Making Retirement Funds Last

Most retirees nowadays don’t usually have the luxury of spending their entire retirement lives by relying solely on their retirement funds. Most retirement nest eggs have taken some considerable hits due to the ailing economy. This leaves most of the retirees with a lesser than expected retirement fund to live with.

With a smaller retirement fund to rely on, retirees have to do something in order to make their funds last. They may have to forgo some of their more lofty retirement plans just so in order to stretch out whatever funds they may have for the future and so that they can be assured of still being able to spend the rest of their retirement life in relative comfort. Here are some other useful tips that may help upcoming retirees to make their retirement funds last.

Take A Job

While some retirees expected a retirement life no longer having to get into the usual 9 to 5 grind, having to stretch their retirement funds and make it last longer may sometimes mean having to work a little bit longer. But in this case, retirees may have a choice of whether they need a full fledged job or something that would just help them dipping into their retirement funds just yet. Having a job can also be one thing that can make one’s retirement more enriching. Getting a job that one enjoys doing can even have other benefits that might just help retirees cope up with retirement.

Delay Collecting Social Security

Most people would start collecting on their Social Security at age 62. But there can also be certain benefits when one defers Social Security until the age of 65. By then, retirees may be able to collect 25 percent more on their Social Security than if they start collecting at age 62.  Simply by delaying withdrawing on Social Security for a few more years might help stretch that retirement fund.

Get The Best Health Insurance Around

One of the major expenses that retirees have to deal with is the cost of healthcare especially during the retirement years. Aging will bring about a number of health conditions that seniors have to deal with in order to live longer. That is why it is important for upcoming retirees to invest on the best health insurance available in order to help guard against the concerns of future health care costs. A good health insurance policy can help minimize the impact of healthcare costs on retirees and may even help retirement funds last a bit longer.

Consider Selling Home As Least Priority

For retirees that own a home, this investment may be considered as a majority part of their retirement fund. Some may consider selling it to downgrade into a home that suits a retirement lifestyle better. But more than that, most retirees sell their homes in order to use the money as their retirement fund. But if it is at all possible, retirees should not consider selling their home a major priority. Due to the current falling real estate prices, it may not be a wise decision for now. Waiting for a few more years before selling that home may help give retirees something still to expect later on as a buffer for their retirement fund. Selling the home should be considered only when there is no option left available to source out some much needed funds for retirement.

 

Posted by Ardent Editor on Apr 26 2012 in Retirement Life Tags: , , , , , ,

  • Sponsors