January 18, 2024

How to Preserve Your Nest Egg in Retirement

For retirees, wealth preservation is key for a long and fruitful retirement. At the same time, you may find yourself worried about outliving your savings. That's why our Silver Asset Pro team has assembled our best tips and recommendations to preserve your nest egg.

Build a savings plan

It's never too early to prepare for retirement. At the same time, the preparation doesn't end after your working years. As your needs and financial situation evolve, we recommend revisiting your savings while considering your:

Average housing costs
Social Security benefits
Monthly spending
Ongoing income sources
And beyond

By maintaining a full financial picture, you can ensure that your savings align with your lifestyle.

Make sound investments

For many retirees, investments make up the bulk of their retirement income. Here, we highly recommend working with a financial advisor and asking the following key questions:

What is the best asset mix for my time horizon?
What is a safe withdrawal rate from my portfolio?
How can I minimize my tax liability during withdrawals?

If you don't have a dedicated financial advisor, our Silver Asset Pro team can connect you with a trusted referral from our network.

Monitor your spending

Given that the average American is retired for 20 years, monitoring your spending is key to extending your money. Here are some of our best tips:

Consider downsizing to more affordable housing
Determine if your household still needs two cars
Take advantage of senior discounts whenever possible
Set budgets to stay on track

As always, we recommend finding the right balance between cutting back and quality of life.

On behalf of our Silver Asset Pro team, thank you for reading! We invite you to drop us a line or share this article if you found it helpful. To inquire about our services or find more resources for senior asset protection please visit our website.