Stretch Your Retirement Savings with These Expert Tips

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Photo:& milkos via 123RF Retirement should be a time for enjoying the fruits of your long years of working. However, with increased life expectancy and the rising cost of living, it has become essential to make the most of retirement savings to ensure financial security throughout your golden years. Here are helpful tips for stretching your savings so you can live comfortably on your fixed income and avoid depleting your retirement savings.& Know Your Numbers It is important to understand your sources of retirement income to determine whether you have enough saved to retire and what your quality of life will look like. You may also aspire to pass down an inheritance to your children or other family members rather than burning through all your accumulated wealth. Use the& Social Security estimate calculator& to assess your expected benefits. Also, include any anticipated income from pension plans. Then, calculate your expenses. How much will you need to withdraw from your retirement funds to cover your monthly expenses? Don’t forget to account for taxes in your calculations. With a clear picture of your expected income and expenses, you can assess whether you have enough to achieve your retirement goals or need to...