5 Tips for Success
Retirement should be this time in life when you live freely with no financial worries, right? Unfortunately, it’s starting to look like that’s not even remotely the case.
With 21% of Americans having no retirement savings, how are they going to enjoy their golden years and live a lovely affordable retired lifestyle that’s perfectly suited to their energy, wants, and needs?
The trick here is to always remember that it’s never too late to start saving. In addition, we’re bringing in hot tips that will help you save money in your retirement.
Keep on reading for the top five tips on saving money in retirement to achieve your retired lifestyle dream.
- Affordable Retired Lifestyle 101: Delay Your Social Security?
There are multiple saving techniques that can generate substantial amounts of savings for your retirement.
First, if you happen to be born after 1943, then you can delay drawing on your social security every year. Alright, we know that it sounds counterintuitive, but hear us out.
Basically, every year you decide to delay taking out benefits right after reaching your retirement age, your benefits will automatically increase until you hit 70 years of age.
Essentially, you get to save more money the least benefits you take out of your social security.
- Social Security Benefits for Married Couples
The second way you can have your social security benefits work for you is by tapping into this technique.
If you’re part of a married couple, you can increase your savings by having the higher earner delay claiming benefits for longer, as well as suspend paying contributions.
This will allow the spouse with lower earnings to claim spousal benefits. Thus, you’ll get to enjoy an increase in both benefits and savings. A win-win.
- Check Out Reverse Mortgages
This technique can be a great option for you if you have a home on hand with some equity. In the simplest of terms, a reverse mortgage is a type of loan that can be borrowed against the value of your home, basically your home’s equity.
The sum of money can be received as a lump sum, a line of credit, or even a fixed monthly payment.
- Give Your 401(K) and IRA Contributions a Shake
Another thing to keep in mind about retirement, your age during your retirement years can change your accessibility and contributions to specific accounts.
For example, once you hit 70 years and a half, you won’t be able to contribute to a traditional IRA anymore. However, you can still do a Roth IRA.
Therefore, you’ll want to ensure that you have one set up in time to make use of it once you hit 70 and older. In addition, if you decide that you want to opt-out of retirement and keep on working for a bit, you can still contribute a part of your salary to a 401(k).
- Downsize for a Change of Pace
As well as a change of funds and cost of living.
A great step to take once you’re approaching retirement is taking a good look at what you own, and consider what you’re actually using and what can be sold or given away.
Downsizing can grant you both a financial boost, as well as peace of mind. You can sell your big home and move to a senior retirement community, or you can sell an extra car that you haven’t driven in a while and add all of the surplus funds into your savings.
You can also check out pharmacies like Price Pro Pharmacy for a reduction in your medical costs.
Ready to Hit Retirement With a Huge Grin?
Retiring with all your dreamy retired lifestyle plans in place can seem like a great gift after working hard for decades.
However, to get your dreams from the intangible mental landscape to the real world, you’ll need funds on hand. We hope that our top five tips on how to save money in retirement gave you a couple of ideas and avenues to check out.
Moreover, there’s much more where that came from. Take a look at our lifestyle section, as well as our business section, for the latest tips that you could possibly need.
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