

Lots of old-school money-saving pointers are still efficient in today’s technology-driven world, according to financial experts.

Here are 6 old-fashioned tips that are can still help you save big bucks today.
1. Utilize the envelope budgeting system

The property of this classic money-saving method is basic.

After you pay your costs and set aside cash for savings and any financial investments, divide the rest into costs categories like groceries, eating in restaurants, clothes, and entertainment. Get an envelope for each classification, write the name on it, then stick inside the quantity of money you want to invest because area– whether for the week or for the month.

Once the money goes out, you can’t spend any more money in that specific classification.

“This can be an especially efficient method to master discretionary costs on things like food, hobbies, and home entertainment (for the majority of people it’s not required to put fixed expenses like real estate or utilities in an envelope). There’s no replacement for the awareness that comes with paying in money.”

One way to make this system even more efficient is to put the invoice for each purchase in the envelope as soon as you invest the money, so you know exactly where your cash goes, Meyer included.

Pamela Capalad, a certified financial organizer and founder of Breakfast and Budget, told EXPERT that she has a couple of customers who use this system which it’s most useful if you utilize it just for a couple of primary costs– so you do not have a million envelopes to keep an eye on– and if you are devoted to adhering to it.

” You need to be persistent about pulling squander, separating it into the right envelopes, and not just pulling more squander when you go out,” Capalad stated. “Classifications that work finest are groceries, shopping, and if you’re a couple, enjoyable money/allowances for each of you. Clients have actually likewise discovered it easier to budget plan on a weekly basis vs. a monthly basis.”
2. Go cash-only

They say money is king, which is why some individuals make a cash withdrawal of a part of their income to use for discretionary spending, Jennifer Lane, a licensed financial organizer at Compass Planning, informed INSIDER. That way, when the money is gone, you understand you have actually consumed all your “enjoyable” spending money, she stated.

” For instance, you want to cut down on lunch at work and decide to allow yourself $20 weekly,” Lane stated. “Money the $20 on Monday and parcel it out for the week. You can invest everything on Monday or cut down and consume a couple of cheaper lunches rather.”
3. Freeze your credit card

Yes, literally freeze it.

Several experts suggested this tip for helping you stop investing loan you do not have.

” Freeze half a bowl of water,” Lane said. “Add the charge card to the bowl then top off the water and freeze … the card is suspended in the ice providing you plenty of time to believe prior to making a big purchase.”

This is especially reliable due to the fact that putting it in the microwave would destroy your credit card, so there’s no other way around it, Financial Finesse monetary organizer Steve White added.

Of course, this just works if you have not memorized your card number.
4. Stabilize your checkbook

With electronic banking, this practice might appear out-of-date, but it can make all the difference.

” Knowing how to stabilize your checkbook, despite the fact that you can easily look online to see if things cleared, is essential so that you comprehend how it works,” Kelley Long of Financial Skill informed INSIDER. “I have actually seen a lot of individuals incur overdrafts after writing checks due to the fact that they didn’t comprehend that the money might still be in their account for days, in some cases weeks, and they wound up investing it.”

It can likewise help you check for any mistakes or fraud, she stated.

” We recently returned from trip and, when reconciling our invoices with what published, found that a server had added a 0 to his tip, to take it from $6 to $60,” Long stated. “Had we not been checking, we would have missed that since it wasn’t uncommon for us to spend that much at a restaurant on vacation.”

You’ll also have a better concept of where your cash goes– among the most important elements of budgeting– because you’ll be taping transactions, she said.
5. Separate your savings account

It can be handy to have at least three different bank accounts for various types of expenses, Meyer stated.

She suggests having one for repaired monthly costs, one for yearly expenditures (such as life insurance, summer camp or trips) and one for emergency situations.

Lane likewise promoted the advantages of this approach, which she calls “a twist” on the envelope system.

” The great thing about this system is that you can a possibility to exercise just how much of your income is already committed before the non-monthly expenses occur,” she informed INSIDER. “For instance, decide in advance how much of your check you can dedicate to buddy’s wedding events or kid’s camp this year. When it comes time to prepare the occasion you know your budget plan and can say no thank you or change to fit what you can pay for.”

The majority of online banks and some brick-and-mortar banks will let you open several savings account without an extra cost, Lane added.

Investing For New College Grads

This is the time of year when new college graduates begin concentrating on the rest of their lives. One of the best things that they can do as they start their careers is to establish exceptional financial practices. Here are 6 pointers that can get them headed down the ideal course:
1. Start investing now.

Grads who begin conserving a piece of their incomes now won’t have to save almost as much as a 50-year-old who wakes up one day and recognizes he has to build up retirement money in a rush. Starting early enables the compounding time to develop.
2. Open a Roth IRA.

The Roth Individual Retirement Account is ideal for young working Americans. The main virtue of a Roth is that you do not need to pay taxes on any of the money in retirement. A contribution to start a Roth would be a perfect present for moms and dads or grandparents to offer a college graduate who has sufficient profits.
3. Invest instantly.

It’s humanity that Americans, whether they are young or old, want to invest whatever is within reach of their ATM card. As a result, the best method to conserve is automatically. When establishing a Roth IRA, college graduates should complete the documentation that will enable automated regular monthly contributions from their checking or savings account.
4. Buy index funds.

The large number of investments available today is so bewildering that it prevents numerous from getting started. As a nest egg grows, however, a young investor will want to spread out cash into various index fund classifications, such as small-cap and large-cap domestic index funds, global stock index funds, and bond index funds.
5. Buy a workplace retirement plan.

Young workers ought to sign up for a 401(k) plan or other pension offered through their companies. If the work environment offers contribution matches, brand-new employees should invest enough to record the complete match. We suggest that younger staff members increase their contribution every time they get a raise till they reach the maximum contribution limitation.
6. Use financial calculators.

One method to remain motivated is for young financiers to occasionally inspect how much their savings will deserve in the future. An easy method to do this is to use an online financial calculator.

Invest To Grow Your Bank Account, Not Ruin It

Investing is challenging.

I have made a great deal of cash in the stock market, but I have actually likewise lost a lot of cash there also. Early in my trading profession, it resembled a pendulum swinging from one side to the other. I would make money, then lose it all, earn money, then lose it all. This cycle would duplicate until I lastly stopped trading.

I went to 100% cash, and told myself that I would never trade again till I “figured this shit out!”

I went on to spend months and months studying the professionals, examining my trades and actions, and developing my distinct trading technique. After a (relatively) long hiatus from live trading, I went back into the market. This time with much more solid and consistent success.

Below are the lessons I was “fortunate” enough to discover early on in my investing career.

These 10 investing suggestions will significantly assist anybody, as they would have conserved me many countless dollars had I known and acted on them earlier than I did.
1. Stop what you’re doing

Stop! Don’t invest until you know what you’re doing!

Before doing anything, pick up a minute. You need to learn the fundamentals.

Investing is difficult and expensive if you don’t have a plan. Basically everybody is generating income as the market roars to tape-record highs, but do not be led to believe that this will continue.

What happens if the market dips down by 20%? Are you prepared? What would you do?

It is easy to become indifferent when things are obviously “easy”. However prior to doing anything, you need to have a plan. This will conserve you lots of money, as it would have for me when I began!

Holding your money in money is not the end of the world. The stock market will exist tomorrow and the day after, however you can only make the most of it if you are still have cash in the future to invest!

” You get recessions, you have stock market decreases. If you don’t understand that’s going to take place, then you’re not prepared, you won’t succeed in the markets.”– Peter Lynch

2. Set investing and monetary goals

Where does investing fit into your wealth plan? Set your goals, and make them particular (I utilize Evernote to keep all of my goals and highly recommend it) …

How much do you want to put towards your future every paycheck, every month, every year? If you could have one financial achievement for this month, what would it be?

Any more than 10% per year every year is much better than the majority of, so don’t expect to double your money in 1 month. You can make much more than 10% per year, but it takes work to get (and stick to) a plan and also stay self-aware enough to succeed.

Start with what you really want to leave your financial investments, and after that you can establish a strategy to assault those objectives.
3. Benefit from complimentary cash!

If your company uses a retirement match (for instance, if you put a portion of your revenues into a 401( k), they match that as much as a specific %), at least put in that amount.

You’re believing, “Wait, you simply informed me to stop.” I did, but this is different. It is COMPLIMENTARY loan! It is an ensured 100% return, the only one you’ll ever get … so take advantage of it As Soon As Possible.

Keep in mind, this isn’t readily available for everybody. If you’re self-employed, there isn’t any “complimentary” money to be had.
4. Learn who you are

As people, we are not built to be great traders. Really, we are conditioned to be definitely horrible traders.

Our feelings (see: worry, greed) get the best people, and make investing extremely tough. We want to purchase when everyone is purchasing (at the top), we wish to sell when everyone is offering (at the bottom), and typically do not see things as they truly are.

Prior to you try to be a successful trader or investor, you need to discover what style of trading fits your interests, strengths and psychological level. There is no one single method to invest. There are lots of various profitable investing techniques. Some people prefer to trade actively and make small earnings (and small losses), while others choose to take a long term method and invest with a time-frame that remains in months, not days or minutes. It doesn’t matter which way you decide to invest, you just have to make certain it fits you and your objectives. You have to 1) find out what methods and time-frames suitable for you, and even more notably, 2) do not deviate from the strategy.

” A financier’s worst opponent is not the stock exchange but his own emotions”– Unknown

5. Pay down any debt

Lots of ambitious people attempt their hand at trading. Why not? There’s chance, obstacle and potential reward– 3 things that we prefer!

We make a few good guesses, get fortunate, and think that we’ve got it figured out. When conditions change and the market drops, we lose all of our revenues and then some.

We are paying interest on credit cards and trainee loans. Not only do we lose money in the stock market, however we lose cash by paying interest when we could have put the investment money towards this debt!

I’ve seen it numerous times, and continue to see it take place today. You can not be monetary totally free with financial obligation. Pay this off and you are well on your method to massive wealth!
6. Do not be a hero

Investing is hard. There are professionals and computer programs that are more than happy to take your money.

With that said, success is quickly attainable with a proven strategy and some perseverance. Don’t anticipate over night success, and do not try to get your retirement money in one huge bet.

Include, and continue to contribute to your investments. Constant and slow is (unfortunately) the very best way to investing wealth. The keys are to take advantage of time and substance interest, and avoid the major losses. By not trying to be a hero, you can certainly dominate these secrets!

” The specific investor ought to act consistently as a financier and not as a speculator.”– Ben Graham

Investing For Beginners

1. Set the Stage for Sound Investing

Before putting a penny in any investment markets, set the phase for sound investing.

” Initially, set up a budget with all irregular and regular monthly expenses such as insurance coverage and taxes, with 20 percent of gross costs targeted toward cost savings,” composed Mark Morelli, a professional financial author. “Next, eliminate all credit card debt and vehicle loan. Third, produce and keep that essential emergency situation fund.”

2. Request For Aid Establishing Your Financial Investment Account

For brand-new financiers, the process might be frustrating. Here’s how Julie Rains, long-lasting financier, journalist and publisher of “Investing to Thrive,” recommends getting going:

” If you are not sure of how to open an account, fund an account, or perhaps pick a shared fund or exchange-traded fund– call the customer support agent at a brokerage firm. Agents will address questions and [walk] you through the process. Generally, they will not give particular investment suggestions, however can point you to tools that direct your investing choices.”
3. Keep Things Simple

Mike Piper, certified public accountant and, is known for his clever and easy investing techniques.

” To me, the very best way to invest is to keep things easy,” Piper stated. “Automate your contributions on a monthly basis– whether to an IRA, a retirement strategy at work or both. Discover an inexpensive, all-in-one fund with an allowance that’s proper for your danger tolerance. That method, both monthly conserving and portfolio management are hands-off, therefore, saving you time and decreasing the probability of errors,” said Piper.
4. Discover Where to Invest Your Money

George Papadopoulos– a qualified public accountant, licensed financial organizer and fee-only wealth supervisor in Michigan– provided this recommendations on newbie investing: “For beginner financiers who are most likely investing in simply one account– normally the 401k strategy at work– and not going to hang out managing and rebalancing, they need to just select a target-date fund and ‘set it and forget it.’ Further, new investors need to concentrate on broadening their valuable skills and aim to contribute more– preferably, to the point to record the full company match– to their workplace retirement account.”
5. Invest Using Dollar-Cost Averaging

Dollar-cost averaging is the practice of frequently moving a particular quantity of loan into an investment account to purchase funds or stocks. When costs are higher, this disciplined technique forces you to purchase more shares at lower prices and less shares. You can practice this investing method by just buying a 401k or 403b on a regular basis, or by having a set amount moved from your paycheck into an investment account.
6. Keep Financial Investment Amounts Small

Rains stated even little quantities matter– so there’s no requirement to wait up until you have a big cash stash to invest. “Purchase a mutual fund with a low minimum, no deal and no load cost; set up automatic purchases or just invest random amounts whenever you have additional cash,” Rains said.
7. Diversify Your Portfolio and Keep Costs Low.

Cristina Guglielmetti, creator of Future Perfect Preparation and certified financial coordinator, suggests keeping expenditures low when you’re discovering how to invest. Even if you have excellent financial investment returns one year, high expense ratios can slash your returns. Here’s how Guglielmetti recommends keeping investing expenses low:.

” Pick a broadly diversified index fund. Search for the expense ratio– the yearly quantity you will pay to own the fund– and compare it with others in its class. Gradually, those charges can make a huge distinction in the worth of your portfolio.”.
8. Don’t Utilize the TV as Your Financial Investment Guide.

So many investors believe that to dominate, they must keep track of all of the financial market news and follow the suggestions of organisation tv analysts. CNBC is not your investment consultant.

Guglielmetti stated that investing guides and sound suggestions on beginning investing shouldn’t involve TELEVISION. Short-term thinking does not go well with a long-lasting investment horizon.
9. Use Social Data for Investment Ideas.

Peter Lynch described the methods behind social information trading in his book “One Up on Wall Street.” Basically, if you see a popular product or understand public belief toward a business, you can utilize that information to drum up financial investment concepts for newbies.

For instance, there have actually just recently been several shootings including law enforcement officer. In the wake of these catastrophes, people on Twitter discussed how the police ought to be needed to use cameras. Due to the fact that the publicly traded business Digital Ally manufactures cops body cams, it might be a company worth an investment examination.
10. Purchase Stocks totally free.

Ordinarily, financial investment suggestions for beginners don’t include individual stock investing. But if you’re investing with little money and wish to take a stab at researching and buying private stocks, numerous pros suggest investing utilizing the Robinhood app.

This totally free investing app can cut your trading expenses: Robinhood charges nothing for stock trading. Simply keep in mind that investing in specific stocks is riskier than investing in a diversified portfolio of inexpensive index funds.
11. Rebalance Your Investment Portfolio Every Year.

When you invest, select a possession allotment that reflects your threat tolerance and threat capability. You may hold higher-risk and higher-return stocks and less bonds if you’re younger.

This riskier portfolio will likely be intensifying with higher returns with time. After setting your preferred possession allocation, make certain to rebalance your portfolio every year to get back to your initial allotment. This simple technique can yield a small boost in returns and a decrease in volatility.

Strategies For Late Retirement Planning

Perhaps you are retired, or getting near retirement, your goals are likely switching faraway from asset and prosperity accumulation. Now the needs you have are property, wealth preservation and income generation. To achieve those goals and live the retirement lifestyle you want, you need to judge your financial Planning in a very different way than you did in your working years.

For those in the worrisome dilemma of obtaining relatively little time to get their financial ducks in a strip before retirement is after them, here are some Strategies For Late Retirement Planning

  1. Take stock.

Assess where you are – financially speaking – right now. What is your current income? Are these the best current expenses? These details are imperative for mapping out your financial future, as you will not likely know where to go if you know where you are.

  1. Dig deeper.

Subsequent, attempt to identify income-generating opportunities and potential hazards you may face. Just how can you eliminate any debt as quickly as possible? Will you anticipate any major increases or goes down in income or expenditures? Are there any specific medical issues to package with and plan for?

  1. Forecast.

Look ahead to intend to be structured on your overall path or plan. What else could you count on in ten years? Would you like to have a pension, Social Reliability and other income and, if so, how much? How much income will be needed from purchases to protect living expenses and when?

  1. Develop an economic game plan.

Discern what available investment vehicles will increase the likelihood of having the lifestyle you wish with the least amount of risk? What is the little amount of return on our investments necessary to attain your goals? In the event, you can attain seeks without, or with little or no, risk, why put your retirement funds in peril to chase higher results? The very best plan will account for pumping and taxes while protecting principle.

  1. Plan your strategy and future needs based on your goals.

It is accepted that you will need about 75% of your pre-retirement income when you stop working. Take stock of your financial affairs and plan ahead and make the most of whatever your retirement means to you. This may entail downsizing your property towards retirement. Consider the effects of various scenarios on your retirement and make a strategic plan around them

  1. Learn and understand the basic investment principles.

The way in which you save can be just as important as how much you save. Diversify your investments and understand your tolerance to risk. Inflation will also have an impact on your investments and play an important role in how much you’ll have saved at retirement. As you approach retirement, your investments will change in line with your goals, your age, and circumstances.

4 Steps For Financial Readiness Upon Retirement

When the stress levels at work are unbearable, it’s easy to shout “that’s it, I’m retiring!”. Then you daydream of what you would do if you did not have to work – head to Thailand and drink Mai Tais all day, play golf, watch movies in the middle of the day, etc. But are you financially ready to retire? Did you know that only 4% of Americans have enough capital stashed away for a comfortable retirement? Freak not, you can be part of that 4% if you follow these steps:

Step #1 – Evaluate

Thanks to modern medicine, people live longer today. Longevity is one of the essential factors when planning for retirement. Underestimation can cause people to save too little, retire too early, and spend too much. To complicate matters, retiring early is now becoming the trend. With that in mind, take a look at your life and see where you are right now. Are you a millenial who is looking to the future? Good for you, it’s never to early to plan for retirement. Are you about to retire in a few years?
Whatever stage of life you are, take a critical look at your assets and liabilities. Look at your savings, social security benefits, 401K and other assets. Consider your liabilities too. Will you still be paying for your home long after you retire? List all these down for easy reference.

Step #2 – Set a realistic retirement budget

Once you know where you are right now, the next step is to determine what your future looks like. What do want to do if you did not have to work? Be realistic. You may want to travel for the rest of your life, but if your health is not great, then you may have to scale back your plans. Be honest with yourself. And more importantly, be realistic. Draw up a budget based on your plans. Most people think that their expenses will be less when they retire. But remember, you will have more time to while away. What are you going to do with it?

Step #3 – Streamline your finances

After taking the steps above, you should know by now your financial goals for a happy retirement. Start planning for your retirement NOW. If you have not done so, you should have set aside an emergency fund, a retirement fund and your daily fund. Plan on paying off your all your mortgages before you retire. You should also have a buffer fund, or extra funds that you can dip into if your usual income stream falls short.

Step #4 – Optimize your investments

Even if you have set up all the required funds, you cannot sit back and just wait for the day to come. You have to continue learning how to optimize your current income so that your investments will grow. New and better options will come, so you should always on your toes and jump at every opportunity. It’s better to be over-prepared when it comes to retirement.

Getting ready to retire is an ongoing process. There is no one way to do it. The key is preparation. Make a plan now and stick to it so that you can have a stress-free retirement.

Start Your Financial Retirement Planning

Don’t get paranoid. I know many of my colleagues who are still building castles in the air on how they will start getting ready for their retirement. Always nice plans but too much sugar coated because they think it is too early.

Time is now. Don’t be fooled by general theories or rule of the thumb that only old guys are the ones responsible for this journey. No, actually it is the end journey of our careers and no one knows what tomorrow holds since market changes are inevitable.

Retirement is not equal to going home and resting. Don’t be excited by the micro achievements of quitting the daily office pressures and thinking now is resting life style. Go home and design a future for your generation.

>>>Who needs the retirement game plan?>>>

You or me? All of us. The earlier the better to start preparation for the rains because by the end of the planting seasons, you only reap what you soar.

If wishes were horses, beggers would ride. The following financial tips listed down as you proceed down to scrolling, contains guidelines for our retirement road map regardless of age as a factor:

f) Run side business; don’t put your eggs in one basket and forgot to invest on the risk management. Just to be certain you land on your feet by the time you are resting your case, let your money work for your by starting a side business either as partnership deal or sole proprietor.

e) Separate assets vs liability; learn to be knowledgeable about assets and liabilities because this will groom your financial discipline and spend with a lot of consideration.

d) Tick up your savings; your savings mean the better future for your family because soon the kids shall have joined college or graduated so is profitable to save.

c) Investment on assets of appreciation; buy lands now so that in future your family will have a spacious home or likewise you can put some businesses on those lands to generate more income.

b) Cut your niche/ pick appropriate life style; don’t follow the crowd because it is adequately profitable to cut your court according to your size.

a) Accumulate your wealth; learn how to redeem your hardwork and keep your family at a warm place when you retire.

>>>Final Remark>>>

Retirement road map is directly dependable with your financial game plan. Put your ears on the ground and invest on new opportunities like in stocks exchange markets just to avoid trying to put your head a above water after your retirement… End thought!

Why To Hire A Qualified Financial Advisor

A financial consultant or a financial planner is a person who helps you plan and manage your personal finances or business wealth in a profitable or sustainable way. You might be wondering why you need the financial planner in the first place. During these moments when commerce and finance are becoming so complex, the words and thinking of an advisor will be your most important assets. In the earlier years, if you had a major business and lots of personal wealth, it can be possible that your parents, or loved one, or relatives and friends will act as your advisor and help you manage your business assets.

Unfortunately, being economically independent these days is near impossible due to varied factors such as increasing prices of amenities and services, unstable economic system and limited financial resources.

Luckily, there are options that can help individuals improve their money. The best option is to work with a reputable financial advisor. Several individuals may feel that employing an expert in the budget is yet another additional burden in their funds. However, these experts can make sure that you can get the most out of your money. Here are reasons as to Why To Hire A Qualified Financial Advisor:

  1. Helps in managing your finances

Due to the financial problems individuals encounter, there are occasions when they can manage their finances. By making use of experts, you can manage your funds properly since advisors can make your money meet your needs exactly. Not to mention, experts can help you arranged a budget to make certain you have sufficient money to appeal to your preferences and also cut costs for your future.

  1. Help you protect your finances

Investing can be considered a good option to obtain more money. Some investments can certainly be a hole that can damage your savings. By coordinating with financial advisors, you can avoid these blunders. Experts can also help deal with your opportunities properly since they have vast experience how to protect your investments.

  1. Helps you to secure better future

By having a good plan from professional financial advisors, you can save finances for the future. Some advisors can even help you produce sure that your money can accommodate your changing needs, from becoming a married man or maybe preparing for your fantastic years.

  1. Assist you to enjoy your life

Simply by dealing with financial advisors, you can also enjoy your life since you do not need to be concerned about your finances. You can also be certain that you can reduce or even get rid of debts. And, you can acquire sufficient finances to enjoy an improved life.

With all these, individuals can surely enjoy a better lifestyle and financial stability, which can help them make their life more successful. Hire a financial planner like Larson Financial Advisors for comfort and knowing your investments are safe.


How To Estimate Retirement Income Needs

In order to assess what an individual will need to retire on, there are a few things that you have to be take into consideration . First, you must consider what you are spending at this very moment. Second, will you plan on traveling more or less during retirement? Third, do plan to change where you live during your retirement? It is these three factors that can drastically effect how much money you will need at this point in your life.

How Much Money You Spend Now

The reason one’s spending expenses are taken into account, not their income is simple. Just because someone makes a certain amount of money, does not mean they spend it all. Or it is the reverse case, in which you spend your entire pay check, and have no excess. In either case, it is important to try and save for your retirement, if you want a proper income to retire upon. Just avoid living above your means. Budgeting now will make a big difference if you really want a life after you retire.

Travel More Or Less

Traveling costs money so if you plan on spending more time traveling while retired, you will need the additional income. Make sure you factor this higher expense into saving more in your retirement fund. Those who do not travel currently, may have little knowledge of just how much extra income it will require so it is important to do your research – it will be your best friend. Everything cost money. The gas that runs your car cost money. Even all those routine car check-ups begin to add up. When you retire, this is a travel expense you can now use towards a different type of travel.

Will Your Housing Change?

By the time you retire, depending on your current age, your mortgage should be paid off. You can use the money you have been paying the mortgage with towards your retirement income. If you are still renting an apartment, you will save more by purchasing your own home. This is because, that home can be sold upon retirement. If you choose to downsize after retirement, you can sell your more expensive home. All that extra income can then be put towards enjoying your life as a retired individual.