So Retirement can be seen of 1 of 2 things.

1st. Retirement is when you reach at least 65 years of age and stop working at your daily job in order to live off of income and benefits you have stored up over the last 15+ work years.

2nd. Retirement is when your passive residual income is greater than your expenses, which allows you to quite your day job and live freely.

In order to retire successfully, during your working years you should be focused on Increasing your retirement income (or passive residual income) and decreasing your retirement expenses.

Retirement Basics 101

Increase Retirement Income

• Retirement Account

• Savings Account

• Bonds

• Residual Income

  • Royalties

  • Income Properties

  • Stocks that Pay Dividends

• Profitable Busienss or Business Franchise income

• Real Estate Investment Trusts

• Government Assistance

  • Social Security

  • Medicare (covers some Health Care expenses)

Decrease Retirement Expenses

• Anticipated Retirement Expenses

  • Housing

    • Property Taxes

    • Home Insurance

    • Home Repair Fund

  • Transportation

    • Car Repairs

    • Gas

  • Health Care

  • End of Life Planning

    • Life Insurance

    • Estate/Trust Management Fees, Taxes, etc.

  • Entertainment, Fun, Travel

Expenses to reduce or pay off prior to retirement

• Home Mortgage

• Student Loans

• Consumer Debt (e.g. credit card debt)

• Car Loan

Designing and Curating your Retirement Life

Determinign what type of life you want to live during retirement helps you to determine how much retirement income you need to leave.

Some people choose to save up X amount of money, and move to an area or country with lower costs of living.

Others want to stay in their home that they just finished spending the last 30 years paying off.