10.19.2009 / Retirement: Tips to Make Your Savings Last
You worked long and hard. Now it is time to retire and enjoy some well-deserved rest and relaxation. Just one thing worries you, how can you be sure that your retirement savings will last? To help, we have asked some of our professionals to put together some tips that can help.
"How can you be sure that your retirement savings will last? We've asked some of our experts to put together some tips"
Have Patience
- Don’t be in a rush to retire: Work longer to continue building your nest egg. Or take a post-retirement part-time job to diminish the amount you need to withdrawal from long-term savings.
- Wait to begin taking Social Security payments. Your monthly payment increases the longer you wait, up until age 70.
Have a Strategy
- Make a plan for withdrawing your money and a budget for spending it. Stick to your plan, but be flexible enough to roll with changes in your life or the economy.
- Consider longevity insurance and long-term care insurance as a buffer against the unexpected.
Trim Your Expenses
- Consider moving to a smaller home and/or a less-expensive location.
- Take advantage of senior discounts on everything from haircuts, eye care, meals and hotel stays, to a round of gold and much more. (Some resources: www.aarp.org, www.seniordiscounts.com, www.bargins4seniors.com)
Don’t Stop Saving
- Continue to re-evaluate and rebalance your investments at least annually.
Do you have any Retirement Savings Tips or any web sites with discounts for Seniors that you have found saved money? Please share them.
