Sage Rutty

The Long Haul:
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.