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There are several tried-and-true retirement strategies that can ease your transition, whether you're in your 20s or getting close to retirement.

Start off by saving money early. You can catch up with compound interest and grow your nest egg faster if you start early enough.

Paying off your mortgage can feel like a major accomplishment. You can reduce your costs and increase your savings each month for retirement if you stop making mortgage payments.

Several elements, including your income, the size of your mortgage, and your savings, will determine whether you pay off your mortgage before retiring. It may also depend on how much of your mortgage you can write off as a tax deduction.

It's no minor achievement to shave a few extra years off your golden years, and it can make the difference between your retirement success story and failure. Higher pay, lower taxes, and more time to enjoy the results of your labor are some advantages. Even if you don't have enough money to retire, the idea of being able to relax might give you the sense of achievement that a workaholic needs to experience every day. It's also a great opportunity to interact with your partner or spouse without the pressure of full-time work or the possibility of being laid off.

Your retirement savings can grow by making real estate investments. Debra Greenberg, director of investment solutions and personal retirement at Bank of America, adds that it also has tax advantages.

A wonderful way to make passive income in retirement is to purchase a home that you can rent out. However, it can be a challenging process that demands bravery.

If you lack the funds to purchase a single-family house, you might want to think about purchasing commercial office space or leasing out duplexes and flats. With the extra advantage of being able to rent out many units, these properties can be more profitable than single-family homes.

A wonderful way to make sure you can pay for unforeseen costs like medical bills, home repairs, and car issues is to have emergency funds. Additionally, they're a fantastic way to safeguard your retirement accounts.

Your emergency fund's size will depend on your lifestyle and monthly expenses, but most financial gurus suggest setting aside three to six months' worth of nondiscretionary spending in a separate account. You can do this by automating it with automated transfers from your checking account or direct deposits of a portion of your paycheck, setting aside a modest amount each week or month, or both.

A good retirement plan may depend on a well-managed investment portfolio. Your money can be adequately diversified among various assets if you hire an investment professional who is aware of your objectives and risk tolerance.

A financial expert can also assist you in avoiding potential tax penalties associated with early withdrawals of funds. They can also assist you in maintaining composure while the market is volatile.

Large-scale travel can be a great way to figure out what you actually enjoy and what you want your life to be about while you're young. Additionally, it provides you with some training wheels so that you can launch your career or later settle down and have children.

A fun and interesting way to explore history, learn about different cultures, and create lifelong memories is through traveling to new places. The nicest part is that doing it when you're young is much simpler!

It's crucial that you and your spouse or significant other are honest with one another about your plans for the future when it comes to retirement. Long-term time and financial savings are possible if you do this correctly.

It also facilitates expectation management, which is advantageous.

For some couples, adjusting to their new lifestyles during retirement is one of the most challenging aspects of the transition. This can be especially true if one of you decides to retire first.

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