Tips to Help Your Retirement Savings Last Longer

Tips to Help Your Retirement Savings Last Longer

Your retirement savings should ideally last the rest of your life. Unfortunately, that's not the case for many Americans. A surprising 40.6% of U.S. households with a head of household between 35 and 64 are projected to run out of money in retirement, according to 2019 research by the Employee Benefit Research Institute.

Consider downsizing or cutting back on expenses

• Move to a smaller home or more affordable area
• Reduce unnecessary expenses like multiple cars or dining out

Delay taking Social Security

• Wait until full retirement age for larger benefits
• Receive a reduced benefit for early withdrawals

Plan ahead to minimize taxes

• Understand the tax implications of your retirement accounts
• Strategically withdraw from traditional and Roth accounts

Pay for expenses with a rewards card

• Utilize rewards credit cards for regular expenses
• Opt for cash back cards to earn savings

Keep money invested in the stock market

• Maintain a balanced portfolio of stocks and bonds for growth and stability
• Continue investing in stocks for long-term returns

By following these retirement savings strategies, you can safeguard your financial future and prolong the lifespan of your retirement funds.