Even if you were smart (or lucky) enough to have a comfortable retirement nest egg, you may still worry that it may not last you through what may be 30 years of retirement. As many retirees and pre-retirees saw in 2008, one unexpected financial disaster can devastate your life savings.
And many others have discovered that even the best-laid plans for retirement can be ripped apart by an unanticipated medical crisis.
Not to worry. We talked to financial planning firms, big and small, across the United States, and asked for their best tips to help retirees protect, preserve and grow their retirement savings.
There are the easy ones, like once you turn 50 you can take advantage of the catch-up contributions to your 401(k) ($5,500) and IRA ($1,000). You can delay taking Social Security until you’re 70 because each year you wait, your benefit will increase by 8%. Or you can increase your savings rate.
“I see people putting away 1% or 3% of their salary,” says John Sweeney, executive vice president of retirement and investing strategies at Fidelity Investments. “People have to realize that is probably not enough to maintain their lifestyle in retirement. We’re talking about 10% to 15% of your current income.”
Besides increasing your savings, you can read our other tips here: http://usat.ly/1qaX6Ic