subject: Make Your Retirement Money Last Longer [print this page] Ensuring that your retirement income will last all the way through retirement is getting more difficult all the time. Corporate pensions are a thing of the past and overexposure to the volatile financial markets has left many retirees shaky. How are you generating a safe and steady income in retirement?
Making sure your nest egg lasts throughout your retirement isn't as easy as putting money in a few investments and living on the profits after wards. You also shouldn't depend on your forthcoming Social Security payouts to fund your retirement. Diversifying your portfolio, saving money, and investment foresight are just a few retirement planning considerations which help you buffer your money against inflation and other things that could erode your retirement money.
Prioritize where the cash goes: place material possessions and services at least priority, experiences second, and investments first. Good investments grow your funds, while you'll find great experiences priceless, especially over time. The memories of a fun family vacation will prove to be much more enjoyable than that new SUV. With material possessions, you'll probably get bored after a while and feel a bit of buyer's remorse. If some of your funds go towards creating positive and memorable experiences, you're building a sort of buffer against death - in theory, most of your money should be placed in investments, but enjoying yourself immensely from time to time is also important.
You should also reorganize your portfolio occasionally. We all know that diversifying is good for your money as it guards against inflation. When you regularly update your portfolio based on market conditions, you'll stand to make more profits with which to fortify your nest egg.
Making your nest egg last longer is one basic consideration that all retirement plans should include. Solid retirement plans usually need constant and diligent investment management to do that. If you manage where your money goes and re balance your investments routinely, you'll get better returns which can give you enough funds to last your retirement.
by: Carina Smith
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