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When we imagine retirement, it’s often as a relaxing and picturesque time with glasses of lemonade, sitting on porch swings, and lots of fun with the grandkids. However, without a reliable paycheck coming in each week, it’s not uncommon for seniors to feel worried about their financial standings. The average American retiree needs roughly $44,600 a year to maintain a moderate lifestyle, which means they’d need about a $1 million nest egg to retire comfortably. Thankfully, there are plenty of creative ways to keep the money flowing and ensure you maintain a steady stream of income coming in during your retirement years.
Consolidate Savings Accounts
If you changed jobs, companies, or career paths during your working years, there’s a good chance you’ve got multiple 401(k) or 403(b) plans out there. Additionally, if you are still living with your partner, having separate savings accounts can make planning your spending a bit harder to track. It’s advised that you consolidate these accounts so that you have a better understanding of your money and what liquid funds you have available.
Growth-Oriented Stocks are Key
The average retiree will live for 18-20 years, and with good health that time frame could be even longer. It’s vital that your income stream has longevity, and something that you can depend on as you continue to grow. Diversifying your portfolio is a great way to ensure you’re covered on all bases, and one strong way to do so is with growth stocks. These investments build along steadily and can be cashed in at any time. Consult with your financial planner to find out which of these are the best for you.
Get Creative With Side Work
As a retiree, your primary job is to enjoy your life. However, there are still plenty of paths to funding your fun without having to take an actual working position. There are lots of openings in what is referred to as the “gig economy.” This would include rideshare drivers, online editing, and on-demand designers. Most if not all of these are available through smartphone apps and only take a few clicks to sign up.
Stick to a Budget
Keeping consistent spending habits is essential to anyone looking to stretch their savings. Sit down with a financial planner and lay out all of your usual costs of living, including things like entertainment or travel. Try coming up with a monthly or weekly figure and preloading that dollar amount onto a gift or debit card.
Consider a Life Settlement
It may come as a surprise, but you may already be in possession of tappable income. Did you know you can sell all or a portion of a life insurance policy, even term insurance? By partnering up with a reliable and experienced life settlement company, you can find a lump sum offer that can be used to add cushion to an existing savings account or for an investment that needs liquid cash.
Your retirement is the reward of a long life lived and a long life worked. You should be free to enjoy the view while trying new things and visiting with family. If you’re worried about your money situation, there may be another route out there for you to pursue. Contact Life Settlement Advisors today to learn more.
Case Study: Fred retired and sold his company due to his declining health. Fred had a company- owned convertible term life insurance policy he no longer needed. Fred’s financial advisor suggested he explore a life settlement. Fred sold his policy and used the proceeds to pay off his medical bills and fund his grandkids’ college.
Life Settlement Advisors