8 Ways to Make Your Money Last in Retirement
Jeff Martin is a financial advisor at Cornerstone based in Reno, NV. Jeff has earned the Life and Health Insurance Licensure and has passed the Series 65 examination. He enjoys being able to help clients create customized strategies for their portfolios based on their unique financial goals.
8 WAYS TO MAKE YOUR MONEY LAST IN RETIREMENT
Retirement is a time to settle into the golden years you've worked so hard for, where you can finally enjoy the fruits of your labor. However, ensuring that your savings last throughout retirement is crucial for peace of mind and sustained happiness. Here are some thoughtful strategies to help you make the most of your retirement nest egg.
ASSESS YOUR FINANCIAL SITUATION
Start by taking a thorough look at your current financial status. Having a clear picture of your assets, liabilities, and income sources will help you understand how much you have and how long it will potentially last. Regularly reviewing your financial status can keep you on track and prepared for any necessary adjustments.
CREATE A BUDGET AND STICK TO IT
A well-planned budget can be your best friend in retirement. It allows you to allocate funds for essentials such as housing, healthcare, and other living expenses while leaving room for leisure activities and hobbies. Keep an eye on your spending habits, and remember, the satisfaction of knowing you're within your budget can bring a sense of fulfillment and freedom.
INVEST WISELY
If you haven't already, consider consulting a financial advisor to help you make prudent investment decisions. Diversifying your portfolio can not only grow your wealth but also offer a cushion against market volatility. Bonds, annuities, and dividend-paying stocks are generally good options for retirees looking for steadier income streams.
PLAN FOR HEALTHCARE COSTS
Healthcare can be one of the most significant expenses in retirement. It's wise to look into Medicare options and supplemental insurance plans that best suit your needs. Having comprehensive coverage can prevent unforeseen medical expenses from impacting your financial stability.
DOWNSIZE IF NECESSARY
Consider downsizing your home or even relocating to a region with a lower cost of living. Not only can this free up some of your capital, but it also reduces ongoing maintenance and utility costs. Plus, a cozy and manageable space can feel homier and offer more comfort during your retirement years..
STAY ACTIVE AND ENGAGED
Maintaining an active lifestyle can significantly reduce healthcare costs and improve your overall well-being. Engage in affordable activities such as walking, gardening, or joining a local club. An active social life can bring joy, reduce stress, and enhance your quality of life without straining your finances.
TAP INTO COMMUNITY RESOURCES
Take advantage of senior discounts, community programs, and other resources designed for retirees. Many community centers offer free or low-cost classes, social events, and health screenings that can enrich your life without impacting your budget.
CONSIDER PART-TIME WORK OR HOBBIES
If you're inclined, part-time work or monetizing a hobby can provide additional income without the demands of a full-time job. It's an excellent way to stay engaged and add a buffer to your financial resources.
WHERE TO GO FROM HERE
Remember, these years are meant to be celebrated and enjoyed. With careful planning and a proactive approach, you can ensure that your retirement is not only comfortable, but truly fulfilling. Here's to making every moment count and living your retirement years with grace, joy, and financial peace!
At Cornerstone, we look at the entire retirement picture for our clients, including the investments that we determine will make the most sense based on income needs and retirement dreams. To see how we can help you live out your ideal retirement, call us at (775)853-9033 or click here.
Based in Reno, NV, Cornerstone is for individuals and families looking to grow wealth, protect and preserve their life savings, and plan for the distribution of their estate in a tax-efficient manner through a tailored strategy. Schedule a time to discuss your financial goals with us.
This information does not constitute legal or tax advice. PCIA and its associates do not provide legal or tax advice. Individuals should consult with an attorney or professional specializing in the fields of legal, tax, or accounting regarding the applicability of this information for their situations.
Advisory products and services offered by Investment Adviser Representative through Prime Capital Investment Advisors, LLC ("PCIA"), a federally registered investment advisor. PCIA: 6201 College Blvd., Suite #150, Overland Park, KS 66211. PCIA doing business as Prime Capital Wealth Management ("PCWM") and Qualified Plan Advisors ("QPA"). ©2023 Cornerstone Retirement Group, Inc. - All Rights Reserved.