As the Millennials moved into the workforce, many of their Boomer parents are moving into the retirement stage. The difference from previous generations, the retirement outlook has changed dramatically. Medical technology advancements are extending life expectancy.
In my twenties, I graduated debt-free. My parent financially helped a little but, my tuition was “paid as you go”. Tuition costs were reasonable and working 20 to 30 hours plus studies a week, I paid my bills.
Today, the burden of college tuition can be compared to a mortgage. Even with parent’s financial assistance, students graduate with a large debt as well as their parents. Unfortunately, as parents came to the financial aid for their children, they neglected their own retirement funds.
Recently, Money.com shared 7 ways to make your money last in retirement. Here are a few suggestions:
- Evaluate your “must-have” expenses
- Stay engaged – “Keep Working”
- Visit Social Security – “Maximize your Social Security”
- “Consider buying guaranteed Income” – Products with Cash Accumulation options
- Principal savings VS Interest – watch your withdrawals
- “Get good tax advise
- Pro-active-stay active – “Protect your health”Finally, another income saving tool is protecting hard-earned assets from the cost of “Hands-On” expenses for at home-care assistance. It’s amazing the new and creative options available through Asset-Based and Life Insurance. Learn more today.
Source: http://money.com/money/5648661/7-ways-to-make-your-money-last-in-retirement/