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A Southern California couple who worked ‘blue collar’ jobs plans to retire comfortably thanks to 3 strategies they started years ago

“He estimates that his Social Security income will be about $4,000 per month, but estimates that their retirement income will be significantly more thanks to stocks and bonds, dividends, rental income, and retirement savings” writes Liz Knueven for businessinsider.com. By starting to save early, their contributions had years to grow and earn compound interest, through which interest earns interest on itself.At 28, Corky started his own business and set up a 401(k) at his company, and Patti contributed to one at her job as well.As self-described “blue-collar workers” in expensive…

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Early retirement gone wrong: how to make sure your FIRE plans don’t get derailed

“If you miscalculate your future expenses, you could end up exhausting your nest egg ahead of schedule” writes Markets Reporter for marketwatch.com. In fact, the biggest unexpected cost in retirement is a major home repair, according to a Society of Actuaries study on unexpected or shocking retirement expenses.If your early retirement is a team effort as part of a marriage or committed partnership, experts say you need to make sure you also plan for if it were just you.For members of the FIRE movement — short for “financial independence, retire…

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Senior Democrat and powerful appropriator Rep. Pete Visclosky to retire

“The Indiana Democrat is the third senior appropriator to announce retirement this year, following House Appropriations Committee chief Nita Lowey (D-N.Y.) and Rep” reports politico.com. After Democrats regained the majority this year, Visclosky took over as chair of the Defense Appropriations Subcommittee — one of the most coveted posts in Washington. Source: politico.com

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Are you on track? This is how much it costs to retire comfortably in each state

“Each state also has a purple circle with a size corresponding to the average retirement age in that state” writes Shawn Langlois for marketwatch.com. On the flip side, Hawaii, which is the most expensive place to retire, comes in at 81.5 years, the highest.The “fattest state” in the country also sounds like a pretty great place to go out to pasture, if getting the biggest bang for your retirement buck is the priority.According to BLS data cited by cost-estimating website HowMuch.net, Mississippi, at $617,661 in savings needed, is the most…

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There are 3 main types of early retirement, and the only difference is how much you spend

“Ultimately, it’s up to you to decide how you want your lifestyle to look in early retirement and how much it will cost” writes Tanza Loudenback for businessinsider.com. The FIRE (financial independence, retire early) movement is largely a numbers game.At that point, they no longer need to rely on a paycheck coming in to afford their lifestyle and they have the freedom to retire early.Ultimately she’d need $2.5 million invested before leaving work to maintain the same standard of living in early retirement ($100,000 x 25 years).”FatFIRE is early retirement…

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Want to retire early? Here’s how to pay off debts fast — and build wealth

“To Ramsey, every person has the ability to get out of debt and retire early; it all depends on how serious they take the task” writes Callie Patteson for today.com. Every time you are able to clear up a debt, any money you used for it can go toward another debt, and another debt, and another until they are all gone.In this second step, Ramsey says to focus on all debt but the house — that will come later.If that is the case, go back to the first two baby…

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I’ll retire at 62 with $1.2 million and want to retire in an affordable, safe spot near the beach — where should I look?

“Panama is known as a safe country and ranks in the top 100 (82nd to be exact) in the world for quality and access to health care, with residents saying health care is generally affordable” writes Catey Hill for marketwatch.com. Malaysia snagged International Living’s top spot for international health care and landed on Investopedia’s top 10 cheapest and safest countries to retire in.As Marketwatch’s Alessandra Malito recently reported: “Many Americans believe Social Security won’t exist when they retire — they’re wrong.Must have low cost of living, low health-care costs, low…

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Key Republican’s retirement suggests doubts about retaking House…

“Walden is the fourth House GOP committee leader to call it quits this cycle” reports politico.com. But House GOP leaders have been considering relaxing that policy amid growing fears it could fuel more retirements and create an institutional brain drain among Republicans.Under House GOP rules, a lawmaker can only lead a committee for three terms, regardless of whether they are in the majority or minority. Source: politico.com

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