Your retirement plans may be a bit different than your parents’ and you’ll probably need more money than they’ve saved up. It won’t be easy but here’s how to get there.

For many of us, retirement seems a million miles away. And, with more and more companies handing retirement responsibilities into the hands of their employees, many of us are wondering: how on earth do I retire with more than my parents?

Fortunately, it is possible to retire with more money than your parents-if you have a financial plan that you work ruthlessly.

Let’s be clear, your parents may have a completely different vision about retirement than you do. When conceptualizing your own retirement, you need to be clear on what retirement will look like for you and an understanding of what your monthly expenses will entail during the duration of your retirement.

Are you just dreaming about golfing or fishing in your old age?

Retirement in 2017 has become somewhat sexy and there are a ton of different ways to create the perfect retirement that reflects both lifestyle and your future finances.

You may want to embrace FIRE (financial independence retire early) and retire in your thirties. Your retirement may be on a boat sailing around the Caribbean. Or, you may want to live in a large house in your hometown.

Own your vision for retirement and then begin working a plan to move you towards that vision.

Look for ways to save more.

For those of you who are younger and are currently  in the process of deciding where to go to college, double down on going local. Local tuition is always cheaper than out of state. In fact, if you’re still in high school, earn college credits

In fact, if you’re still in high school, earn college credits at  a discounted rate before going to college so that you can decrease your time in school. With the money that you save on tuition, begin saving for the future.

Negotiate every financial expenditure with the idea of investing your savings for the future. Keep your housing costs as low as possible and work hard on keeping your overall monthly and yearly operating budget as low as possible.

Currently, I have a budget of $2500 for both my personal and business expenses and I’m aggressively working hard to lower that number. It took awhile to lower my expenses, but once I did, I’ve been able to reallocate my money towards financial choices that will serve me well in the future.

I also embrace the “keep it small” philosophy.  You’ve probably heard the buzzword “minimalism” and, in my view, keeping it small and simple is basically the same thing without the snazzy  black t-shirts that minimalists always seem to wear.

I’ll be honest and say that I have no interest in super sizing my home and having a larger mortgage. Keep your housing and car expenses low so that you can invest your savings for your future.

Finally, don’t drive away your savings by purchasing too much car for your needs. In 2016, CNBC reported that the average monthly car loan payment was $503. Imagine if you paid cash for a used car and used the money that you saved on transportation costs towards retirement savings?

You also need to earn more.

Look at every opportunity to earn more money and to save money on every financial transaction you find yourself in.

Earn more money.  Let’s be frank, financial conversations seem to always cover: paying off debt, spending less, and changing your habits, but never seem to cover earning more money.

As you look at your career and your earning capability, focus on careers that start with higher earning potential.

Don’t mind dealing with blood and can get scholarships? Think about becoming a nurse or doctor.   Do you love teeth? But, you don’t want to take on student loans to become a dentist? Become a dental hygienist instead. Do you love science and computers? Become an engineer of a highly specialized field or a computer coding badass.

Embrace a financial strategy that includes finding employment with an organization that matches your retirement savings. Increase your savings as you earn more (while being mindful of savings limits). Don’t let your lifestyle costs creep up, just bank your earnings so that you save more over time.

If you want to retire with more money than your parents, keep your eye constantly on your ultimate retirement savings goal and work your plan unapologetically.

Start a business. One of the best things about becoming an entrepreneur is access to retirement savings tools that enable consumers to save substantially more than for someone who is employed.

It’s not too late.

And, for those of you who started late, all of this advice still is applicable to you. But, in all honesty,  you’ll have to double your efforts and approach your long-term retirement goals with a single-minded focus and tenacity that someone who started early won’t have to deal with.

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Are your retirement dreams bigger than your 401(k)? If you’re ready to retire, but your wallet isn’t, here are some ideas to get you on your way.

If you’re thinking about retirement, you’re probably ahead of the curve. Most Americans don’t have enough saved for their golden years, and a substantial amount have nothing saved at all. If a retirement fund is your nest egg, most people haven’t even started looking for a chicken!

If you want to retire early, you’re going to need to get creative. Living costs continue to rise, the future of social security is dubious at best, and most experts predict that millennials will struggle to retire on the same timeline as their baby boomer parents. It’s a harsh reality, but it doesn’t appear to be changing anytime soon.

Here are a few practical ways to retire when you want – and one you probably haven’t thought of.

Keep a budget.

When your heart is set on early retirement, you need to hit those numbers consistently in order to reach your goal. If you stop contributing to your 401(k) for a few months to pay off some debt or go on vacation, you could miss your target retirement date.

Stay on track with a budget and designate how much you can spend per category. Not sure how much you should budget? Track your spending first to see what your current numbers are, then see if you need to make any changes.

“Once you’ve tracked your spending for a few months, you’ll be able to see spending patterns,” said anonymous early retirement blogger Mrs. 1500 of 1500 Days.

Earn more money.

When you decide to retire early, you’ll probably find that you have to save far more than the average person. Your two choices are to live below your means or find an additional source of income. Depending on how much you make and when you want to retire, even living below your means might not be enough.

Go through the math and see how much you need to save to reach your goal. Can you do that on your current income? Or will you need work more?

Mrs. 1500 said people should “get a second job, improve [their] current earnings, get a side hustle or use [their] funds to invest in passive-income producing ventures such as real estate, stocks that pay dividends, or Private Money Loans – essentially being the bank for investors.”

Know your number.

Being aware of how much you need to retire is crucial. Some people assume you need millions, while others think Social Security and Medicare will be enough to string them along. Both answers are probably wrong.

Everyone’s number is different and depends on their lifestyle, location and when they plan to retire. There are many retirement calculators online to help you figure out how much you need, but you should see a financial planner if you want a personalized figure.

Mrs. 1500 said you should save 25 times your annual spending “so that you can safely withdraw 4% every year.”

Downsize your home.

Housing costs make up the largest portion of the average consumer’s budget, and a hefty mortgage can delay retirement.

Instead of holding onto your home, find the least expensive option you’ll still be happy with. You might even have enough equity in your current house to pay off a new mortgage. Many retirees like the convenience of a condo where they’re not responsible for mowing the lawn or general maintenance.

A smaller house will also come with lower utilities, property taxes and more. Use the difference to save for retirement.

Move to a cheaper country.

Your nest egg might be too small for a retirement in America, but it could be just enough to spend your golden years overseas. Many South American and Asian countries offer a low cost of living and welcome American expats.

Joseph Hogue of Peer Finance 101 lives in Medellin, Colombia with his wife and son. Their total living expenses equal $1,400 a month – a sum far smaller than anywhere they could find in the US.

“That includes health insurance for a family of three, internet, cable and all the amenities we had when we lived in the States,” he said. “The city is the second largest in the country and has a metro system as well as everything you’d expect in a large metropolitan area.”

Other popular options include Belize, Thailand, the Philippines, and Nicaragua. In many of these destinations you can live on $1,000-$1,500 a month and get access to the same level of healthcare as you had back in the States. Many of these countries have significant expat communities where you can meet other Americans.

“Sometimes it can feel like you never left at all,” Hogue said.

Before you pack your bags, do some research on your chosen destination. Make an approximate budget and factor in flights back home, which may be pricey and exhausting.

Are you prepared for retirement? Do you have any other tips to get ready? Let us know over at the #Adulting Facebook community!

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Todd Tresidder is our featured guest, speaking about setting goals for building wealth that make sense despite today’s financial difficulties.

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Show Notes

Today, Todd Tresidder from FinancialMentor.com joins Harlan and Miranda to speak with the Adulting.tv audience about setting the right kind of goals for building wealth over the long term. Thinking about the future is hard when you’re struggling, but this is the best time to put plans into action that will help you in the long run.

Todd Tresidder graduated from the University of California at Davis with a B.A. in economics and a passion for creating successful businesses. A serial entrepreneur since childhood, Todd went on to build his own wealth as a hedge fund investment manager before “retiring” at 35 to teach others. Today, he provides advanced investment and retirement planning education at FinancialMentor.Com showing you what works, what doesn’t, and why based on a depth of proven experience.

Hosted byHarlan L. Landes and Miranda Marquit
Produced byadulting.tv
Edited and mixed bySteven Flato
Music bybensound.com

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Beth Kobliner, author of Get a Financial Life: Personal Finance in Your Twenties and Thirties, discussed retirement, credit, and basic personal finance.

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Miranda and Harlan are pleased to welcome Beth Kobliner to Adulting.tv. We discuss the actions you can take today to set yourself up for financial success in the future, and why you need to start thinking about the future right now.

One of the topics we cover is retirement. Regardless of how difficult it seems, there are ways to start putting away a tiny bit of income for retirement, and Beth shares exactly how that can be done. We also discuss other financial basics, including tips for improving credit even without a lot of experience with money.

Beth Kobliner is a commentator and journalist, and author of the New York Times bestseller Get a Financial Life: Personal Finance in Your Twenties and Thirties. Her guide for parents, Make Your Kid a Money Genius (Even If You’re Not!), was published by Simon & Schuster in February 2017. Kobliner has been a staff writer for Money magazine and a contributor to the New York Times, the Wall Street Journal, Redbook, Glamour, Reader’s Digest, and O, The Oprah Magazine.

She also served as a content advisor for Sesame Workshop’s financial education initiative, offering on-air money advice to Elmo. Kobliner was selected by President Obama to serve on his Advisory Council on Financial Capability for Young Americans.

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Screw the huge salary and 80-hour workweeks. Do your benefits help you actually LIVE your life?

When you start a new job — including your first job — salary seems like the most important issue.

Making money is important. We all enjoy eating and most of us like to have a little fun, too. But it’s not just about the salary or the hourly wage. When my now-ex-husband got his first real job after, I was shocked, shocked, at how much easier life became with addition of benefits.

Health insurance is your BFF.

The biggest bonus was health insurance. We’d been paying for private health insurance for a decade, using my earnings as a freelancer to pay for everything. With his employer subsidizing our coverage, our premium was cut in half, and we had a better plan. I swear, one of the biggest disappointments of the divorce was the prospect of going back to being entirely responsible for my own health insurance.

Your employer might be paying as much as 68% of your premium if you have health benefits, according to the Bureau of Labor Statistics. If you are paying $250 per month for your health benefits, there’s a good chance they cost as much as $368. That’s a savings of $118 a month. It’s like making an extra $1,416 a year.

Paid vacation days are totes amazing.

Get paid even while you aren’t at work? Yes, please! If you can negotiate a package that allows you to take vacation days and still get paid for them, you are doing something right. It might be worth it to accept a little less in terms of salary if you don’t have to worry how you’ll make up the days you missed to attend SXSW.

Even if you don’t get paid vacation days, some companies are willing to offer extra personal days (although you won’t get paid). If you could take extra time off to live life, would you take it even if you aren’t getting paid? I would.

Nothing beats flexibility.

Money Isn't Everything: Are Your Benefits On Fleek?

There is nothing — nothing — I value more than freedom and flexibility. Increasingly, companies are offering benefits that include flexible work schedules. Thanks to technology, a number of jobs now come with location independence, and there are some companies that allow completely remote workers.

Even if you don’t get to work in your jammies or from the coffee shop every day, you might be able to negotiate telecommuting privileges for two or three days a week, or customize your schedule to come in earlier or later in the day.

I have a friend who is willing to accept a little less in terms of salary because his employer allows him to work three 12-hour days a week. That means that he has four days off each week, and is still considered full-time and enjoys health benefits. That level of flexibility is worth $5,000 a year to him.

How fierce is your retirement plan?

No matter how much money you make, investing can help you prepare for the future. The easiest way to invest is through your company’s retirement plan. Your money is automatically withheld from your paycheck and invested for the future. And if your company’s plan is truly fierce, you’ll get an employer match. That’s free money that goes toward your future, building your retirement portfolio. It’s hard to beat that.

Other epic benefits.

Companies are interested in attracting the best and the brightest, and if that’s you, there are plenty of other epic benefits that you might be able to enjoy at the right company — and that might be worth more than mere money:

  • On-site fitness center or a paid membership to a local gym
  • Meals in a cafeteria that serves actual food
  • Tuition reimbursement
  • Career development and training resources
  • Equipment, such as a smartphone or a laptop
  • Attractive and diverse workspaces (including open offices, standing desks, and other innovative perks)

There are a number of companies willing to offer high-end perks, ranging from concerts to concierge services.

Before you get hung up salary, think of your preferred lifestyle. Your life is going to such if you work 80 hours a week with no time for true enjoyment. You might have a lot of money, but are you enjoying life now?

The right benefits can be worth more than a couple thousand extra dollars per year.

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