Athletic careers can be lucrative ones, and what could be better after a long and storied soccer career than retiring in luxury? Even with a high paying career, however, you’ll need to use your assets wisely to retire safely. Here’s what you need to know.
Cost Saving Renovations
Home remodeling is par for the course when it comes to retirement goals, but renovations in and of themselves can be incredibly costly. On the other hand, there are several renovations you can make to your home that can save you money in the long run. These upgrades to your home can make retirement that much easier by reducing the expenses that will diminish your budget. Start by searching solar companies near me and implementing solar panels on your property. Solar energy is cost effective to install and has a low monthly cost, but solar panel batteries are more costly. A battery is all but necessary if you want uninterrupted power, but it’s ultimately a small price to pay for the long term security solar has to offer, especially on a pro athlete’s budget.
Another great renovation for saving money is to update outdated windows and appliances. Older windows are less insulated and, therefore, compromise the energy efficiency of your home. In layperson’s terms, non energy efficient windows let air conditioned and heated air escape from your home, meaning that more electricity is required for the same result. Water heaters double dip in this area, because the period of time it takes for the water to get hot requires you to waste both power and water. Replacing these features with newer, more efficient models will save you a ton.
Another crucial part of planning for retirement is to create a budget, so you know the limitations of your retirement based on your assets. Creating a budget for retirement is fairly simple. You need to start by observing how you spend money and write down your monthly expenses for a couple months. This will give you a rough estimate of the amount of money you’ll need each month during retirement. From there, you can take a look at where your money is going and begin to make some changes in the name of trimming the fat in order to create a bigger budget down the road. One good rule of thumb for reducing your month to month expenses is to limit luxurious or recreational costs. While recreation is an important part of maintaining morale, it shouldn’t prevent you from saving for or enduring retirement.
The single most important part of preparing for retirement is to create a retirement fund to begin with. This will have better results the longer you’ve been putting money into it, but something is better than nothing, and it’s never too late to start. It’s also important to note that a proper retirement fund is only one of your options for accruing the wealth you’ll need to bankroll retirement, and combining more than one of these methods is encouraged. A standard savings account is generally good to have at your disposal for saving up for various expenses. The most crucial aspect of this plan, regardless of your chosen method, is that you need to invest into those accounts regularly and frequently. This is the primary way that your money can expand over time, leaving you with a large enough sum to cover all of your needs, potentially for decades. Savings and retirement funds often accrue interest, and that small increase will itself increase in size as your balance grows. For these reasons, you need to start saving today, if you somehow haven’t already.
Retirement is something that everyone deserves, but not everyone can afford the retirement they desire. Professional athletes are uniquely poised to lead a lavish life after hanging up their hats. These tips can help you make the most of your assets and, with that, secure the retirement you want and deserve.