5 Years to Retirement Steps to Take
5 Years to Retirement: Steps to Take
The key to success is a written plan, says Linda Jacob, a counselor for Consumer Credit of Des Moines, Iowa. “When it is in writing, you are more likely to follow it and complete it,” she notes. Take these steps. Set up a payment schedule The free site PowerPay (powerpay.org) helps you organize your debt payments and creates a calendar showing when each will be paid off. Create a written budget It should reflect the spending cuts you’ll need to make to direct more money to your debt payments. Write up a goal sheet Include the and the date you’ll be finished. Face up to it Tape that goal sheet on to the inside of your clothes closet, suggests Jacob — “someplace you go to every day, so you are reminded why you are working so hard at controlling your spending.” Get help Try consulting a nonprofit consumer credit counseling agency, which can assist you in getting a handle on credit card and medical debt (maybe by consolidating debts or negotiating for a lower interest rate or reduced late fees). Find a counselor at nfcc.org or fcaa.org. Plan to move upon retiring? These to your home’s resale value.
Repainted cabinets Give your kitchen a fresh look by putting a new coat on your cabinets — an easy project that could cost you about $900 to $2,000, according to the website Porch ( less if you do it yourself). A bathroom mini-makeover A full remodel costs more than $10,000, on average, per HomeAdvisor. A less expensive way to spruce up a dated bathroom is to just replace the fixtures and accessories such as the sink, mirror and lighting. Fresh landscaping Homes that are well landscaped have a perceived value of 5.5 to 12.7 percent more, Virginia Tech research found. Design and construction for an average-size yard (1,200 square feet) would cost you $13,200, the site Fixr notes. Or do it yourself for less. Have a red door? Paint it black. A red front door is a perennial favorite that makes for an eye-catching entry, but a recent Zillow study showed that houses with black or charcoal gray front doors sell for $6,271 more than expected. Work
Countdown to Retirement 5 Years
Pay down debt make home improvements on the cheap and stay employed
Getty Images MoneyAre You Ready to Retire br
Answer yes to any of these questions and it’s time to hit the panic button. You have months of unopened credit card bills piling up in the mail. You pray that your car passes inspection because you don’t have cash for new tires. You’ve spent more money on your wardrobe this year than you’ve put into your retirement account. Your retirement financial plan is to . Your backup retirement plan involves lottery tickets. Because your income is higher now than it will be in retirement, you’ve got more elbow room to pay off what you’ve borrowed. Use it.The key to success is a written plan, says Linda Jacob, a counselor for Consumer Credit of Des Moines, Iowa. “When it is in writing, you are more likely to follow it and complete it,” she notes. Take these steps. Set up a payment schedule The free site PowerPay (powerpay.org) helps you organize your debt payments and creates a calendar showing when each will be paid off. Create a written budget It should reflect the spending cuts you’ll need to make to direct more money to your debt payments. Write up a goal sheet Include the and the date you’ll be finished. Face up to it Tape that goal sheet on to the inside of your clothes closet, suggests Jacob — “someplace you go to every day, so you are reminded why you are working so hard at controlling your spending.” Get help Try consulting a nonprofit consumer credit counseling agency, which can assist you in getting a handle on credit card and medical debt (maybe by consolidating debts or negotiating for a lower interest rate or reduced late fees). Find a counselor at nfcc.org or fcaa.org. Plan to move upon retiring? These to your home’s resale value.
Repainted cabinets Give your kitchen a fresh look by putting a new coat on your cabinets — an easy project that could cost you about $900 to $2,000, according to the website Porch ( less if you do it yourself). A bathroom mini-makeover A full remodel costs more than $10,000, on average, per HomeAdvisor. A less expensive way to spruce up a dated bathroom is to just replace the fixtures and accessories such as the sink, mirror and lighting. Fresh landscaping Homes that are well landscaped have a perceived value of 5.5 to 12.7 percent more, Virginia Tech research found. Design and construction for an average-size yard (1,200 square feet) would cost you $13,200, the site Fixr notes. Or do it yourself for less. Have a red door? Paint it black. A red front door is a perennial favorite that makes for an eye-catching entry, but a recent Zillow study showed that houses with black or charcoal gray front doors sell for $6,271 more than expected. Work