Thursday, October 28, 2010

Retirement Money Looking Slim?

It’s been a rough few years for our economy. You may know that personally since both you and your spouse were laid off within a few weeks of each other. Wow! The unemployment check carried you through a few months. However those checks weren’t near what you are both accustomed to making. So you had to start pulling a little out of your savings account every so often.

While you are going through your stack of bills and try to chart a plan, go back to the paid bills in December and January. How much were those taxes you paid on that vacant piece of land? Wouldn’t you like to have that money right now? Remember you are going to have to pay that again in just a few short months too. That tax bill comes due right after the holidays which are going to be a strain already. So what can you do?

Sell that land! Yes, you bought that beautiful piece of land years ago. You were thinking that you would build a retirement place for the two of you after the kids left home. You would live off your Social Security checks comfortably. Well guess what? Social Security is broke now. That 401k you’ve been paying into, lost money in the markets your broker chose. So now your retirement account has shrunk over the past few years, thanks to the present day economy. So that small home on the prairie probably isn’t going to happen anyway.

Times have changed and many of us have had to change our retirement plans too. So let go of that dream and sell that land now, get a hunk of cash that you can invest. Your cousin told you about an investment he was making and invited you, remember? Sell that land and give him a call! You got a good chance to invest and resell that stock for a tidy profit in a short time. That piece of land is costing you taxes and upkeep. You are looking at ways to slim down the expenses, get rid of that one!

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