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Written by craig braddick

Retiring at 60

Can I Retire At 60 With 500K

With meticulous planning and wise investments, yes, it is possible to retire by the age of 60 with $500,000 in the bank.

If you are searching for “can I retire at 60 with 500k,” this post will be your guide!

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Can I Retire With 500K?

Most experts suggest you’ll need to save $1 to $2 million to retire comfortably. While that is a good rule of thumb, it certainly is possible to enjoy retirement without saving that amount of money. In many cases, 500K will be enough to retire on. However, you will need to work out a smart budget and live wisely for your present and future years.

Here are a few tips to follow:

  • Save money early and often.
  • Always maintain a budget.
  • Choose the right location.

Save Money Early And Often

The more money you save during your younger years and working days, the better equipped you will be for retirement. Saving money early and often is a crucial step toward an early retirement. The good news is there are currently many ways to get creative and save money. Take advantage of any extra cash that may come your way, such as a work or performance bonus. Put your extra money into an IRA or a 401(K) plan. Check with your employer to see if they’ll fully match any contributions made toward a retirement plan. If they do, capitalize on this savings opportunity.

Always Maintain A Budget

Enjoy your current lifestyle, but always live within a strict budget. This is another key when building toward a happy and healthy retirement at 60. Keep all your basic living expenses, including housing, healthcare, utilities and transportation on a budget. Go back and look at your monthly or your past year’s expenses and come up with a budget based on those figures. Now, find out what you can cut back on. That might mean fewer nights dining out or vacations, but in the long run the budget will be well worth it.

Choose The Right Location

So, what exactly does this next step mean? Well, you may love the area you live in and trust the school systems, etc, but the experts suggest evaluating everything, and that includes location. Consider the idea of relocating to an area with lower housing prices, if possible. This move, of course, could also apply to your future retirement. With 500K in the bank, you may have to settle on location. You might not be able to live in the location of your dreams. But, if retiring at 60 is one of your dreams, make sure to follow these three steps.

How To Save For Retirement Without A 401k

Retiring Without A 401K Plan

There are a few ways to save money in the absence of a 401k plan. Whether you are unemployed, self-employed or simply seeking other investment options, there is always a plan for your needs. Let’s take a look at a few of the alternatives for savings:

  • Open a solo 401K
  • Save tax refunds
  • Open an IRA

A solo 401k, also known as a self-employed 401k, is perfect for those not expecting to make a large yearly income. With a solo 401k, you are eligible to contribute twice, once as an employee and once as the employer. Participants are allowed to contribute their entire yearly earnings, as long as it does not surpass $19,500. When contributing as the employer, though, the amount will differ. You are allowed to contribute up to 25% of your earnings as the employer. Spouses of solo 401k contributors are eligible for this plan, as well.

Everyone’s gut instinct is to spend, spend, spend when that tax return finally comes back! But, if you can just hold off the urge to spend this money, it could pay off in the long run. Simply saving any tax refunds is the simplest way to invest in your retirement. IRS Form 8888 currently allows taxpayers to deposit refunds directly into two or more savings accounts.

Opening an IRA tends to be the most popular option for individuals without a 401k. There are a couple different IRA options available. A Roth IRA and a traditional IRA can both be great investment options. The only requirement for anyone opening an IRA is that they must be earning an income. However, if you are unemployed but married to someone earning an income, you are eligible for this plan. Self-employed workers commonly choose to open an IRA.

Retired Couple

More Articles About Senior Living

Find Quality Assisted Living Care With SLS Communities

(480)-348-0300
REQUEST INFO

If you’re looking for the very best assisted living in Phoenix; SLS Communities can help!  We have 5 locations in the Phoenix Valley that seniors and their families can choose from. With great amenities such as meticulously manicured landscaping, swimming pools, theater rooms, on-site salons, and much more! SLS Communities delivers today’s seniors the very best assisted living care services in the Phoenix, Arizona area.

Check out our locations below

For more information about assisted living and senior living services please call 480-348-0300.

Retirement Investments, Senior Living
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Regular Post
Written by webtechs

Assisted Living Facilities Near Me

Assisted Living Facilities Near Me

If you are searching for “assisted living facilities near me” in Arizona, this post will be your guide! From Sedona to Surprise, these are five of the best assisted living communities in the valley of the sun.

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List Of Assisted Living Facilities Near Me

This article consists of some of the best assisted living facilities in Arizona, including:

Keep reading for more details on these facilities!

Assisted Living In Sedona, AZ

Sedona is regarded as the most scenic city in all of Arizona. And that reason alone makes it a wonderful place to call home. Sedona Winds, located in the heart of the red rocks, offers stunning courtyard views, along with a 24-hour staff for every need. Settle for a one-bedroom or large studio apartment, or choose their two-story building to enjoy breathtaking views, daily. General maintenance, weekly laundry and deep cleaning of your apartment, an emergency call system, and a diverse activities program are all included when you choose Sedona Winds.

Sedona Winds offers:

  • Independent Living
  • Assisted Living
  • Memory Care

Assisted Living In Surprise, AZ

If you’ve lived in Surprise your entire life and want to stay close to friends and family, then Chaparral Winds is the assisted living facility for you! As Chaparral Winds’ website states, this is a community designed for the active seniors, while still providing a relaxed vibe throughout the facility. A pool and hot tub combined with a beautiful dining area make this one of the premier communities in all of Arizona. Great shopping, golf courses, restaurants and medical facilities are all located within a few miles.

Chaparral Winds offers:

  • Independent Living
  • Assisted Living
  • Memory Care

Assisted Living In Peoria, AZ

Offering assisted, independent and memory care services, Desert Winds is a top-notch community in the valley. Desert Winds offers three types of floor plans for assisted living residents. Whether a two-bedroom, two-bath or one-bedroom, one-bath is what you desire, Desert Winds has a plan for you. Studio apartments are available as well. All of these floor plans can be toured virtually on Desert Winds’ official website. All apartments come fully equipped with individual heat and AC units, a refrigerator, microwave, window treatments and more.

Desert Winds offers:

  • Independent Living
  • Assisted Living
  • Memory Care

Assisted Living In Mesa, AZ

Canyon Winds is a Senior Living Services Community located in Mesa, Arizona. This facility offers plenty of choices for senior citizens of varying needs. One can find more than just assisted living at Canyon Winds, as they also offer independent and memory care services. This resort-style facility is breathtaking, with spacious floor plans and dining areas. A full activity program and fitness center await future residents. Looking to bring a small cat or dog to your new home? Not a problem at all, as every SLS Community is pet friendly!

Canyon Winds offers:

  • Independent Living
  • Assisted Living
  • Memory Care

Assisted Living In Youngtown, AZ

There isn’t a more appropriately named setting for this lively community than Youngtown! Monthly rent at Ventana Winds includes three well balanced meals plus snacks, 24-hour staff, and a daily tidying of your apartment. The offerings don’t end there! Personal laundry is done weekly, transportation is provided for appointments or shopping, a 24/7 emergency call system is in place, as well as a full slate of exciting activities. Check out all of Ventana Winds’ offerings today!

Ventana Winds offers:

  • Assisted Living
  • Memory Care

How Much Does Assisted Living Cost In Arizona?

The average cost of assisted living per year in Arizona is $42,500. Paying for Senior Care lists the average cost per month for assisted living in Arizona at $3,800 which equals about $45,600 per year. The average yearly cost for assisted living in Arizona is approximately $45,600, with costs running between $3,500 and $5,098 per year.

  • Low Cost: $42,000 per year
  • Average Cost: $45,600 per year
  • High Cost: $61,176 per year

More Articles About Senior Living

Find Quality Assisted Living Care With SLS Communities

(480)-348-0300
REQUEST INFO

If you’re looking for the very best assisted living in Phoenix; SLS Communities can help!  We have 5 locations in the Phoenix Valley that seniors and their families can choose from. With great amenities such as meticulously manicured landscaping, swimming pools, theater rooms, on-site salons, and much more! SLS Communities delivers today’s seniors the very best assisted living care services in the Phoenix, Arizona area.

Check out our locations below

For more information about assisted living and senior living services please call 480-348-0300.

Assisted Living
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Regular Post
Written by webtechs

Can I Retire At 60 With 500K

Can I Retire At 60 With 500K

With meticulous planning and wise investments, yes, it is possible to retire by the age of 60 with $500,000 in the bank.

If you are searching for “can I retire at 60 with 500k,” this post will be your guide!

(480)-348-0300
REQUEST INFO

Can I Retire With 500K?

Most experts suggest you’ll need to save $1 to $2 million to retire comfortably. While that is a good rule of thumb, it certainly is possible to enjoy retirement without saving that amount of money. In many cases, 500K will be enough to retire on. However, you will need to work out a smart budget and live wisely for your present and future years.

Here are a few tips to follow:

  • Save money early and often.
  • Always maintain a budget.
  • Choose the right location.

Save Money Early And Often

The more money you save during your younger years and working days, the better equipped you will be for retirement. Saving money early and often is a crucial step toward an early retirement. The good news is there are currently many ways to get creative and save money. Take advantage of any extra cash that may come your way, such as a work or performance bonus. Put your extra money into an IRA or a 401(K) plan. Check with your employer to see if they’ll fully match any contributions made toward a retirement plan. If they do, capitalize on this savings opportunity.

Always Maintain A Budget

Enjoy your current lifestyle, but always live within a strict budget. This is another key when building toward a happy and healthy retirement at 60. Keep all your basic living expenses, including housing, healthcare, utilities and transportation on a budget. Go back and look at your monthly or your past year’s expenses and come up with a budget based on those figures. Now, find out what you can cut back on. That might mean fewer nights dining out or vacations, but in the long run the budget will be well worth it.

Choose The Right Location

So, what exactly does this next step mean? Well, you may love the area you live in and trust the school systems, etc, but the experts suggest evaluating everything, and that includes location. Consider the idea of relocating to an area with lower housing prices, if possible. This move, of course, could also apply to your future retirement. With 500K in the bank, you may have to settle on location. You might not be able to live in the location of your dreams. But, if retiring at 60 is one of your dreams, make sure to follow these three steps.

How To Save For Retirement Without A 401k

Retiring Without A 401K Plan

There are a few ways to save money in the absence of a 401k plan. Whether you are unemployed, self-employed or simply seeking other investment options, there is always a plan for your needs. Let’s take a look at a few of the alternatives for savings:

  • Open a solo 401K
  • Save tax refunds
  • Open an IRA

A solo 401k, also known as a self-employed 401k, is perfect for those not expecting to make a large yearly income. With a solo 401k, you are eligible to contribute twice, once as an employee and once as the employer. Participants are allowed to contribute their entire yearly earnings, as long as it does not surpass $19,500. When contributing as the employer, though, the amount will differ. You are allowed to contribute up to 25% of your earnings as the employer. Spouses of solo 401k contributors are eligible for this plan, as well.

Everyone’s gut instinct is to spend, spend, spend when that tax return finally comes back! But, if you can just hold off the urge to spend this money, it could pay off in the long run. Simply saving any tax refunds is the simplest way to invest in your retirement. IRS Form 8888 currently allows taxpayers to deposit refunds directly into two or more savings accounts.

Opening an IRA tends to be the most popular option for individuals without a 401k. There are a couple different IRA options available. A Roth IRA and a traditional IRA can both be great investment options. The only requirement for anyone opening an IRA is that they must be earning an income. However, if you are unemployed but married to someone earning an income, you are eligible for this plan. Self-employed workers commonly choose to open an IRA.

Retired Couple

More Articles About Senior Living

Find Quality Assisted Living Care With SLS Communities

(480)-348-0300
REQUEST INFO

If you’re looking for the very best assisted living in Phoenix; SLS Communities can help!  We have 5 locations in the Phoenix Valley that seniors and their families can choose from. With great amenities such as meticulously manicured landscaping, swimming pools, theater rooms, on-site salons, and much more! SLS Communities delivers today’s seniors the very best assisted living care services in the Phoenix, Arizona area.

Check out our locations below

For more information about assisted living and senior living services please call 480-348-0300.

Retirement Investments, Senior Living
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Regular Post
Written by webtechs

How To Save For Retirement Without A 401K

How To Save For Retirement Without A 401K

Saving for retirement without a 401k seems like a daunting task, but luckily there are several other savings options available. If you are searching for “how to save for retirement without a 401k,” then this post will be your guide!

(480)-348-0300
REQUEST INFO

How To Save For Retirement

There are a few ways to save money in the absence of a 401k plan. Whether you are unemployed, self-employed or simply seeking other investment options, there is always a plan for your needs. Let’s take a look at a few of the alternatives for savings.

Solo 401k

A solo 401k, also known as a self-employed 401k, is perfect for those not expecting to make a large yearly income. With a solo 401k, you are eligible to contribute twice, once as an employee and once as the employer. Participants are allowed to contribute their entire yearly earnings, as long as it does not surpass $19,500. When contributing as the employer, though, the amount will differ. You are allowed to contribute up to 25% of your earnings as the employer. Spouses of solo 401k contributors are eligible for this plan, as well.

Saving Tax Refunds

Everyone’s gut instinct is to spend, spend, spend when that tax return finally comes back! But, if you can just hold off the urge to spend this money, it could pay off in the long run. Simply saving any tax refunds is the simplest way to invest in your retirement. IRS Form 8888 currently allows taxpayers to deposit refunds directly into two or more savings accounts.

Contribute To CD

Are you looking for a safe investment option? Well, contributing to a CD (certificate of deposit) may be the best choice one can make when saving towards retirement. The federal government insures CDs to never lose value, which makes this one of the safest investment plans out there. Money contributed in a CD can also be withdrawn at any time. This is a great benefit for anyone encountering unexpected bills, such as hospital stays or higher car payments.

Opening An IRA

Opening an IRA tends to be the most popular option for individuals without a 401k. There are a couple different IRA options available. A Roth IRA and a traditional IRA can both be great investment options. The only requirement for anyone opening an IRA is that they must be earning an income. However, if you are unemployed but married to someone earning an income, you are eligible for this plan. Self-employed workers commonly choose to open an IRA.

Health Savings Account

A health savings account (HSA) can be opened even if you have already opted to choose an IRA, solo 401k or contribute to a CD. Tax-free withdraws and immense growth potential are two benefits of a health savings account. After the age of 65, money can be pulled from a HSA with no penalties.

More Articles About Senior Living

Find Quality Assisted Living Care With SLS Communities

(480)-348-0300
REQUEST INFO

If you’re looking for the very best assisted living in Phoenix; SLS Communities can help!  We have 5 locations in the Phoenix Valley that seniors and their families can choose from. With great amenities such as meticulously manicured landscaping, swimming pools, theater rooms, on-site salons, and much more! SLS Communities delivers today’s seniors the very best assisted living care services in the Phoenix, Arizona area.

Check out our locations below

For more information about assisted living and senior living services please call 480-348-0300.

Retirement Investments, Senior Living
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Regular Post
Written by webtechs

Funny Quotes About Aging Gracefully

Funny Quotes About Aging Gracefully

Aging gracefully means holding onto passion and always preserving a sense of humor. Here is a list of 25 funny quotes about aging gracefully for today’s seniors.

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Funny Quotes About Aging

  1. “Birthdays are good for you. Statistics show that the people who have the most live the longest.” – Larry Lorenzoni
  2. “Age is a high price to pay for maturity.” – Tom Stoppard
  3. “Age is an issue of mind over matter. If you don’t mind, it doesn’t matter.” – Mark Twain
  4. “Old age comes at a bad time.” – San Banducci
  5. “Few people know how to be old.” – Francois de la Rochefoucauld
  6. “The idea is to die young as late as possible.” – Ashley Montagu
  7. “Life is like a roll of toilet paper. The closer you get to the end, the faster it goes.” – Anonymous
  8. “Growing old is mandatory; growing up is optional.” – Chili Davis
  9. “Life is a moderately good play with a badly written third act.” – Truman Capote
  10. “Old age is like everything else. To make a success of it, you’ve got to start young.” – Theodore Roosevelt
  11. “The secret of staying young is to live honestly, eat slowly and lie about your age.” – Lucille Ball
  12. “Eventually you will reach a point when you stop lying about your age and start bragging about it.” – Will Rogers
  13. “The older I get, the better I used to be.” – Lee Trevino
  14. “Old age isn’t so bad when you consider the alternative.” – Maurice Chevalier
  15. “You know you’re getting old when the candles cost more than the cake.” – Bob Hope
  16. “Nice to be here? At my age it’s nice to be anywhere.” – George Burns
  17. “You can live to be a hundred if you give up all the things that make you want to live to be a hundred.” – Woody Allen
  18. “Wrinkles should merely indicate where smiles have been.” – Mark Twain
  19. “Don’t let aging get you down. It’s too hard to get back up.” – John Wagner
  20. “By the time you’re eighty years old you’ve learned everything. You only have to remember it.” – Bill Vaughan
  21. “I’m at an age when my back goes out more than I do.” – Phyllis Diller
  22. “You spend 90 percent of your adult life hoping for a long rest and the last 10 percent trying to convince the Lord that you’re actually not that tired.” – Robert Brault
  23. “Old people shouldn’t eat health foods. They need all the preservatives they can get.” – Robert Orben
  24. “The afternoon knows what the morning never suspected.” – Robert Frost
  25. “The first 40 years of life give us the text; the next 30 supply the commentary on it.” – Arthur Schopenhauer

More Funny Quotes

30 Quotations About Getting Old

100 Funny and Witty Quotations About Age and Getting Older

Funny Aging Quotes

30 Of The Best Quotes About Aging

Funny Aging Quotes

More Articles About Aging

Find Quality Assisted Living Care With SLS Communities

(480)-348-0300
REQUEST INFO

If you’re looking for the very best assisted living in Phoenix; SLS Communities can help!  We have 5 locations in the Phoenix Valley that seniors and their families can choose from. With great amenities such as meticulously manicured landscaping, swimming pools, theater rooms, on-site salons, and much more! SLS Communities delivers today’s seniors the very best assisted living care services in the Phoenix, Arizona area.

Check out our locations below

For more information about assisted living and senior living services please call 480-348-0300.

Assisted Living, Senior Living
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