Retiring in comfort might not be an easy goal to achieve. It doesn’t matter if you have a fancy job in Apple, Lockheed, or any other corporation — once you retire, you’re only left with what you’ve saved. Seventy percent of retirees are more afraid of their pension or retirement money pool drying up than they are of dying. With the life expectancy of American retirees reaching towards the 90s, that fear is justified. However, there are ways to make your retirement fund last for 30 years or more.
Invest
Once you retire, you’re done working. However, you can still make your money work for you. Smart investments can keep your money growing even after you retire. Invest in property and rent it out; this gives you a steady supply of funds that can last decades. Starting a business can be time-consuming, and even turnkey enterprises have risks. However, if you find the right venture (that’s reasonably sound), companies can earn you a lot of money. If you want to maintain the essence of retiring and spend your days relaxing, you can still invest through reputable financial institutions. Choose a financial institution that mirrors your mindset regarding risks and stay on the safer side as much as possible.
Change States
Taxes and healthcare costs are two of the most significant expenses of retirees. While some retirees are opting to move to another country to get away from fees and the high cost of living, you can’t be sure about their healthcare. Individual states in America already provide tax havens for retirees, enabling you to keep most or all of your 401K. States like Florida, Pennsylvania, and Texas allow you to retire in relative comfort, without the government getting a slice of your savings. Florida is an exceptional destination for retirees. The state doesn’t impose an income tax or estate tax, and your children won’t be burdened with an inheritance tax once you pass on. Florida also has one of the most senior-centric healthcare facilities in the nation. With more than 300 hospitals and 600 clinics, you won’t have any trouble finding help in case of emergencies.
Minimize Spending
No matter how much money you save, it won’t matter if you spend it like crazy. Dropping birth rates have all but assured the collapse of Social Security as you know it, leaving you with just your savings and pension. Know that you have a limited amount of money, and you need that money to last for decades. It’s time to get a bit selfish. Hold on to your money and try not to help your family and friends too often. Try to get a bit of exercise. Losing a bit of weight and getting healthier will dramatically cut your expenses on healthcare.
Overall, retirement should be the best years of your life, and you can make that possible. Manage your money, invest, and get a little bit healthier. Do it in a state that won’t take away your hard-earned money.
