If you have it in you to work longer, you probably should.
There are many factors that come into play when it comes to how far your saved dollars stretch in today’s world. Things such as inflation and investment scandals could take a toll on your retirement savings. If you invest in the wrong thing or trust the wrong person, it could cost you big. On a similar note, if you don’t have enough money saved or invested in the right opportunities, you could very well find yourself living a different type of retirement than you first anticipated.
Retiring Late into Your Sixties or into Your Seventies Can Help You Retire Better
One of the ways to avoid that from occurring is by retiring later than your peers. Rather than think about early retirement, you choose to work into your late 60s or even into your 70s as a way of bolstering your retirement fund with extra money. It’s not an option for everyone but if you’re physically healthy enough to continue doing the job that you currently have, you might want to consider the option of staying a few years longer.
The following list includes compelling reasons why late retirement may be right for you. After taking inventory of your savings and investments, you’ll have a better idea if it is an option you want to explore. When all is said and done, you’ll know right away if you’ve made the right decision.
The four advantages of postponing retirement for a few years include:
1.More money to save for retirement. The more you work, the more you have to save and invest.
2.Increased opportunities to invest. You’ll have more money to use to buy precious metals or take advantage of other investment opportunities.
3.Better chances of living the lifestyle that you prefer. With the right investments, you’ll make a profit which allows you to stretch your money further and live the life you always dreamed of.
4.A clearer picture of what your retirement looks like.Up until now, you may have not had a clue what you wanted to do after leaving the workforce.
Take advantage of a better, more secure life after retiring. We’ll show you how!
Precious Metals Continue to Gain Value Despite Changes in Economic Climates
Postponing retirement for a few years has its advantages. As long as you’re healthy enough to continue working, you might want to do so. This is especially the case if you got a late start building a retirement fund or had to tap into your 401K or IRA at any point during your life to take care of an emergency.
If you were able to postpone retirement for five to ten years, you could save a significant sum of money and invest it into a Gold IRA where you’re not forced to pay taxes on it until you retire and withdraw from it.
By that time, the precious metals have had time to increase in value and you’ll see a gain in the sum you started with. To avoid paying capital gains tax, one of your other investment options must have lost you money.
If you continue to work with a financial advisor to diversify your portfolio, it will balance out in your favor.
For example, you may have lost money on a piece of real estate you were hoping to flip but gained on the sale of your gold coins. The loss experienced was significant enough to cancel out the profits you made off the precious metals, leaving you with more money to work with.