No matter how well prepared you think you are, there are certain to be some unexpected costs that pop up in retirement. If you’re wondering how you can set yourself up to make sure you don’t deplete your bank account during the course of retirement, you aren’t alone.
CNN talked with a senior financial advisor at Merrill Lynch, Patricia Wenzel, and she offered some tips for what seniors can to avoid running out of money in retirement.
Her advice includes:
- Plan ahead of time if possible, and be sure to consider your estimated Social Security payments
- Save as much as you can as early as you can, even if it’s less than the recommended 10% of your paycheck
- Invest your money in a 401k or IRA
- Make having good money habits standard practice and don’t live beyond your means
- Get rid of debt before going into retirement
- Don’t take money out of your retirement savings account too early
Your Hard-Earned Money May Have Been Kept From You
When you planned for retirement, the amount of your expected Social Security income was likely taken into consideration. But because of greedy politicians in Washington, there were a few years that seniors didn’t receive the fair cost of living adjustment (COLA) they earned.
Council of Seniors wants to see this money returned to anyone who falls into that category, which is why we’re trying hard to get The SAVE Benefits Act passed. If it goes through, those seniors will get a payment of $581 to make up for the missing COLA.
We hope you’ll consider signing our petition and supporting us on our mission.
Are you worried about running out of money in retirement? We’d love to hear your thoughts.
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