Retirement Tips & Living Your Best Life to Beat Inflation | 10 Rules of Retirement

This video is about New Retirement Rules for Living in a High Inflation Economy. We give 10 retirement tips for beating the effects of this high inflation economy and how senior citizens can live a better life.

The finances of retirement planning are getting more difficult all the time with high inflation, higher living costs, higher taxes and more. We have personally changed the rules of retirement in 10 areas that have helped us reduce costs in retirement.

The first of our 10 retirement tips for seniors is to spend some time living abroad in low cost countries. Retirement travel in many countries like Colombia, Thailand, and Albania can have huge savings.

Our second big retirement tip is to live in a tax-friendly state with no state income tax. We have our residence in Florida, and along with not owning a home, we pay no state income tax and have no property tax. Make reducing taxes a priority in retirement.

Our third tip for beating inflation and helping seniors live better is to get debt free. Having no debt, especially in today's high interest rate environment, helps retirees have a much lower cost of living.

Our fourth retirement tip is to consider downsizing. We have saved a lot of money, reduced our living expenses, and enabled us to have more freedom for things like retirement travel by downsizing.

The next tip for a better retirement is to realize your kids don't want your stuff. Don't hang on to your things and consider a process like Swedish Death Cleaning in your early retirement days. It will save you money and give a wonderful gift to your children.

The retirement advice is to not spend money on expensive toys that you rarely use. Some examples could include a second home, a timeshare or a boat. Becoming a snowbird always sounds great, but may not make good personal finance sense.

Another way to consider creative living in retirement is to evaluate having a "granny pod" at your children's homes. A separate bedroom and living area, that adds value to your children's homes, and enables you a place to stay when visiting.

Have you considered a side hustle in retirement to help make a little extra money. There is a Japanese concept called "ikigai" that can help you find your right purpose of living and potentially a great income stream in your golden years.

The ninth rule is "cheap is good, but free is better." Make sure you explore all available senior discounts that are available to retirees to help reduce costs.

The last rule involves being very proactive with your health. Good health will not only help you reduce costs, but help you live a longer, healthier, and happier retirement.

If you have found these 10 retirement tips helpful, please share with a friend.

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Video Number 164

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00:00 Introduction
01:15 Retirement Travelers Website
01:40 Rule #1: Living in Lower Cost Countries (Geoarbitrage saves Money)
03:40 Rule #2: Pay Less Taxes in Retirement (Live in Tax-Friendly States)
05:15 Rule #3: Becoming Debt Free in Retirement (Making it a Priority)
06:10 Rule #4: Consider Downsizing Your Home (Living Tiny)
07:28 Rule #5: Your Kids Don't Want Your Stuff (Swedish Death Cleaning)
08:31 Rule #6: Use it or Lose It (Expensive Retirement Toys)
09:47 Rule #7: Consider a Granny Pod (Creative Retirement Living Options)
12:55 Rule #8: Rule of Ikigai (and not Retiring by Doing Something you Love)
14:03 Rule #9: Rule of Cheap is Good, but Free is Better (Getting Senior Discounts)
15:05 Rule #10: Prevention over Cure (Maintaining your Health in Retirement)