Retirement may mark the end of full-time work—but that doesn’t mean we should stop working on our finances. Even after we quit the workforce, there’s much we can do to strengthen our retirement plan and, indeed, that may be necessary if we find we’re drawing down our nest egg too quickly.Are you concerned that you might outlive your savings? Consider these six financial tweaks:
2. Spend less. During our working years, we often temporarily cut back on discretionary spending if we find ourselves out of work or if we get hit with large, unexpected expenses. Even after we quit the workforce, such spending adjustments should remain a key weapon in our financial arsenal. What if you’ve already claimed benefits and realize you’ve made a mistake? If you’re younger than your full Social Security retirement age of 66 or 67 and you claimed benefits within the past 12 months, you can repay the benefits you received and reverse the decision. Alternatively, if you’ve already reached your FRA, you can suspend benefits. You can then leave your monthly check to grow at 8 percentage points a year, plus any inflation increase, up until age 70.
My plan is to purchase those immediate annuities in my 60s. But buying annuities could also salvage your later retirement years. Suppose you and your spouse are age 80 and have $300,000 left in savings. A 4% withdrawal rate would give you $12,000 a year. What if, instead, you stashed the entire $300,000 in an immediate fixed annuity? You’d collect annual income of almost $24,000, according to a quote from Charles Schwab. Note that this income would be fixed.
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