The Long Haul:
3 Essential Tips to Remain Financially Healthy Throughout Retirement
3 Essential Tips to Remain Financially Healthy Throughout Retirement
The cost of living keeps going up, and after retirement,
when you no longer have a regular paycheck to count on, you need to be able to
rely on your savings and investments in order to stay financially stable. But
we all want to do more than be stable and keep afloat, we want to thrive and
make the most of our retirement during our golden years. Here are three essential
tips to help you stay financially healthy and making the most out of life
during your retirement.
1. Save
Early. Save Often.
As soon as you start working, make saving a top priority.
This is the time to put money aside in savings and investments so funds can
create compound interest and work for you, augmenting your earned income.
Saving early is key to retiring early. According to a survey by MoneyRates.com, “people who start
saving in their 20s are significantly more likely to expect to retire before
age 60, compared even with people who begin saving in their 30s. But the study
also finds that the majority of savers don't begin saving until their 30s, and
that a significant percentage begin saving even later -- if they begin at all.”
2. Budget Now
Insure you have enough money saved ahead of your planned
retirement. Online tools, such as financial calculators and online expense worksheets, can help determine what you need
to enjoy your retirement. While you are still working, try to do a test run of
your retirement budget and see how it works and what needs adjusting. Create a
journal with detailed examples of how you envision your ideal retirement.
Research how much it would cost to realize these dream goals. Work those
numbers into your budget. Look for any unnecessary expenses that you can cut
out or cut down. Don’t forget to consider your debt and the cost of paying off your mortgage.
3. Maximize Your Investment Savings
Working with a financial advisor can help you find the best
ways to maximize your investment savings and minimize penalties. A financial
advisor can educate you on how retirement income is taxed and how to be best
positioned to handle that expense. There are a variety of ways to invest, from real estate, to stocks
and bonds. A financial advisor will be able to work with you, your retirement
goals and your budget to determine what investment strategy is best suited to
accomplish your dream goals.
Learn more about enhancing retirement income strategies at our upcoming workshop
with Christine Palmiere. You can also learn more about about all our upcoming free
financial workshops on our website. Our workshops are held in the Sage
Rutty Educational Center located in our offices at 100 Corporate Woods, Suite
300. Please feel free to contact us with any questions online or call
1-800-733-1133.