Follow the 8 financial tips for retirees in this article to reduce monetary risk. The retirement key is to have a reliable income so that you won’t have to worry.
While every investment you make has a little risk, you will want to focus on less risky options now because you don’t have as much time left to rebuild your nest egg.
Now your job is to focus on having the funds to pay for your life by focusing on the following financial tips for retirees.
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#1 – Invest in a Fixed Annuity
With these types of annuities, you can roll over money to it and get a lifetime payment of a specific amount. This is always a smart choice if you can hold off.
For example, right now if you had one million dollars to put into a fixed annuity, you can start collecting about $65K a year for your entire lifetime and that of your spouse or your designee too.
#2 – Pay Off Consumer Debt
If you have any credit card debt or other high-interest loans, it will pay off more than any type of investment to simply pay it off. The interest could take years to pay off and cost you a grip!
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#3 – Set Up Investment Accounts that Require Withdrawals
Another great financial tip is to choose an investment that allows for and even requires regular and periodic withdrawals.
This way you protect your cash because it’s there earning as an investment, while still being accessible, and then budgeted.
#4 – Buy More Bonds
Bonds are very safe financial investments that you can and should put your money into when you’re retired, as they are much safer than cash is and also more reliable than stocks are.
#5 – Invest in Dividend-Paying Stocks
There are some stocks that you can and should invest in as a retiree. Any stocks that pay a regular dividend to you is worth it to keep investing in at retirement.
#6 – Real Estate
If you currently own a big house, you can start with renting it out on Airbnb or as a full rental while you move into a smaller place for less.
You can also invest in rental properties on your own by buying condos, apartments, and small single-family homes. Hint: Hire a property manager.
#7 – Get a Part-Time Job
If you need something specific, it might make more sense to invest in getting a part-time job. For example, if your money is currently well invested and you don’t have a lot of cash, or you’re depleting your cash, a part-time job can help.
#8 – Move to a Retirement-Friendly Tax State
Another way to save money in retirement is to move from a high-tax state (CA) to a low-tax state (FL). Check out the places where you want to live to find out how they rate for retirees.
Even though you’re not saving for your retirement now, there is nothing wrong with continuing to invest and save if you are also enjoying your life.
You may find that you don’t need as much space or as many things now as you did when you had a job and kids at home.
Now you can focus on spending money on what you really need and desire, while still being prepared for anything.
