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5 Unexpected Benefits of Retiring Early

By U.S. News & World Report

Saving enough to retire early can still be a long and tough journey. Luckily, the reward of not needing to answer to a boss is well worth the struggle. Aside from the freedom and time you gain from escaping the grind, you may not be aware of these additional benefits many early retirees enjoy:

You will likely be healthier. Improved mental health because of reduced stress isn’t the only health benefit of early retirement. Not having to sit at a desk or commute means you have an opportunity to be more active than ever. You will have plenty of time to exercise, lubricating your joints and strengthening your muscles for a higher quality of life.

You will find new interests that truly excite you. Having free time when you are still relatively young is better than having those same hours when you are older. An early retiree will have more energy to travel, perhaps live in exotic places and try out physically demanding new hobbies. Perhaps you will find that a country you visit fits the way you envision life, prompting you to plan on settling down there. Or maybe you will find a new hobby that ends up turning into a lifelong passion. There are an almost unlimited number of things to try and places to see. No matter how adventurous you are, you probably haven’t tried everything you are interested in and been everywhere you want to go.

You will find opportunities to spend less. Many retirees don’t spend as much as they used to because they have more time to look for good deals. It’s not difficult to find opportunities to save money when you have the time to look for bargains and negotiate. For example, you can simply wait for something you want to go on sale. You can also save on many events and attractions if you go during non-peak hours, which is easy to do once you no longer work. The same strategy works for travel. The fact that you can travel off-season will save you a significant chunk of change.

You will find plenty of people to hang out with on weekdays. Some people are hesitant to retire because they think no one will be available to have fun during weekdays. But all you need to do to tame that fear is to go to a ball game during a weekday afternoon. Do you see any shortage of fans? Not everybody can make it out during the week, but don’t underestimate the number of people who don’t work on a 9-to-5 Monday to Friday schedule. You will find new people to socialize with in your area who have similar schedules.

You might find other streams of income. Even if you no longer want to work at your current job, you might find other activities that end up making you money. New income streams after retirement might include online writing or selling crafts or art online. The profits for these activities may not be big, but if you love perfecting your art, getting paid for that never hurts.

Early retirement takes years of continually living within your means, saving aggressively and investing prudently to achieve. But for those who make it, there are plenty of rewards for your discipline.

David Ning is the founder of MoneyNing.com.

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5 Unexpected Benefits of Retiring Early originally appeared on usnews.com

Don’t Settle for Student Loans to Pay for Online Education

By WTOP Staff
Online college programs are becoming a more popular choice for prospective students, with one study finding that more than 6 million students enrolled in at least one online course in fall 2015. The popularity of these courses can be attributed in part to their flexibility with working adults' schedules, students' ability to progress more quickly through online programs and, oftentimes, cheaper tuition. [See 10 low-cost online bachelor's programs for out-of-state students.]Online degrees can be beneficial to many college students, but some studies have shown online learners complete their programs at lower rates than students at traditional brick-and-mortar campuses. Individuals with student loans but no degree comprise two-thirds of defaulted borrowers. Though these numbers are not encouraging, just like for traditional programs, there are ways to reduce how much you'll need to borrow for an online program to ensure you won't become one of these statistics. Don't just settle on borrowing student loans to cover the whole cost of your program and living expenses. Instead, start thinking about how to cut costs and cover your balance in different ways, such as the following. -- Grants and scholarships: Even though you are taking an online course, you can still apply and receive grants and scholarships. But your first step should be to complete the Free Application for Federal Student Aid, commonly referred to as the FAFSA, which will allow you to receive a Pell Grant if your expected family contribution is low enough. The EFC criteria and award amounts are adjusted annually, but the 2017-2018 academic year awards range from $606 to $5,920, which could significantly lower the amount you borrow annually. Your next step is to apply for scholarships. You can start by checking online scholarship search engines, such as the Salt Scholarship Search, College Board's BigFuture and Peterson's. But don't forget to take advantage of local organizations and your school's financial aid office. Both may offer scholarships that you can't find with a national scholarship search. [Review these 10 sites to kick off your scholarship search.]For instance, organizations like the Elks Club, Knights of Columbus or the Rotary Club typically offer scholarships annually to local students. Just because you're going to school online doesn't mean you're ineligible. Visit your local library for scholarship listings, and ask around town. You might be surprised how many local organizations offer scholarships. While these scholarships typically aren't large, every little bit counts. Each dollar you receive in a scholarship is a dollar you don't have to borrow and pay interest on. -- Work-study: Another option for online students may be work-study awards. Not all students enrolled in online programs are eligible, but students at some schools -- including, for example, SUNY Empire State College and Liberty University -- are. Work-study awards are not given upfront like scholarships and grants. In most cases, they are an offer to earn up to the awarded amount if you secure an eligible work-study job. While there is a misconception that all work-study jobs must be on campus, students can work for off-campus, nonprofit or public employers as long as the work is in the public's interest. You may be able to work for a for-profit employer if the job is relevant to your course of study. No matter who the outside employer is, it will need to have an established agreement with your college for you to receive work-study funds. Remember, to be eligible for federal financial aid, you must be enrolled and pursuing a degree or certificate. If you're not working toward a credential, Pell Grants and work-study won't be option, but you may still be able to take advantage of private scholarships -- just be sure to read the eligibility criteria carefully. [Explore what to know about financial aid in online programs.]-- Pay as you go: One of the great benefits to enrolling online is the flexible schedule, which can allow you to complete your college coursework around your responsibilities. But prospective students often overlook using their part- or full-time job earnings as an option for paying for college. Almost 80 percent of college students in 2015 worked at least part time while attending classes, according to the National Center for Education Statistics. By budgeting and thinking strategically about your college costs, you can likely reduce your dependence on student loans by paying a portion out of pocket. Many -- but not all -- online programs are less expensive than traditional programs and often have shorter payment periods. Six, eight or 10 weeks are common course durations. Because of the frequency of payments in an online setting, you may be well-placed to pay as you go and possibly avoid borrowing altogether. Attending college online and avoiding student loans may be challenging, but if you are willing to put in the effort, you can limit the amount you need to borrow. More from U.S. News Q&A: Understanding Student Loan Discharge Eligibility Student Loan Refinancing Isn't Right for All Borrowers
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