Dependable Retirement Planning Advisors

Plymouth Retirement Planning

Some people feel that simply contributing to a Plymouth retirement planning account is a sufficient way to ensure you are financially stable when you retire. Now, while Minnesota retirement planning is very important, saying it is all that is needed is not the case. There are several things that every person in Plymouth should do (and continue to do) in order to be able to live comfortably off of the monies in his or her Plymouth retirement planning account.

Get Rid of Debt

Plymouth retirement planning can only work for you if you head into your retirement without debt. Many MN people who are just starting out in their adult life accumulate debt. Whether it be student loans, car loans, private loans or credit cards, debt can be a scary and overwhelming thing. The first thing you should do in order to help along your Plymouth retirement planning is to eliminate that debt. This can be done more easily than you think. Student loans can often be consolidated with a lower interest rate. The same can be done for credit cards.

If you are unable to get your Minnesota debt consolidated, you can still take steps to minimize that debt. The best way to handle this is to start small. Pick your debt that has the lowest balance. In your Plymouth budget, figure out how much extra you can put toward that debt each month. Once you have determined the amount you can spare, begin putting that amount toward bringing down the balance on that debt.

For example, let's say you have a MN credit card with a balance of one thousand dollars on it, one with five thousand dollars on it, and one with ten thousand dollars on it. You are currently making the minimum payments on each of these of $30, $50, and $75 respectively. You have determined that you can afford to put an additional seventy dollars a month towards paying down your MN debt. So, you should begin contributing $100 to the card that has the $1,000 debt. After about a year (adjusting for interest charges) this card should be paid off in full. Once it is paid off, close the account. This will keep you from using it and getting yourself into trouble again.

Once the first card is paid off, you can roll the $100 payment over to the second card. This means that you will be contributing $150 per month to the payments. This will pay the second card off that much faster, and when that is done, you can begin paying down the last card. If you do this with all of your Plymouth debt, you will be debt free in no time at all. Additionally, you will then have all that extra money you were spending on payments that you can add to your Plymouth retirement planning account.

Next on the List: Mortgage

The next item on your Plymouth retirement planning to do list is to get rid of your Minnesota mortgage. A lot of people don't think of this step when planning for Plymouth retirement, but it is a crucial one. If you have no house payment when you retire, you can live much more comfortably than you would otherwise. But getting rid of a mortgage is easier said than done.

The first thing you need to do when planning to eliminate your mortgage for your Plymouth retirement planning is to pick a house and stick with it. This may seem silly, but not everyone gets their dream house the first time around. So, when you are considering buying a Plymouth home, make sure you really like the house and can see yourself living there well into your retirement. Planning ahead will help you to accomplish your goal of not having to use your Plymouth retirement planning account to pay for housing costs.

Once you have settled on a Plymouth home you will love, you will need to further your planning for retirement by paying down the principle amount. The principle is the amount of the loan without the added interest. The way to do this is to make more than your regular payment amount. When you do so, you need to be sure and let your lender know that this is what you are intending to do, or they may not allocate the funds correctly.

You would be surprised how much this can help your retirement planning. Just as with the credit cards and other debt, the more you can contribute the faster this will go. If you have an opportunity to refinance at a lower interest rate, this will lower the payment and help in your endeavor. If you put these steps forward, you will be well ahead in your Plymouth retirement planning.

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Retirement Planners In Plymouth

Wealth Enhancement Group
Wealth Enhancement Group
505 North Highway 169
Suite 900
Plymouth, MN 55441

Nate Pribyl
Nate Pribyl
9483 Garland Lane
Maple Grove, MN 55311

Jonathan Pyne
Jonathan Pyne
708 North 1st Street
Suite 342
Minneapolis, MN 55401

Jim Reynolds
Jim Reynolds
45 South 7th Street
Suite 2000
Minneapolis, MN 55402

Joe Schwarz
Joe Schwarz
50 South Sixth Street
#1405
Minneapolis, MN 55402

John Severy-Hoven, CFP, MBA
John Severy-Hoven, CFP, MBA
1595 Selby Avenue
Suite 213
Saint Paul, MN 55104

Alex Reader
Alex Reader
1960 Donegal Drive Suite 40
Woodbury, MN 55125

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