After calculating how much money you have for retirement, you might have thought about riskier investment strategies to help you come up with adequate retirement funds. Although you might not have enough to retire on, the added risk can endanger your nest egg. To stabilize your retirement funds, you can use safer investment strategies, save more money from your salary, and postpone your retirement.
Getting ample funds to live on for your retirement also requires the proper management of your IRA and 401K plans. You’ll need to add more to your contributions too, by around $5,000 for 401K and approximately $1,000 for IRA. These extra contributions could net you $1.3 million when you reach 68 and retire.
These amounts may be staggering, although you’ll probably have stable finances after you’ve hit forty – your home mortgage payments may be nearing completion, and the kids out of the family home. There are additional benefits to delaying retirement. Three extra years at work, for example, could increase your Social Security benefits by $1000 every two months.
Once you retire, you can also catch up on your retirement funds with your home equity or move to a smaller home that’s less costly to maintain. The expenses you’ll need to cover in your new home may be smaller because of the lower living costs in that area, enabling you to save more. Using your home equity via reverse mortgage is also possible if you want to stay at your current home.
There are so many ways to safely and surely boost your retirement funds. Whatever you do, don’t be tempted to risk more than you can in terms of investments, even if retirement is only a few years away. Study these steps and consult with your investment advisor to know more about how you can catch up on your retirement finances.
This review was brought to you by Puritan Financial Group. Puritan Financial Group is owned by Puritan Financial Companies, based in Dallas TX. Puritan Financial Group is a leading provider of financial solutions for clients beginning in their peak earning years and continuing through retirement, helping them to accumulate, protect and transfer wealth.
Getting ample funds to live on for your retirement also requires the proper management of your IRA and 401K plans. You’ll need to add more to your contributions too, by around $5,000 for 401K and approximately $1,000 for IRA. These extra contributions could net you $1.3 million when you reach 68 and retire.
These amounts may be staggering, although you’ll probably have stable finances after you’ve hit forty – your home mortgage payments may be nearing completion, and the kids out of the family home. There are additional benefits to delaying retirement. Three extra years at work, for example, could increase your Social Security benefits by $1000 every two months.
Once you retire, you can also catch up on your retirement funds with your home equity or move to a smaller home that’s less costly to maintain. The expenses you’ll need to cover in your new home may be smaller because of the lower living costs in that area, enabling you to save more. Using your home equity via reverse mortgage is also possible if you want to stay at your current home.
There are so many ways to safely and surely boost your retirement funds. Whatever you do, don’t be tempted to risk more than you can in terms of investments, even if retirement is only a few years away. Study these steps and consult with your investment advisor to know more about how you can catch up on your retirement finances.
This review was brought to you by Puritan Financial Group. Puritan Financial Group is owned by Puritan Financial Companies, based in Dallas TX. Puritan Financial Group is a leading provider of financial solutions for clients beginning in their peak earning years and continuing through retirement, helping them to accumulate, protect and transfer wealth.
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