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10.18.2010 / Tips to Make Your Savings Last

Whether you are getting ready to end your career, or are just starting it, we have compiled some tips to help you manage your retirement savings once you do retire!

"How can you be sure that your retirement savings will last? We have asked some of our experts to put together some tips."

Whether you are getting ready to end your career, or are just starting it, we’ve compiled some tips to help you manage your retirement savings once you do retire!

Make a plan – and have a budget.


  • Budgeting doesn’t end when you stop working. Keep a budget that is realistic with your savings level and your current lifestyle.
  • Having a plan also means thinking about the unexpected. Remember to think about long-term care insurance or longevity insurance to deal with any unexpected medial or other types of costs.

Be Smart! 

  • If your children are all moved out, and it’s just you and your spouse (or just you) alone in a big house, think about downsizing. You won’t just save on house payments, but also on electricity bills, heating bills, and around the house needs.
  • Senior discounts are all over – check out sites such as AARP.com or seniordiscounts.com for companies that offer them. They can help you save on a number of purchases!

Be Patient!

  • Holding off on your Social Security payments until you are older (up to age 70) will increase the monthly amount. This can help add to your retirement savings.
  • If you are “ready” to retire, but aren’t quite ready to use your Social Security or draw from your retirement funds fully, consider transitioning to part time or finding a part time job prior to fully retiring.

Do you have any great ideas for those in retirement (or just thinking about it)? Let us know!

Posted at 03:01 PM | Permalink
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