Identify what’s causing the drain
• Tt is advisable to save cash reserves to cover expenses for anywhere between 3-6 months.
• If you’re a homeowner, you should be able to cover 6-12 months.
• Set aside 1% of your home’s value each year for repairs.
Start saving small amounts to develop
good saving habits and begin replenishing
your retirement fund.
Eventually, you should increase your
contributions to company retirement funds to the
maximum amounts allowed by your 401(k)s and IRAs.
Delay retirement or social security withdrawals
• The best way to improve a retirement portfolio’s longevity is to delay drawing on it.
• Delaying retirement allows more time to build greater savings and also ensures that saved funds that you have accumulated will last longer into the future because they are being drawn on later in time.
If you’re a homeowner and your home has sizable home equity, consider a reverse
mortgage. payments.A reverse mortgage allows
people aged 62 and over to receive tax-free cash in a lump sum or fixed payments
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