How your retirement savings can continue working for you.
2 min read
Here are some of the ways you can put your retirement savings to work:
Investing in retirement comes with some pitfalls and caveats that are important to consider. Turning savings and fixed income into variable requires a special balance that is unique to your situation. Talking with your financial advisor can help you choose between options such as retirement income funds, real estate investment trusts, annuities and more.
Sometimes protecting what you have can be as important as earning. Placing resoures in a cash reserve can ensure that you have access to easily withdrawable short-term liquidity. These funds can be shielded from the effects of market declines while still gaining interest through low-risk money markets. Safeguarding immediate funds from volatility can allow your larger retirement savings to recover from changes in the market without restricting cash flow.
Retirement does not have to mean the absence of work entirely. Rather, it can be an opportunity to maintain an active lifestyle and pursue passions you were unable to explore throughout your career. By investing your time in something that you love, you can secure supplemental income and experience things that you may always yearned for but did not necessarily have the time to enjoy them.
Your days of earning are far from over. Keep these tips in mind to maximize retirement income:
Work closely with your financial advisor to keep your investment strategies aligned with all the changes in your life, even if everything is going according to plan.
Don't lose sight of what you need now and ensure that no matter what your strategy is for your savings, you always have access to enough funds available for withdrawal.
Keep track of where your assets are and make sure that you strike a balance between long-term gains and short-term liquidity to both prolong the lifespan of your savings and meet your immediate needs.
Remember that you are in good hands and that your advisor is here to make sure that you are able to enjoy your retirement without the burden of financial uncertainty.