Check out these tips to set yourself up for a financially stable retirement.
Learn How Your Financial Advisor Makes Money
While your financial advisor wants to help you, they have to get paid too. Knowing how they make their money provides valuable information about the quality of the advice they give you. Find out if they make commissions, if they receive bonuses based on how well your money does, or if they get paid a flat salary for their time.
Plan Ahead For Long-Term Care Needs
Many people don't factor in the cost of long-term care while planning for retirement. This can be a major source of disruption to their financial retirement plan. It's a good idea to have a plan in place. These days you can even find insurance options that cover this kind of care. By pricing out and preparing early for this likely eventuality, you can enter your golden years worry free.
Wait To Use Social Security Benefits
While eligibility for social security benefits starts as early as 62 for partial benefits, or 66 for full benefits, delaying your receipt of these benefits could pay off for you. By waiting to begin receiving benefits, you may actually receive more.
Pay Attention To The Fees You're Paying
Most forms of retirement savings have fees attached to them. It's important to know exactly how much of your regular contributions are being spent in covering those fees, and not in savings or investments to benefit you in retirement. Do some research and keep in mind that while some fees may be unavoidable, they should be reasonable.
Establish An Income You Can Count On
Pensions, dividends, and annuities can provide a consistent and reliable source of income. By investing enough in low-risk low-return investments, you can be confident in receiving a regular income every month. This is the most important tip on this list. By taking a few simple steps now, you can enter retirement confident and secure.