Rents are going up, but brokers insist that negotiations are still possible, even in a competitive market.Call your landlord at least three months before the lease expires and ask whether the rent will be going up. This will give you time to negotiate and consider your options. Here are some tips from the experts.

Rents Going Up

Vacancies cost landlords money — they lose rent while they clean, paint, repair and show the apartment. And they may have to pay the broker’s fee, too. A new tenant might be noisy or not pay on time. Point out these risks, and ask for a compromise.Perhaps you could shave $100 a month off the increase. Or, find other ways to save. Ask for an 18-month or 24-month lease to lock in the terms for longer. If you pay a pet or amenity fee, perhaps the landlord might waive one.

Playing To Your Strengths

Do your research on rentals in the building, on the block and in the neighborhood to make sure the renewal price your landlord is offering is fair and in line with the current market. Leverage that data in conversations with your landlord.Moving is not cheap. Calculate how much it will cost you to move, factoring in a moving van, a broker fee and other associated costs. Then calculate the increase over the course of the year and decide whether or not you’ll come out ahead if you stay or if you go.

Do Your Homework

Brokers insist that negotiations are possible, even in a competitive market. Here are some tips from the experts.

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Marketing & Sales

moneyandinvestments

Money & Investments

How to Negotiate Your Rent (Which Is Probably Going Up)

The typical peak for renting is from May to August when school is out and the weather is more suitable for a move. It's not uncommon to see higher prices during these months, which is why some suggest looking earlier or later in the year. Ensure to make a list of the must-haves, the nice to haves, and the things that aren't a priority.

Get the best price

Using an agent can help navigate through unknown territory. They have a good understanding of each landlord's reputation. They can help weed out the duds, schedule appointments, help organise paperwork and make it an enjoyable experience.

Make use of an agent or broker

Negotiation is best done by a well-trained agent, however, you should still have some knowledge on things such as comparable appraisal characteristics, number of days on the market, and competition of similar spaces.

Don't be afraid to negotiate

Location is more important than square footage. For example, the apartment may have no closets but might be in the right neighbourhood. If you're planning to stay in your rental for longer than a year, a bigger space may be more important than the location. If you're considering a smaller space, calculate your rent with your roommate based on room size to determine if the apartment is worth it.

Location is more important

Rentals are not hard to personalise. Options to fix a temporary place are endless, such as removable wallpaper, swapping out light fixtures, using curtains, or disguising ugly floors with stick-on tiles. Some renters are willing to upgrade the apartment with new floors or a new kitchen at their own expense. They need to notify the owner of the changes, but owners generally agree to improvements.

Make your mark on your space

Renting is a great option for those living with roommates or young families. However, it is important to be well-informed before signing the lease. 

When it comes to renting, people have a lot to say about you should and shouldn't do. We talked to the real estate experts to get the facts straight.

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Personal Development

The Best (and Worst) Renting Advice We’ve Received

Crude oil prices play a primary role in setting gasoline prices. Crude oil is a raw commodity that is used to manufacture gasoline. The price of crude oil accounts for 56% of the price of gasoline in the decade through 2020, on average. Not all grades of crude oil are useful for making gasoline. Lighter crude is less dense and will make more gasoline per barrel than heavy crude. Sweet crude has lower sulfur content and more preferable to sour crude with more sulfur.

Oil Prices: The Crude Reality

Refiners need to be paid to distil crude oil into gasoline and add the required additives. In the decade through 2020, refining costs and profits accounted for 14% of the retail price of gasoline, on average. Seasonal and regional blending requirements and additives such as ethanol add to the cost. The price of wholesale gasoline also reflects supply and demand. For example, gasoline prices typically rise in the summer in the US due to higher demand.

Refining Has a Price

Once crude is refined into gasoline, the fuel has to be shipped to a storage tank, from where it will eventually be distributed to local gas stations. The gas stations require staff and maintenance. Distribution and marketing costs accounted for 14% of the U.S. retail price of gasoline in the decade through 2020, on average.

Distribution and Marketing

State and local taxes accounted for 16% of the retail gasoline price in the decade through 2020. Federal taxes and fees were 18.4 cents per gallon for gasoline and 24.40 cents per gallon for diesel as of July 1, 2021. State taxes averaged 30.63 cents per gallon for gasoline and 32.29 cents per gallon for diesel as of the same date.

Taxes

Consumer demand also plays an important role. U.S. gasoline consumption fell in 2020 during Covid-19 restrictions but has mostly rebounded. As of October 2021, 10 gallons of gasoline cost the equivalent of about 3.1% of weekly per capita disposable income, down from 4.8% in 2011.

Consumer Demand

Gas prices respond to crude oil prices, refining and distribution costs, and changes in demand. Discover what determines the price at the pump.

Discover the world of business and economics.

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Economics

What Determines Gas Prices?

<ul><li>The first rule to follow when lending money to a family member: Assume they will never pay you back—and be OK with that.</li><li>And here's the first rule to follow when borrowing money from family: Pay them back.</li></ul>Money always seems to get uncomfortably personal; there's a power shift in the relationship: The lender becomes more powerful—you see yourself as more responsible. That puts the borrower in a one-down position, which can breed resentment.

Rules to follow when lending/borrowing money to family members

You are under no obligation to say yes on the spot when a family member asks for money—no matter how dire their situation is. <ul><li>Say, 'I would love to be able to help you. Let me think about whether this is best for me.' </li><li>Pause and reflect before answering. Taking even a few minutes gives you time to formulate key follow-up questions in your head. </li><li>You need to know how much they need, why they need it, and what their income expectations are now and for the future. </li><li>Get a sense of whether they can repay you and what their timeline is for that. </li><li>Then take two to three days to respond.</li></ul>

Take time to think about it

Before you get back to the borrower with an answer, you need to consult your partner or spouse if you have one, especially if the amount is substantial given your financial picture. As with all difficult subjects, open communication is key, particularly if your partner isn't as willing to write a check as you are. If your partner is simply not on board with the loan, the deal is off. Marriage is a financial partnership. The partner who doesn't want to lend likely has veto power.

Discuss it with your partner

<ul><li>Lending money is nearly always a bad idea. Anytime you can say no, do so. Even if the person pays you back, you've opened a door that will never close again. You become the bank—it changes how your relative looks at you and how you look at them.</li><li>The experts agree that there are two cases in which you should refuse: if you simply can't afford it, or if the person has a history of borrowing from you or others and not repaying. </li><li>You probably won't feel awesome after refusing the loan. Own those feelings. Then tell them, 'For me, right now, this is the best decision.'</li></ul>

Trust your gut if it’s telling you to say no

If you can't afford to help, say no. Your job is to make sure you're on track to achieve your own financial goals. No one will care more about your money than you.

Don't lend money you don't have

Focus on your loved one's underlying financial issue and see if you can help address it. Help them find the resources they need or create a budget. Addressing the underlying issue doesn't just benefit your cash-strapped family member. It also helps you, by ensuring they don't come knocking on your door in six months, looking for more money.

Do offer to help in other ways

Yes, "gift." There's no other way to look at it, agree McCoy, Castro, and Hendershott: When you lend money to someone—even your closest, most trustworthy sibling—you must assume they will never pay you back and make your peace with that. "It would be nice to think they can and will repay you, and lots of people do," says Castro. "But if you think of the money as a gift, you will be free of any resentment or weird feelings the next time you see them at a family party. It's better for you to continue in your life without holding a grudge."

Feel good about giving this gift

Just because potential lenders should think of the loan as a gift doesn't mean borrowers should treat it as such. When you ask someone you love and trust to give you their money, it's a sign of respect to present a thought-out repayment schedule. Have a real conversation about how the loan will get repaid and when. Once you start talking about money, it only takes about five minutes for the conversation to become less awkward, and you can talk about it like the numbers on paper that it really is.Putting the loan terms in writing can go far to promote peace of mind and reduce resentment.

If you’re hoping to borrow, come armed with a payback plan

Lending money to a relative does not give you a free pass to criticize their spending going forward. Let them be free to do whatever they want with the money, and don't judge them for it. You need to see that person on their own journey and bring compassion, love, and acceptance to the table.The best way to let go of toxic, judgmental feelings is to remind yourself you gave a gift, not a loan—even if it appears your child is blowing your "gift" on new shoes.

Withhold judgment

When you ask a family member for a loan, treat it as a loan. Adhere to the payback schedule. And if you can't, start looking at plan C (because borrowing from a family member was already plan B). Renegotiate the terms with your relative so you can keep your promise to pay. If that's not enough, get a part-time job, sell some physical belongings, ask for a raise. You'll be glad you did, for the sake of your relationship with your family—and your peace of mind.

Stick to the payback plan—or revise it if needed

Lending money to family (or friends who are like family) isn't easy. If you're going to share your money with your parents, siblings, children, or another family member, consider these tips for lending money to family to keep your relationship intact. Here's how to lend money to family without ruining your relationship(s).

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Habits

communication

Communication

loveandrelationships

Love & Relationships

How to Lend Money to Family Without Ruining Your Relationship(s)

As per the World Inequality Report, 2021, 50% of Indians hold no assets in their own name. Indians are incapable of generating wealth with the per capita is because of lack of financial planning.

One thing I like about us is that we know all about exponential growth and compounding, but none of us take it seriously when we consider investments. We just look for quick bucks that leads us to investing directly in harsh equity and the crypto market currently. This is, frankly, not the correct way to invest.The days of storing your savings under a mattress are over. Cash under your mattress can’t even keep up with inflation, let alone grow enough for retirement. Investing when you’re young is one of the best ways to see solid returns on your money.

Joys Of Compounding 

The first step in beginning your journey is deciding how much to invest. How much you should invest depends on your investment goal and when you need to reach it. One common investment goal is retirement. As a general rule of thumb, you want to aim to invest a total of 10% to 15% of your income each year for retirement.

Decide The Investment Amount

Post picking an investment option, it is important to craft an investment strategy depending on your saving goals, how much money you need to reach them and your time horizon. If your savings goal is more than 20 years away, almost all of your money can be in stocks. But picking specific stocks can be complicated and time-consuming, so for most people, the best way to invest in stocks is through low-cost stock mutual funds, index funds or ETFs.

The Investment Strategy 

<a href="https://www.investopedia.com/terms/d/diversification.asp">Diversification </a>is considered to be the only free lunch in investing. As a beginner investor, by investing in a range of assets, you reduce the risk of one investment’s performance severely hurting the return of your overall investment. You could think of it as financial jargon for “Don’t put all of your eggs in one basket.” It is integral in imbibing diversification as the soul of your portfolio.

Diversification Is The Key 

With great investment, comes great returns. Investment is not a chore but should be a habit and I feel that once it becomes a habit, it can make one a millionaire. We all know Warren Buffett, a…

Why do you need to start your investment journey in the 20s?

By three methods we may learn wisdom:First, by reflection, which is noblest;Second, by imitation, which is easiest;and third by experience, which is the bitterest

What the superior man seeks is in himself; what the small man seeks is in others

It does not matter how slowly you go as long as you do not stop

Everything has beauty, but not everyone sees it

To put the world in order, we must first put the nation in order;to put the nation in order, we must first put the family in order;to put the family in order; we must first cultivate our personal life;we must first set our hearts right

If you are the smartest person in the room, then you are in the wrong room

Our greatest glory is not in never falling, but in rising every time we fall

An orchid in a deep forest sends out its fragrance even if no one is around to appreciate it.

Life is really simple, but we insist on making it complicated

When you see a good person, think of becoming like her/him.When you see someone not so good, reflect on your own weak points

If you are courteous, you will not be disrespected;If you are generous, you will gain everything.If you are honest, people will rely on you.If you are persistent you will get results.If you are kind, you can employ people

He who conquers himself is the mightiest warrior

The man who asks a question is a fool for a minute, the man who does not ask is a fool for life

If you make a mistake and do not correct it, this is called a mistake

A great man is hard on himself; a small man is hard on others

15 Powerful Philosophy  Quotes From Confucius

Confucius is now considered the greatest philosopher in Chinese history. This inspiring and enlightening biography will allow readers to discover Confucius' life of peace and harmony, his beliefs, and his philosophies that people still use today through interesting sidebars, facts, clear photos, supportive text, and a helpful glossary and index. Readers are also introduced to other important aspects of this period in China's history including the Zhou Dynasty, Meng-Tzu, and legalism.

philosophy

Philosophy

books

Books

Wendy  Conklin

Confucius: Chinese Philosopher

Saving is the gap between your ego and your income

More than I want big returns, I want to be financially unbreakable

A good rule of thumb for a lot of things in life is that everything that can break will eventually break

Arrange your financial life in a way that a bad investment here and a missed financial goal there won’t wipe you out so you can keep playing until the odds fall in your favor

Warren Buffett’s net worth is $84.5 billion. Of that, $84.2 billion was accumulated after his 50th birthday

Doing well with money has a little to do with how smart you are and a lot to do with how you behave

“Savings can be created by spending less.You can spend less if you desire less.And you will desire less if you care less about what others think of you.Money relies more on psychology thanfinance

Happiness is just results minus expectations

Modern capitalism is a pro at two things: generating wealth and generating envy

You can build wealth without a high income, but have no chance of building wealth without a high savings rate

There's only one way to stay wealthy: some combination of frugality and paranoia. And that's a topic we don't discuss enough.

Using your money to buy time and options has a lifestyle benefit few luxury goods can compete with

Everything has a price, but not all prices appear on labels

Spending money to show people how much money you have is the fastest way to have less money

It gets dangerous when the taste of having more—more money, more power, more prestige— increases ambition faster than satisfactionYou feel as if you’re falling behind, and the only way to catch up is to take greater and greater amounts of risk

15 Powerful Financial Lessons From the Book "The Psychology of Money"

Doing well with money isn’t necessarily about what you know. It’s about how you behave. And behavior is hard to teach, even to really smart people. Money—investing, personal finance, and business decisions—is typically taught as a math-based field, where data and formulas tell us exactly what to do. But in the real world people don’t make financial decisions on a spreadsheet. They make them at the dinner table, or in a meeting room, where personal history, your own unique view of the world, ego, pride, marketing, and odd incentives are scrambled together. In The Psychology of Money, award-winning author Morgan Housel shares 19 short stories exploring the strange ways people think about money and teaches you how to make better sense of one of life’s most important topics.

Doing well with money isn’t necessarily about what you know. It’s about how you behave. And behavior is hard to teach, even to really smart people. Money—investing, personal finance, and business decisions—is typically taught as a math-based field, where data and formulas tell us exactly what to do. But in the real world people don’t make financial decisions on a spreadsheet. They make them at the dinner table, or in a meeting room, where personal history, your own unique view of the world, ego, pride, marketing, and odd incentives are scrambled together. In The Psychology of Money, award-winning author Morgan Housel shares 19 short stories exploring the strange ways people think about money and teaches you how to make better sense of one of life’s most important topics.

Morgan Housel is a partner at The Collaborative Fund. He is a two-time winner of the Best in Business Award from the Society of American Business Editors and Writers, winner of the New York Times Sidney Award, and a two-time finalist for the Gerald Loeb Award for Distinguished Business and Financial Journalism. He lives in Seattle with his wife and two kids.

Morgan Housel

The Psychology of Money

Every day it seems like the world is more interconnected. If you watch any financial television channel or read the news online, you are most likely aware of how events in one country seem to have an <a href="https://www.investopedia.com/articles/economics/10/globalization-developed-countries.asp">ever-increasing effect on other countries around the world </a>. Certain aspects of <a href="https://www.investopedia.com/terms/g/globalization.asp">globalization </a> can have positive benefits, but when threats of a financial crisis, war, global recession, trade imbalances, etc. do occur, it often leads to the talk of moving money to safer investments and increasing government deficits. This rising uncertainty can confuse even the well-informed investor.

Uncertainity in current times

<ul><li>The move of investor capital from equities to safer assets causes the stock market to depreciate.</li><li>Uncertainty impacts the economy on both the micro and macro level: On the micro level it focuses on companies and individuals, while on the macro level it focuses on the overall economy, like global oil prices and the flight of capital.</li><li>Being well informed and adjusting your investment strategy as events change over time will allow you to invest wisely.</li><li>Diversification is a key investment strategy that prevents significant losses if one area of your portfolio takes a serious hit.</li></ul>

Key Takeaways

Any time you put money at risk in an attempt to profit, there is an inherent level of uncertainty. When new threats such as war or recession arise, the level of uncertainty increases significantly as companies can no longer accurately predict their future earnings.As a result, institutional investors will reduce their holdings in stocks considered unsafe and move the funds to other asset classes like <a href="https://www.investopedia.com/terms/p/preciousmetal.asp">precious metals </a>, government bonds, and <a href="https://www.investopedia.com/terms/m/moneymarket.asp">money-market </a>instruments. This sell-off, which occurs as large portfolios reposition themselves, can cause the stock market to depreciate.

The Impact of Uncertainty on Investing

Regardless of which strategy you decide to take (if any), you can't go wrong over the long term by keeping yourself well-informed and getting into a position to take advantage of prices when things reverse. Being able to keep on top of news and adjust your portfolio accordingly will help you to invest wisely during uncertain times.

The Bottom Line

Learn about the challenges of investing in uncertain times. Find out how to protect your money with future events being difficult for investors to predict.

How to Invest in Uncertain Times 

3 Things People Who are Good with Money *Never* Buy

It’s good to have money and the things that money can buy, but it’s good, too, to check up once in a while and make sure that you haven’t lost the things that money can’t buy.

Money is not a possession; it’s a feeling. If you understand the concept of money, you can be rich. Filthy rich!That’s why most millionaires don’t feel the need to look rich. They internally feel rich instead.

A millionaire is a mindset, not a title.

Millionaires and billionaires are focused on making the best use of money and accumulating it rather than spending them on pricey designer gear that doesn’t fit their lifestyle and mindset.Instead of purchasing branded products, many wealthy people choose to spend their money on education, health, and wellness.

1. They don’t blow money on luxury brands

If you think most people sitting in business class airplane seats are filthy rich, you might be wrong.Even if they have the financial freedom to pay more, rational individuals prefer to travel modestly.Finance experts know that buying old is the best value and that maintaining the same automobile for a long time saves money.

2. They don’t spend a fortune on traveling comforts

Millionaires invest only in affordable homes. If they bought a mansion <a href="https://www.businessinsider.com/millionaires-billionaires-living-in-affordable-homes-warren-buffett-mark-zuckerberg-2019-2">they couldn’t afford, their savings would die, and soon their luxury would convert into their biggest liability.</a>Living in an affluent neighborhood also means you’re more likely to imitate your neighbors’ spending patterns and less likely to build wealth over time.

3. They don’t buy mansions they can’t afford

People who live far below their means enjoy a freedom that people busy upgrading their lifestyles can’t fathom.

So, being a millionaire is not about wearing branded clothes or traveling luxuriously. It’s also not about making your home a liability.Having a million dollars doesn’t mean blowing it off on a white elephant.

Last Thoughts

The measure of wealth is freedom. If you’re living a stressful life despite owning millions, then perhaps, you’re not using it wisely.Being a millionaire means understanding your true wants and living a lifestyle accordingly.

Understanding the concept of money is the key to being rich.

Wealthy people can buy anything and everything they want, right?  NO! They don't use money to buy luxury brands. They don't spend a fortune on traveling comforts. They don't buy mansions they can't afford

3 Things People Who Are Good With Money *Never* Buy

When and how you plan for retirement can make a huge difference in when you can ditch your job and how enjoyable life will be when you do. Of course, the ideal route is to start saving as soon as you start working. If you land your first job in your early 20s, it can be very helpful to start stashing away cash while you're still potentially living in your parents' home and have little consumer debt.

Planning For Retirement: Start Early

Sometimes life gets in the way of saving as much as you'd like. Student loans, mortgage payments, and unforeseen financial expenses can completely throw off the best-laid retirement plans. However, it is possible to start in your 30s, 40s, and even 50s and still have enough to bid your day job adieu.Here's how you can get them both in alignment no matter what age you are today.

4 Steps to Start Retirement Planning In Your 20s

Although this may be decades away, think of your plans for your future self. Do you want to stop working in your 40s or your 70s? Do you want to spend your days with your children, or volunteering at animal shelters, or sailing around the Mayan riviera? Or some combo of all three? Retirement is not only about the freedom to pursue hobbies, but also about being able to live life on your terms. It may be hard to imagine this in your 20s because you may have just left the nest or truly be enthralled with your new career.

Step 1: Envision Your Retirement Lifestyle

One of the most important things you can do for your future is to accumulate cash. That's what a savings account is for. You may also have student loan debts or a store card that has a balance that needs to be paid off. Work on your emergency savings (three to six months of living expenses) at the same time that you pay off these debts. If your student loans are insurmountable, use income-based repayment plans to create a sustainability plan.

Step 2: Pay Off Your Debt And Start Saving

According to <a href="https://newsroom.fidelity.com/press-releases/news-details/2021/Fidelity-Survey-Finds-62-of-Americans-Optimistic-About-2022-Despite-Concerns-About-Inflation-and-Rising-Costs/default.aspx">Fidelity Investments' annual resolutions study</a>, among the next generation (ages 18-35), 62 percent plan to increase their retirement contribution in the year ahead, at a far higher level than older Americans (34 percent). Save at least 15% of your pre-tax income each year for retirement, which includes any contributions you may get from your employer if you have a 401(k) or other workplace retirement account. Starting early, even with smaller amounts, is key to achieving financial freedom. Compound interest works in your favour.

Step 3: Invest as much as you can

If you land a salaried role, chances are that you'll have the opportunity to invest in a retirement account called a 401(k). This plan allows employees to contribute a portion of their income on a pre-tax basis. The income is not taxed at the time it is earned, but rather when it is withdrawn from the account during retirement. To be eligible to contribute to a 401(K), an individual must have an employment history with his or her company and be over 18 years old. As of 2021, you can contribute up to $19,500 per year.

Step 4: If Your Job Offers a Retirement Plan, Go For It

Thirty is not the new 20 when it comes to retirement savings. At this age, you may already feel the burden of taking care of aging parents or young dependents. Student loans may linger, but your income is probably reaching new heights. If you haven't yet had time to focus on retirement, don't feel bad. You're not alone.

3 Steps to Start Retirement Planning in Your 30s

Remember that pesky 401(k) savings account that you may or may not have had the chance to max out? Now, dump as much money into that account as possible, get the employer match, and pay attention to the fund options. Usually, they are funds that are so risk-averse they are barely making more than your savings account. You can afford to be riskier—consider medium to high-risk options that can skyrocket your gains over the next 10 to 20 years.

Step 1: Max Out 401(k) Savings 

Once you've contributed all you can to your employer-driven retirement accounts, consider other outside accounts, such as traditional and Roth IRAs (<a href="https://www.fidelity.com/building-savings/learn-about-iras/what-is-an-ira#:~:text=An%20individual%20retirement%20account%20(IRA,in%20a%20tax%2Dadvantaged%20way.">individual retirement accounts</a>). Work with a financial planner to figure out which one is best for you. If you're already married and there's an income gap between spouses, there are ways for one spouse to help fund the retirement account of the other. Take a look at whether a <a href="https://www.investopedia.com/terms/s/spousal-ira.asp#:~:text=A%20spousal%20IRA%20is%20a,income%20or%20very%20little%20income.&text=However%2C%20the%20working%20spouse's%20income,on%20behalf%20of%20both%20spouses.">spousal IRA</a> is an option for your family.

Step 2: Look Into IRAs

If you had children in your 20s or 30s, chances are you're preparing for their college expenses side-by-side with your retirement savings. For them, start a 529 plan for college and trade school expenses. Also consider <a href="https://www.parents.com/parenting/money/family-finances/ways-to-save-for-college-without-a-529-plan/">unconventional ways to grow your wealth</a>, while also saving for their future.

Step 3: Get Ready For College Expenses

There are many reasons why retirement savings might not have been an option until your 40s. For example, many people come to the U.S. for study in their 20s or skilled work in their 30s, and realize in their 40s that they have some financial catching up to do. Similarly, freelancers, artists, entrepreneurs, and folks in the middle of a second or third career might find themselves more focused on retirement savings now than ever before.

3 Steps to Start Retirement Planning in Your 40s

Consider medium-risk investment portfolios: 50 percent to 60 percent as large-cap stocks, and the rest in less risky assets like bonds, gold, and other stable commodities. If you're not sure where to begin, check out investment platforms like <a href="https://public.com/">Public.com</a>, which helps people become better investors, no matter their level of investing experience.

Step 1: Invest in The Right Portfolio

Your 40s is when keeping up with the Joneses really kicks in. Family vacations ramp up, kids' expenses double and triple, and you start to feel like you've worked hard for the good things in life. The truth is that inflation is making the cost of basic needs very expensive, so you'll need to be careful about excess spending today that could rob you of your carefree future.

Step 2: Track Your Spending 

As you age, health risks and the cost of health insurance increase. No matter how much you have saved, it can easily be wiped out by a medical expense that isn't properly covered. Now is a great time to consider your health insurance, long-term care insurance, and any other medical care benefits that you might have put off.

Step 3: Make Sure You're Properly Insured 

Chances are that you have money saved somewhere, just not in your retirement account. Your income may be steady, which is also a good thing. You may have untapped equity in your home, too. Your interest in full-time work may be in flux, as well as greater demands on your time—grandkids, civic organizations, taking care of elders and neighbours.

3 Steps to Start Retirement Planning in Your 50s

Everyone can retire with dignity. All we have to do is consistently invest 10 percent of whatever we make and forget that it exists until we actually retire. Technology has advanced enough to enable investing consistently in micro amounts.Get an account that allows you to auto-invest 10 percent of what you earn consistently until retirement.

Step 1: Automate With Digital Tools 

If you don't know where your bank passwords are, get a book or online password keeper to make sure you're never locked out. If you have only paper copies of important documents, digitize them in a tool like <a href="http://mymacromemoir.com/">My Macro Memoir</a>, which other family members can access if they need to. In short, get all your financial details out of your head and into an organizer—virtual or hard copy.

Step 2: Get Your Finances Organized

Over time, homes can have accumulated a lot of equity that could be better leveraged to move to an appropriately located or better-sized home that wouldn't cost as much to maintain. Think of how you can use your home to fund your future. Rent out an empty room on <a href="https://www.vrbo.com/">VRBO</a> or <a href="https://www.airbnb.com/">Airbnb</a>. Take out equity to buy a <a href="https://www.realsimple.com/work-life/money/home-finance/how-to-buy-a-vacation-home">vacation home</a>, which can generate retirement income. Learn more about <a href="https://www.realsimple.com/work-life/money/money-planning/reverse-mortgage">reverse mortgages</a> to decide if you truly need one. Creatively use your home as a tool to finance your future.

Step 3: Reevaluate the Value Of Your Home

There are lots of resources out there for free, including <a href="https://www.realsimple.com/work-life/money/early-retirement-bipoc-influencers">influencers who teach you how to retire early</a>, and apps that help you find <a href="https://www.realsimple.com/work-life/money/saving/geographic-arbitrage">cities with a lower cost of living</a> where you can retire in style. The earlier you start, the greater your chances of achieving your retirement goals. So if you haven't started already, the next best time to start is right now.

The Bottom Line: Start Now

An important read on saving and investing for retirement, no matter what your age.

It's not too late to get started. Learn the best steps to take to plan for retirement at your age here.

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How to Start Retirement Planning in Your 20s, 30s, 40s, and 50s

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