7 retirement tips to manage savings and stretch your money paid Impact_Partner
People are living longer, which means the years spent in retirement are, too. But do you have enough money saved to live a long, healthy, fulfilled retirement?Getty Images
Many people underestimate how much they should store away in order to live comfortably throughout retirement. You’ll need to account for your everyday bills and increasing healthcare costs, but you’ll also want to consider the amount that would offer you financial freedom to live the retirement of your dreams.
There are different types of annuities based on your individual goals, and many offer the option to pay you a certain amount of money each month for the rest of your life. Even better, they defer taxes until withdrawal so you can keep compounding money. Roth IRAs are a popular savings method because they’re highly tax-efficient. You might want to consider transferring your 401 or traditional IRA to a Roth IRA for long-term tax savings. This is a great option for individuals age 50 and up who want to focus on saving in their last few years in the working world. There are contribution limits for tax-advantaged retirement accounts like IRAs and 401s.
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