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Retirement Strategy: 6 Useful Tips To Live Off of Interest Alone in Your Golden Years

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by Bob Haegele
GoBankingRates

The importance of saving for retirement cannot be overstated; fewer and fewer people have pensions today, and the typical Social Security payment is currently around $1,500 per month. While retirees typically have lower expenses than those who are working, experts generally recommend maintaining about 80% of your income after leaving the workforce.

For most Americans, Social Security benefits will come up far short of that amount on their own. However, leveraging a few simple strategies will ensure you have enough income in retirement — even without Social Security or a pension.

Starting with these strategies will put you on the right path, and if done right, they don’t require you to be a high earning in order to have a financially secure retirement.

Make the Robots Do It for You

By now, we know that investing is one of the best things you can do to set yourself up for financial security in retirement. But if you have to manually transfer money every month, you may not always remember to do so, missing out on some all-important compounding.

Paul Tyler, chief marketing officer at Nassau Financial Group, recommends having the robots do it for you. “Set up an automated transfer from a checking to a savings account the day after each paycheck gets deposits. Start with a small amount and be surprised with results down the road,” Tyler said.

 

Read the full article: https://www.gobankingrates.com/retirement/planning/retirement-strategy-useful-tips-live-off-of-interest-alone/ 

Also seen on MSN at https://www.msn.com/en-us/money/retirement/retirement-strategy-6-useful-tips-to-live-off-of-interest-alone-in-your-golden-years/ar-AATBAza 

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The discussion is not meant to provide any legal, tax, or investment advice with respect to the purchase of an insurance product. A comprehensive evaluation of a consumer’s needs and financial situation should always occur in order to help determine if an insurance product may be appropriate for each unique situation.

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