March 4, 2013

5 Secrets To Making Your Retirement Money Last

Filed under: Retirement — seniorlivingguide @ 1:01 pm

Courtesy of Dixie Somers [dixiesomers@gmail.com]

Most people spend their entire lives saving for retirement. However, once you get to retirement, you still have to pay bills and other living expenses. Managing your money doesn’t end at retirement. Here is a list of 5 secrets that can help you get the most of your retirment money.

1) Stay Liquid

It is important that you keep yourself as liquid as possible. This will give you the flexibility to reallocate your portfolio and put your money where it can grow as quickly as possible. You never want to be stuck in an investment that is not returning what you hoped it would.

2) Diversity Is Important

Never rely on a single source of income during your retirement years. Even if you are doing alright financially, you always want to have options when it comes to your finances. If you have money in the market, you want to have money in CD’s or in real estate to cover for those losses. A part-time job is also helpful.

3) Make Sure That You Are Aggressive With Your Money

Just because you are retired doesn’t mean that you should stop thinking about how you can make your money work for you. Make sure that you are still having regular meetings with a financial adviser and read financial blogs or other magazines each day. Invest wisely, but still be proactive with your money. There are several financial to consider when retiring, including FERS disability retirement and other options.

4) Stick To A Budget

Your retirement years should be a time when you can splurge every so often. However, you want to make sure that you are sticking to a budget. Even if your budget allocates more money for entertainment than it may have in the past, you still have to make sure that you are not going overboard or spending more than you can afford.

5) Don’t Take On Too Much Debt

Although there is nothing wrong with buying a car or adding on to your home, make sure that you have a plan to take care of any debt that you may incur during retirement. If you are spending your money on debt payments, you will have less money to spend and save. Interest is something that you want to be accruing during retirement as opposed to paying to lenders.

It is always a good idea to make plans for how you will live after retirement before you retire. This will give you more time to make plans to help you get the most out of your money. However, all of these tips can work regardless of your financial situation during retirement.

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