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WHY SO MANY PEOPLE RUN OUT OF MONEY IN RETIREMENT
Pinterest
Considering early retirement but worried about your savings running dry? You're not alone.
A common concern among future retirees is the fear of not having enough funds, a situation that a recent study by the Employee Benefit Research Institute found could be a reality for many, especially women, minorities, and single individuals.
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How to spread happiness in retirement
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Are you a bucket filler or a bucket dipper? Is it affecting your happiness and the happiness of the people around you? Plus - a two in one letter on the pension and finding work you 'don't hate'. |
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Pinterest
Here are some tips to dodge the common pitfalls that could lead to financial stress in your golden years:
- Save aggressively and wisely before you retire, ensuring you have enough to live on without needing additional income.
- Draft a retirement budget that accounts for all expenses and stick to it to manage your finances on a fixed income.
- Inflation and medical expenses can erode your savings, so plan for these by maximizing your Social Security benefits and choosing the right insurance.
- Adjust your investment strategy as you age to minimize risks and ensure your withdrawals don't outpace your savings.
- Reconsider your lifestyle and spending habits in retirement to make your savings last. Cutting down on unnecessary expenses and finding joy in low-cost activities can help.
- Be mindful of taxes on withdrawals from retirement accounts and look into rolling over funds to save on fees.
- Avoid taking Social Security too early or relying solely on pensions; exploring annuities can provide a steady income.
- Supporting adult children financially can drain your resources. Prioritize your financial security to ensure you don't outlive your savings.
- Lastly, factor in occasional splurges into your retirement planning to avoid depleting your funds on big-ticket items.
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Tips for Staying Active and Fit in Your Senior Years - Seasons Retirement Communities
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Maintaining an active lifestyle has many merits which impact our physical well-being and overall quality of life. As members of the Seasons Retirement Communities, it becomes particularly vital to understand how staying fit can influence our day-to-day experiences. It's about more than just the occasional exercise; it's about creating a sustainable, healthy routine that adapts to our needs as we… |
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800 Linda Flora Drive
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