A recent article from Kiplinger Personal Finance identified three steps to stretch your money in retirement.
While this is no easy button and cannot guarantee a smooth retirement, these tips are certainly worth keeping in mind.
- Write out your retirement plan — It’s important to take retirement planning seriously. writing out a plan helps you avoid nasty surprises later.
- Determine your reliable income — This includes all sources of at least semi-guaranteed income available to you including Social Security, pensions, etc. Writing down your income and expenses helps you to strike a safe balance.
- Anticipate risks — Things like inflation, legislative changes, and unforeseen personal and family issues can really cut into your retirement savings. Being prepared puts you one step ahead.
Kiplinger goes into much greater detail, so you might want to check out the full article here.
While retirement planning is vital, it’s also important to recognize that Social Security needs to change. Low benefits are costing seniors greatly, and we think the Elder Relief Act is the change retirees need. Read more about it here.