Do you actually have enough to retire on?
Despite all of your estimates and time spent with a calculator, you might undershoot your ideal retirement fund! The last thing you want is to be up the creek without a paddle when you need your money the most.
That’s why reviewing your potential income streams or strategies to avoid outliving your money is such a great idea. Frankly, I’d consider it mission-critical to your success!
- A drawdown strategy is your first line of defense. It takes your life expectancy and projected spending into account to determine what you need to have incoming and outgoing. Many supplement their retirement funds and pensions with stock dividends to boost their income.
- If you can delay collecting Social Security beyond 62 years of age, your eligible amount grows.
- Are standard stocks a bit too volatile for your liking? In that case, annuities can also provide additional income on a more predictable scale. As a bonus, you can count on them for an additional savings stream if you’ve maxed out your 401k.
- If you’ve got more than one property, renting one out is an acceptable way to earn some extra money (sort of) passively.
- Ever heard of a “Required Minimum Distribution”? The government requires you to take some money out of your retirement plans after you reach 72 years old. Stick with taking out the bare minimum allowed to maximize the amount of interest you can gain on it.
Of course, these are only a few potential ideas to get you going. Financial advisors have all kinds of tricks up our sleeves that we can put to work for you. Ready to get going? Book a quick consultation on my calendar here, or call (330) 836 7800 ext.1 to get started.
