How to Make Your Money Last Longer in Retirement
Do you dream of a stress-free retirement? Extend the life of your retirement savings and your relaxation with the help of these five steps:
Stick to a Spending Budget: Do not throw your budgeting skills out the window the moment your clock strikes “retirement!” The secret to making your retirement last is to spend it strategically. Re-tool your budget to reflect your monthly housing, transportation, food, and healthcare costs in retirement. Leave a little room for entertainment but do not have too much fun with your funds without consulting your spending plan first! Many retirees decide to move to another city or state where the cost of living is lower in order to get the most value out of their retirement funds.
Save Extra: A little more in your retirement fund couldn’t hurt. Inflation will continue to raise the cost of living, so having as large a fund as possible to start will help protect you against this. Saving today will enable you to counter the sting of financial emergencies in retirement with confidence and peace of mind!
Work in Retirement: An increasing number of men and women are discovering that part-time work in retirement is a great way to earn extra funds and avoid retirement boredom. Retirees often choose work in retirement that lets them pursue a passion or hobby that was previously untapped. For instance, with more time on a retiree’s hands, building a business may be a viable option whereas it was unthinkable before. This source of income in retirement will reduce your financial worries so that you can enjoy retirement on your terms.
Do Research about Social Security: The age that you accept your Social Security makes a difference in the size of your payments. Americans are allowed to start accepting Social Security between 62 and 70 years old. If you are unsure what age is the best for you and your retirement plans, a financial professional can help you look at the big picture and make the decision right for you.
Health Can Mean Wealth: Take care of your health now and in the future to reduce the strain of healthcare costs on your retirement funds. Make a habit of having annual check-ups with your doctor throughout your life. A habit of regular exercise and balanced eating will fuel both your body and your funds over the long-term!
Whether you are ready for retirement or simply wish you were, we can help. Learn more from Syncis at www.syncis.com/blog.