Don’t Have Enough Saved for Retirement? Consider These 3 Aspects
Are you confident that your retirement savings are going to be enough? Have you put aside anything at all for your golden years? If the response to these inquiries is no, our advisors might have solutions to help you restructure your retirement strategy. Here’s what they suggest to enhance your nest egg for retirement:
Take an honest look at your financial situation
Managing finances doesn’t come as effortlessly as you may think. As a child, deciding how to allocate your pocket money might have been a relatively straightforward task. However, as we mature and our financial inflow increases, so does the complexity of our expenditure. It could be beneficial to take a breather and dedicate specific time to scrutinize your spending habits. Perhaps dedicating an evening to dissecting your costs can give you a clearer perspective of your budget and assist in eliminating any unnecessary expenses that you could do without.
Delay your retirement (even if it’s only for a little while)
Postponing your retirement might provide you with extra time to save more in your savings accounts. In addition, if you are able to delay the time you officially claim Social Security benefits, it could help you receive a relatively larger Social Security payout.[1] There are numerous financial advantages to deferring the onset of your retirement. Although the temptation to dive straight into an extensive vacation may be hard to resist, exercising patience could be beneficial depending on your financial standing.[2]
Consider how to develop other income
Perhaps you’re eager to step into retirement. Nothing wrong with that! After dedicating a lifetime to your career, it’s understandably difficult to delay this long-awaited phase. However, upon stepping into retirement, it might be advantageous to explore options for part-time earnings or identify avenues for passive income generation. Such measures could aid in augmenting your savings, thereby making your retirement period less financially intimidating.
If retirement income concerns you, it could help to consult with our advisors for a review of your financial situation and take the next step towards greater financial security. Our team can help alleviate some of the uncertainties related to retirement strategy by providing you with a customized plan tailored to your individual circumstances.
Carmichael Hill & Associates, Inc. is a U.S. Securities and Exchange Commission Registered Investment Advisory firm. Registration does not imply that the SEC has endorsed or approved the qualifications of Carmichael Hill or its respective representatives to provide any advisory services. Advisor does not render or offer to render personalized investment advice or financial planning advice through this medium. Advice can only be given after:
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The information in this web site is based on data gathered from what the Advisor believes are reliable sources. It is not guaranteed as to accuracy, and does not purport to be complete and is not intended as the primary basis for investment decisions. It should also not be construed as advice meeting the particular investment needs of any investor. The identification of specific funds and model portfolios is being made on the assumption that the investor would participate in that investment or portfolio on a long-term basis and only after consulting with their investment advisor to determine their needs and tolerance for risk. With respect to any such identification, there can be no assurance that the fund or model portfolio will in fact perform in the manner suggested.
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