The Modern Grandparent's Handbook by Georgia Witkin

Author:Georgia Witkin [Witkin, Georgia]
Language: eng
Format: epub
ISBN: 9781101559642
Publisher: Penguin Publishing Group
Published: 2012-01-02T16:00:00+00:00

What you can do…

The best way to survive in tough economic times is to learn more about investing. Do you know about stocks, bonds, diversification, fees on financial products? If you’re not financially literate, you tend not to make plans, and then you won’t have enough money. Do you know, for example, about annuities that pay out equal amounts for the rest of your life? Do you know about other retirement plans? Talk to an investment professional about your options. Study up.

Are you already retired? If not, many experts say you should put off retirement until sixty-five or later. This could boost your retirement income from Social Security 20 to 30 percent. You’ll still earn the same total sum, but your monthly payments will be higher if they’re spread out over a shorter period of time. Same for your pension—if you get one. Talk to a financial adviser about retirement planning.

It may seem obvious but it can’t be overstated: The less you spend, the longer your money will last. If you are worried, start cutting your expenses, whether you’re working or already retired. Some expenses are likely to rise as we grow older, like health care, so try to offset those by making trims here and there. Maybe you no longer need that extra car or don’t have to eat out as often. Make a list of how you spend your money and you’re likely to see where you can save.

If you are already retired, consider working part-time. Not only will that extra source of income make you less dependent on your savings, but people who work part-time in retirement tend to stay mentally sharper!

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