Here, we’ll talk about some things you can do to stretch your dollars further in retirement and to find money when there seems to be none. Hopefully, this will ease your mind, but don’t let it ease your mind so much that you don’t adequately prepare for retirement. After all, just because something rarely happens doesn’t mean it never does!
You’re in Control
The first thing to keep in mind is that, during retirement, you are completely in control of how you spend your money! In fact, retirement really isn’t all that different from how you live now. You have money coming in and you have to judge what you can buy and do based on how much money you have at a given time. You’ll do the same thing in retirement- spend within your means, adjusting as necessary. As long as you do that carefully, you’ll be just fine!Inflation-Adjusted Social Security
Another key thing to remember is that social security is adjusted for inflation. So, if money suddenly becomes worth less or everything starts costing more, your social security income is going to reflect that. Sometimes, you may take a small cut when inflation happens, but you are protected from losing all your income or having anything that drastic happen, so breathe a sigh of relief.
Available Annuities
Finally, keep in mind that you can still buy annuities, which offer a guaranteed way to bring in money regularly. There’s no age limit on annuities, so if your investment portfolio suddenly becomes less valuable than it once was, you could buy an annuity and get regular income until the day you die. This is a great way to help a fledgling savings account or make up for investment choices that didn’t turn out as well as you’d hoped.
As you can see, you really don’t have to worry about being penniless during retirement. As long as you plan well, there are plenty of resources and options that can help you out if you find yourself in a bind! #Prepare for Retirement
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