Tips to Help Your Retirement Savings Last Longer
Thursday, 11 April 2024, 13:00
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.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.