Are You Spending Your Retirement Savings Too Quickly?
Many Americans are ill-prepared for retirement. Some confess that they have less than $1,000 saved for their Golden Years. The rising cost of healthcare provides many concerns for retirees, who on average, spend hundreds of thousands of dollars on out-of-pocket medical expenses as couples during retirement. If you want to avoid spending through your savings too quickly, there are some things you should do. Consider this your short but focused guide on how to maintain your savings once you have accumulated wealth.
What’s Eating Your Savings?
The most common things that drain a retirement savings account fast are unexpected medical bills, a change in living arrangements, vacations out-of-state and out-of-country, and assisting adult children and grandchildren. Although it may be your wishes to take care of all of the above, the amount of money you’ve put away for retirement may be insufficient if you don’t plan accordingly. Seeking the advice of a professional adviser is the best way to make the most of the money that you’ve saved throughout the years.
How to Ensure That You Have Enough Saved for Retirement
Each person’s needs differ. You may be entirely comfortable living on less money than a family member or friend. Or, you may have an existing health condition that requires lots of money to treat. Either way, you’ll want to make sure that you have enough money saved to see you through all your days of retirement. After all, men and women are living longer these days and you may defy the odds by living to be 100!
Here are some of the things you can do to protect your investments:
- Don’t put all of your eggs in a proverbial basket. Your nest egg deserves protection. The more sources of income you have making you money while you work, the better. Your financial adviser will emphasize this point regularly. Instead of throwing all your savings into one type of investment, find multiple things to invest in so that your portfolio is padded and diverse.
- Max out employee 401K accounts. If your employer offered a retirement savings fund that they were willing to match, it’s important that you max out the investments by putting in the most money that you can each paycheck. For example, if the company you work for will match dollar for dollar for three to six percent of your income earned, do your part to make sure that you get every penny you can from them.
- Start thinking about how you can create your ideal lifestyle now. There are a number of considerations to make before retirement. The more you mentally prepare for the event, the better prepared you’ll be financially when the time comes for you to leave the workforce. Consider where you’ll live after retiring. Start pricing out housing or making arrangements with a family member to live with them while you have the time to iron out the details. It’s not a time to fly by the seat of your pants!
Learn more about what Red Rock Secured can do for you. Take advice from your financial adviser and continue to diversify your portfolio to maximize the money you make off your retirement savings. An investment in precious metals such as gold and silver has a lot to offer you by being a stable source of wealth in upcoming years.