How To Enjoy Your Retirement Without Going Broke?

Do you dream of retirement? Of spending your days golfing, fishing, or lying on the beach? If so, you’re not alone. It is a time many people look forward to if they have a retirement plan in place. But if you’re worried about how you’ll afford it, don’t be.

There are numerous ways you can enjoy your retirement years without going broke. In this post, we’ll discuss a few of them. So, continue reading for tips on making your retirement plans a reality!

1) Setting a Realistic Spend-Down Rate –

 How much of the portfolio funds can you spend during a year? A general rule of thumb is the 4% safe withdrawal rate. That rate means you spend up to 4% of your portfolio value in your retirement’s first year and then adjust the amount for inflation in subsequent years. However, this may be too conservative for some people – but not impossible!

2) Invest in Dividend-Paying Stocks –

Dividend stocks are an excellent method of generating income during retirement. Companies with a history of paying and increasing dividends tend to perform well over time. And, as you reinvest the dividends, you’ll be buying more shares of stock, which can help offset any losses from selling stock during down markets.

3) Consider a Reverse Mortgage –

A reverse mortgage loan allows homeowners who’re 62 years or older to convert part of the home equity into cash. Borrowers can avoid repaying the loan until they pass away, sell the home, or move out of the house.

4) Delay Taking Social Security Benefits –

If you can afford to wait, you may want to consider delaying your social security benefits. Each year you delay availing benefits past your full retirement age, which tends to be the mid-sixties for people born in late 1950’s or later, you’ll receive an 8% increase in your benefits!

5) Get a Part-Time Job –

Earning some extra money can help stretch your retirement savings. And if you’re working in a field you enjoy, it can make retirement more enjoyable. The idea is popular among numerous folks seeking to contribute just a bit more to society. Some even start part-time projects for local clients!

6) Buy a U.S Government Inflation-Adjusted Annuity –

An inflation-adjusted annuity is an insurance product that provides guaranteed income payments that increase along with inflation. If you delay your social security benefits payout and invest in these annuities, you could look forward to sizable returns by settling down.

7) Keep the Cash Rolling –

Don’t deposit your savings in a bank account. With the current inflation levels, money is only losing value in the long run. Investing is the name of the game; find a startup, get insurance, and consult professionals to set off on the right retirement road.

Retirement can be a wonderful time, but planning is essential so you don’t outlive your savings. That’s where our team at Family First Life – Strong Tower & Hammer Lane Consultants comes in. We offer reliable insurance and safe money investments for seniors in Decatur, TX. Contact us today for a free consultation, and let us show you how easy it is to enjoy your retirement without stressing about finances!

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