One of the biggest worries people in retirement face is will they outlive their savings.
“For those members who are retired, market fluctuations, interest rates and health care costs are beyond their control and can have a large impact on their lifestyle,” says Jim Liddle, vice president, trust officer at First Community Trust.
If you’re retired and worried whether you have saved enough, here’s a recipe for retirement success:
- Stick to your budget. The first step is to prepare a plan—and live within that plan, Liddle says. Dupaco’s budgeting resources can help you review your spending plan. A free Dupaco Money Makeover also can help you identify opportunities to pay less and save more.
- Minimize taxes. If you have multiple account types, including Traditional IRAs, Roth IRAs and after-tax investments, work with a trust officer to minimize taxes over retirement.
- Review asset allocations. If you have assets invested, review how much of your investments are allocated to stocks, bonds, alternatives and cash to ensure they are appropriate for your anticipated needs and risk tolerance.
This article is part of a three-part series on common financial worries for those who are retired, or are nearing retirement.