When we think of the world of celebrities, we think of beautiful people who make millions of dollars every year, live in mansions with maids and staff, fly in private jets, and, in general, live happier lives than the rest of us. And while there’s no denying that Hollywood offers big perks, those perks come at a price, one that is too high for some celebrities.
For this reason, or simply because they no longer enjoy being famous and want to pursue a different line of work, some celebrities choose to retire and completely walk away from it all.
Jack Gleeson is best known for his portrayal of Joffrey Baratheon in the hit HBO series Game of Thrones. But despite the show’s success and his new, budding career, Gleeson has chosen to retire from the spotlight for good because, as he says, “it’s just not fun anymore.” Gleeson is now focusing on his studies and getting his graduate degree.
Say what you will about Millennials, according to a 2014 report from the Transamerica Center for Retirement Studies, they are an “emerging generation of super savers.” The report found that many 20-somethings are already preparing for their retirement and are concerned about their financial future. Maybe they can show a thing or two to the many generation Xers who are having trouble building wealth, or the baby boomers who find themselves just entering their golden years and discovering they haven’t saved enough.
Here are 10 ways Millennials are making more than anyone on retirement.
Millennials Plan to Retire Late
There was a time in this country when people planned to retire between the age of 55 and 60. The next generations found themselves retiring well into their 60s. But Millennials, being a smart bunch, already know and are planning to put off retirement until they are in their 70s. This is good for a few different reasons.
Obviously working longer allows individuals to pay off debt, especially student loan debt, while still putting savings toward that nest egg. And, the longer a person waits to collect that social security payment the bigger that payment will be. Millennials recognize this as a win/win. And, according to the Transamerica report, many millennials plan to keep working after they retire anyway, which offers a continued revenue stream.
When asked about their retirement, most Americans say they are building a nest egg and hope to comfortably live off of that and social security payments. For many, the goal is to save $1 million dollars. While it can be done by some the majority of retirees will never hit that mark. And those that are able to save this much can hope to earn about $40,000 a year in investment-grade bonds. But is this enough?
Many wealth planners advise their clients to focus on income diversification. By doing so you can ensure you will never outlive your nest egg.
Are you dreaming about your retirement? If you like the idea of spending your golden years relaxing, traveling and trying new things, but all within your allotted budget, then you may want to consider retiring abroad. Retiring overseas may sound exotic and expensive, but doing so can dramatically reduce your cost of living and help your retirement income go the distance. In fact, depending on where you decide to retire to, you can often enjoy a better lifestyle with significantly more disposable income abroad than you can right here in the U.S.
Read on to find out 8 places where you can retire abroad and save big.