People keep on working harder by the day during their professional life so that they might earn a substantial amount of money which would give them a retired life in the true sense when they cross the age limit to be a professional any more. But in today’s world, just earning money is not sufficient to give you a rich life after your superannuation. A whole lot of planning needs to go that way in order to not only lead but also to sustain an economically healthy life even after you have closed even the final chapter of your professional life. Here are some of the hacks which would help you in sustaining your hard earned fiscal resources and continue to be wealthy for longer periods.
- Shift to a state sans state income tax: – If you have been planning to shift to some place where you can afford all the pleasures of life with lesser amount, always keep in mind that there are 9 states in America where you would not have to pay state income taxes. The states are Alaska, Florida, New Hampshire, Nevada, South Dakota, Tennessee, Texas, Washington and Wyoming. Remember to make sure what other taxes you would have to pay before making the move.
- Opt for a state with no taxes on pension and social security: – States like Alabama, Alaska, Florida, Mississippi, Nevada, New Hampshire, Pennsylvania, South Dakota, Tennessee, Texas, Washington and Wyoming do not levy taxes on social security and pension income. As such, keeping the other taxations in mind you need to take a call on which of these states would be better suited for the amount you have or are still earning.
- Sell your stuff online: – With the advent of smartphones, you can do any amount of business from the comfort of your drawing room. Thus, once you have already retired and want to get rid of the unused things back home, simply put them on sale through any mobile app and get good value for things which you never use.
- Generate extra income: – Another way-out is to generate extra income through part time jobs and locking up the income in one account which you would have to forget. Thus at the end of your working life you will definitely find out that you have already earned a lump sum amount which you can enjoy the rest of your life with.
- Try not to be a co-signer of a student’s loan: – Suppose you had taken a student loan when your child was a student. Now that your child has already graduated and is himself or herself earning a bit or two it would be better off on your part to remove yourself as the co-signer to the students’ loan so that later on you are not held responsible to pay the loan back.
As such, we can easily come to the conclusion that only having a substantial bank balance is not enough in today’s world to lead a rich life. It needs to be complemented with a lot of planning and the correct implementation of those plans in order to increase the sustainability of your hard earned finance.