There are many approaching their golden years who now find their finances in the red. But there are ways to stretch your money in the short term, when long-term is not an option.
First, determine your annual budget before retirement:
"You want to take into account regular expenses food and housing but also unexpected expenses like medical," said Michelle Price, Edward Jones Financial Advisor.
Plan for inflation:
"Inside your portfolio you need to make sure you have a mix of not only income-oriented investment but growth investments," said Price.
Tap into your savings wisely:
"You want to take your money from the taxable accounts first. Then take money out of the tax-free accounts," said Price.
Strategize to ensure you don't outlive your savings:
"Talk to your advisor about a variable annuity or fixed annuity. That's a way to turn your 401 K into your personal pension plan," said Price.
Decide when you'll start taking Social Security:
"Perhaps you want to take money out of your taxable account first before you tap into social security so once you start, your check will be bigger. If you start at 62 it may be a $1,000 or if you wait until 65, it may be 2,000 or more it depends on your earnings history," said Price.
All ways to keep your nest egg from getting scrambled.
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