Are you afraid of running out of money during retirement? Did you know that according to the Merrill Edge Report, older Americans are more afraid of outliving their savings than they are of dying?*
What would you do if you retire and outlive your money? What would your options be?
- Another job
- Live on Social Security
- Rely on loved ones for support
- Be proactive and consider the following 4 Methods to ensure your bigger better future. If you implement these 4 strategies, you will NOT have to worry about running out of money.
- CREATE A STRATEGY FOR SPENDING
A spending strategy is NOT a Budget! It is not restrictive. A spending strategy empowers you to spend your money and enjoy life while creating healthy boundaries (parameters) For example, define a strategy that states how many times per month you can go out to eat. This allows you not to worry and feel restricted but generates a beneficial plan when it comes to spending money on dining out.
According to Dave Ramsey your spending strategy each month on food should be 10-15% of your monthly expense and includes both grocery shopping and eating out. Read more.
- DECIDE NOT TO CHASE RETURNS
Don’t get consumed by constantly checking how your portfolio is performing. If you do, you will lose sight of your long-term financial goals. Constantly checking your portfolio will cause you to want to make knee jerk emotional reactions. Instead, choose to trust that your Financial Advisor has created a portfolio designed to last through your lifetime. Sometimes, it is difficult and challenging to stick to the process, but if you can stay disciplined and remove your emotions when it comes to investing you will stay the course towards your financial goals and not have to worry about your future.
– Read more about how to control your emotions in regards to your money here
- TAKE ADVANTAGE OF GOVERNMENT ENTITLEMENT PROGRAMS
Knowing when and how to draw upon Social Security can be daunting. There are so many options. This is when counting on a professional Financial Advisor can really help guide you as you decide the most effective strategy in optimizing your social security. Medicare is another program that can help you during your retirement but can be tricky due to fluctuating plans available and changes in your personal medical needs. Always take advantage of open enrollment periods to update and choose the right coverage for your current situation.
- MEET WITH A PROFESSIONAL
A trained Financial Planner will help partner with you to create a plan that is right for you and give you financial confidence toward your future. Having a skilled and trusted advisor on your team will reduce your fear of outliving your money as you are empowered to be the hero of your own financial dreams.
Schedule an Intro Call.