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Tips Health Insurance -  Don't assume your expenses will be lower when you retire.  Medical costs, including medical premiums and prescription drugs, all sky rocket.  Take good care of your health. Hobbies - Find things that you enjoy doing now so that you can look forward to doing more of them when you retire.  It will help you when you make the transition.  You can also develop a hobby that can turn into a money maker when you retire. Housing Costs - Your number one financial goal should be to plan to have your mortgage paid off before you retire.  It takes a lot of income to pay for a mortgage.   Refinance to a 15 year mortgage if you can, or send in extra principal payments to pay it off quicker. When you don't have a mortgage expense, you can retire in comfort with a lot less money Life Insurance - Two can live cheaper than one. Protect your spouse. Life insurance premiums are at an all time low. Long Term Care Insurance - If you want to take out long term care insurance, the recommended age is 59 1/2. After that, you risk  not being healthy enough to get it. It is expensive. Be sure you can keep up the premiums. The cost for long term care insurance in a private facility is very high. In our state, it is more than $6,000 a month. If you want to protect money that you have saved,  think about taking out long term care insurance. Medicaid will pay for long term care in a state institution, but you have to pretty much deplete your own resources first. This varies by state, so you need to research it. Long term care in some states in much higher than in others. If you live in a state that is very expensive, you can lower your premiums if you plan to receive care in a different state. Be aware the care you received in a state run institution does not compare with private care. Saving Money - Start saving for retirement when you are young and time is on your side.  Put aside $200 a month when you are 30, and you will likely retire a millionaire.  Wait until you are age 40, and you will need to save over $600 a month.

 

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