RETIRING WITH MORE MONEY - POSSIBLE?
Establishing a retirement fund is a challenging yet fulfilling endeavor. Everyone dreams of living a comfortable, peaceful life in their golden years. But, given today’s overall economic situation, is it possible to retire with more money?
First and foremost, it is vital to reassess your portfolio and retirement techniques annually. Markets and interest rates can change swiftly, not to mention its impact in your investments. It is a matter of finding the balance, depending on the size of your nest egg and goals. There are a lot of investments to choose from, including stocks, bonds, mutual funds, and ETFs, making the retirement planning more exasperating. It is better if you can find a financial advisor you feel comfortable working with.
Defer your retirement, if you can. It may be tempting to retire early, but it can cost you down the road. When it comes to collecting social security, you can do so at age 62 or 70.
Look, if you start collecting it at 62, and you opt to retire at an age between 65 and 67, you will receive about 20% to 30% more yearly than you would at 62. Or, you may start receiving proceeds at age 70. The return will climb by 8% annually for each year you wait. For instance, if your full retirement age is 66 and you want to retire at 70, the return will be 32% higher than it would have been at 66. Now, which is better? By working longer, you will be adding to your social security returns by giving additional contribution.
Another option is to work part-time during golden years. Aside from bolstering your retirement fund, you are cutting your withdrawals, not to mention you won’t dip into it if you are no longer working.
Consider downsizing your lifestyle to increase your savings. That way, you can save up for other pursuits, such as hobby, traveling, helping a charitable institution, and the like. For example, if you are renting a posh townhouse, you may want to move into a condominium or smaller home.
Is it possible to retire with more money? Yes, provided you have a feasible retirement goal, seek a professional advice, adjusting your investments and objectives annually, and making some changes in your lifestyle.
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