9 Year Mortgage Shares Ways To Take The Fear Out Of Retirement

9 Year Mortgage Shares Ways To Take The Fear Out Of Retirement

Many people are afraid that they will outlive their retirement savings. 9 Year Mortgage presents seven tips to make sure you have enough money saved up.

Making the change from accumulating income to withdrawing it is hard for many new retirees. They have delighted in watching their net worth grow, and when they retire, often are overly worried about running out of money. 9 Year Mortgage wants to help these people not to be overly frugal, and by doing so, miss out on enjoying the most freeing time of their lives. Here is how to overcome the fear of outliving your retirement savings.

Consider a single premium immediate annuity. Make sure you find a trustworthy insurance company, and learn about getting an SPIA. This would guarantee a monthly income, and bring the peace of mind that comes with that.

Track your expenses and income to find a long-term trend. 9 Year Mortgage suggests collecting a history of your expenses and compare that to the income your retirement portfolio will give you.  This should help you to see the big picture of how much money you really need to pay for your lifestyle.

Decide where you can cut expenses, if needed. If you know where you are spending money, you can also figure out where you could cut some costs. 9 Year Mortgage reminds you that simple things like cutting your cable bills or other unneeded spending can do a lot for your budget. It is very unlikely that you will run out of money in retirement  if you are planning ahead and tracking your spending.

Run a few different calculators to find your best option. There are many different retirement calculators, are 9 Year Mortgage suggests running a handful of them to discover your best chance of success.

Contemplate waiting until 70 to start receiving Social Security. 9 year Mortgage knows that this is a great way to increase your odds of not running out of money in retirement. If you wait until you turn 70, you will receive more every month. This could end up in you missing out, if you die early, but if running out of money is your biggest concern, it may be wise to wait until you turn 70.

Remember, running out of money in retirement doesn’t always mean devastation. If the chance of draining your retirement could be reality, it may not be as catastrophic as you think. The U.S. is still one of the better countries in regards to taking care of its senior citizens. With things like Social Security, Medicaid, Medicare, and a progressive tax system, the government is capable of lending a hand if needed.

Understand that worries about retirement are normal. You aren’t the only person out there who is worrying about retirement. However, being cautious about your spending can be a good thing, as long as it doesn’t stop you from living your retirement to the fullest. 9 Year Mortgage knows that freeing yourself from money worries will make your retirement much more enjoyable.

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