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Make Your Retirement Goals
Retirement planning begins with setting your retirement goals.
The reason for the 15% goal is simple.
If youre closer to retirement, prioritize saving and investing as much as possible.
Pay Off Your Debts
Ramsey is a huge advocate of debt-free living.
Before retiring and ideally months or even years ahead of time, pay off your house.
Its not ideal, but itll be a life-saver in the long run.
Reevaluate the 4% Rule
The 4% is a common rule of thumb for retirement spending.
In avideo, Ramsey talked about how the 4% rule doesnt work for everyone.
Someone in this situation could potentially pull out 6% or even 10%.
Review your finances, your goals and any concerns you have including health.
You should enjoy your retirement life, but you should do so with a clear understanding of your finances.
For older individuals, Social Security accounts for at least 90% of their household income.
But as Ramsey pointed out, the program isnt exactly stable.
If nothing changes by 2033, the SSA will have depleted its excess reserves.
This means it wont be able to pay out thefull benefits amountto retirees.
After all, once you start collecting, you cant undo your decision.
Thats in addition to the retirement fund.
The best option here is to plan ahead.
All of these things can help protect you from financial ruin in retirement.
And you increase your chances of financial success.
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