In today’s financial climate, it can be more difficult than ever to manage retirement wealth. As convenient as the digital age is, it can complicate some aspects in the financial sector. Financial advisors like Matt Dixon in Greenville, SC ,suggest talking to wealth managers for guidance on money saving and growing. These four tips can help with organizing and managing retirement wealth.
Think About Downsizing Your Home
Housing can be the largest expenditure for many seniors. It can be draining, even past finances, as they try to keep up with cleaning, maintenance and yard work. Matt Dixon in Greenville, SC, suggests downsizing homes for seniors as a way of saving time and money.
Determine Your Budget
For many people, lifestyle and priorities change once they retire. Matt Dixon in Greenville, SC, suggests establishing a list of top financial needs first. Make sure to cover short-term goals, such as housing, food and utilities. Then, work on a longer strategy for leaving a legacy to children or family.
Have a Strategy for Withdrawing Funds
Once seniors have determined a spending plan, the next step is to figure out how to draw from their assets. Most of the time, there is some amount of guaranteed income to be used for the basic costs of living. Making sure these needs are covered provides peace of mind and financial security.
Keep Working
For those who enjoy their career field, working longer can provide long-lasting benefits. While you’re working, you can save more money in retirement funds. You can also get more money from Social Security. Even though 62 is the magical age, if you can wait a few years beyond that to retire, you may be able to get twice as much money in your pockets during retirement.
Are you close to retirement age and need help managing or planning your financial future? Contact Matt Dixon in Greenville, SC, at TruNorth Advisors and let him answer your questions for you!
