Wednesday, April 11, 2018

Planning for Retirement: 5 Tips to Make Your Pension Last

If you’re getting set to retire, it’s important that you find ways to make your money last throughout the rest of your life. Maximizing your retirement funds can be done with the right planning. Here are five tips to help you make your pension last.

Work for as Long as Possible

It may be a good idea to hold off on retiring so that you can continue to generate more income. Working longer will allow you to save more money and apply it to your living expenses after you’ve retired. Delaying your retirement can also help you maximize your social security earnings.

Settle Debts Beforehand

Retiring while still in debt can lead to financial ruin. Even debt that seems small can quickly spiral out of control. You should try to pay off your home, credit cards and any vehicles that you have before quitting work. 

Running a credit check on yourself will allow you to see if you have outstanding debts that you may have forgotten about and will also let you know if you have any collections on your record that need to be settled.

Invest Wisely

Putting money into funds that will give you a greater return as interest rates grow is a great way to secure your retirement. Many people have found success by investing into an annuity or an IRA plan. 

Buying stocks and bonds and selling them when you decide to retire is another great option. If you’re really a savvy investor, you can try investing in a real estate or business venture to grow your retirement fund.

Hire a Financial Advisor

A financial advisor like RMR Wealth Builders, Inc. or someone similar can help you invest your money wisely and will assist you with planning your retirement financing. 

From building a financial portfolio to informing you of all your assets and liabilities, your financial advisor will be able to work with you in many areas. 

You should make sure that any financial advisor that you’re considering hiring is registered with the Financial Industry Regulatory Authority (FINRA) and has experience in assisting retirees.

Consider Moving

Relocating might be your best option if you live in an area where housing costs and other expenses are high. Texas, Alabama and Tennessee are among the cheapest places to retire in the U.S. and offer plenty of opportunities for fun and easy living. 

If moving out of the country is a better option, you can retire in style and make your money last by settling in a budget-friendly country like Thailand, Ecuador or Panama.

You shouldn’t have to worry so much about having money in your golden years. Taking the right steps to ensure financial security when you retire can pay dividends.

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