Retirement, though planned, can still feel like uncharted territory when it comes to savings. Retirement age hasn’t changed much over the past 20 years but people are undoubtedly living longer than ever before, meaning that retirement savings must span an even longer period of time. We want to share a few easy tips on how you could make your savings last longer after retiring.
Create a Retirement Income Strategy
Just as important as utilizing a trained tax professional, is meeting with a financial professional experienced in planning retirement. Setting up a retirement income strategy that is tailor-made for your unique situation helps lay the groundwork for a secure and steady money situation through retirement.
Create an Overall Budget
Set up an overall budget based on your retirement income strategy. Ideally, the budget will be detailed but not restrictive on your desired lifestyle.
Try Bucket Spending
One of the best ways to help curb unintended spending that could drain your long term savings quicker than desired is to create specific spending accounts, or buckets. For example, you may have a grocery account that receives a monthly allotment of $500. You’re free to spend the money as you see fit throughout the month, but no more.
Diversify Your Assets
You know the saying, “don’t put all your eggs in one basket.” Well, the same principle applies to your retirement savings. Diversifying your investments assets among a variety of vehicles can help safeguard against market volatility and general unpredictability. Consult your trusted financial professional to review all your assets for diversity.
Hire a Tax Professional
Hiring a tax professional to review your tax positioning along with a financial professional is one way to help ensure you’re making the most of your money. Highly trained tax professionals are up to date on the constantly changing world of taxes and deductions, which could save you significantly over time.
Once you’re retired feel free to ditch the long term work-related obligations, but don’t ditch staying involved in the process of managing your money. At the end of the day, you’re the only one responsible for ensuring you have enough retirement savings stowed away. Stay involved with each step of the process, and be sure to ask tons of questions so that you, too, can be educated on how to make your retirement savings last a lifetime.
Whether you’re planning to retire within the near future or are looking ahead 20 years, it’s never too early to discuss your retirement savings framework with a professional. You have worked hard to get to this point, it’s time you finally get to start the next chapter — enjoying it!
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We are an independent firm helping individuals create retirement strategies using a variety of insurance and investment products to custom suit their needs and objectives. This material is intended to provide general information to help you understand basic financial planning strategies and should not be construed as financial advice. All investments are subject to risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. Any references to protection benefits, safety, security, or lifetime income generally refer to fixed insurance products, never securities or investment products. Insurance and annuity product guarantees are backed by the financial strength and claims-paying ability of the issuing insurance company.
The information contained in this material is believed to be reliable, but accuracy and completeness cannot be guaranteed; it is not intended to be used as the sole basis for financial decisions.
We are not permitted to offer, and no statement contained herein shall constitute, tax or legal advice. Individuals are encouraged to consult with a qualified professional before making any decisions about their personal situation. Our firm is not affiliated with the U.S. government or any governmental agency. Investment advisory services offered only by duly registered individuals through AE Wealth Management, LLC (AEWM). AEWM and Retirement Solutions Group are not affiliated companies. AW02181938