6 key steps to bounce back after draining your retirement
Donald M. Fink has over 40 years’ experience in helping clients with investments and increasing their retirement portfolio.The scary thought for any retiree is draining through their retirement. If you do run into such a situation, the key is to review the following and then take actions
- What is causing you to drain your savings
The key is to look at your current spending habits and plug holes in your habits that are causing the financial drain.
- Take on a part-time job if necessary
This may not be the advice you want to hear; however, depending on how your retirement is setup, you might not have too much of an option.
- Re-ignite your savings
If you’ve drained your savings, they you need to figure out how to start your savings account back up. The most challenging part about this is the motivation to restart.
- Cut any unnecessary expense
We highly recommend a review of your retirement lifestyle and look to cut unnecessary expenses that you did not plan for.
- If possible, delay your retirement and social security withdrawals
- Reverse mortgage might be an option
If you are in dire need of funds, then try considering doing a reverse mortgage which eliminates a mortgage payment and allows you access to tax-free cash in lumpsum or fixed payments. There are some rules behind reverse mortgages, so please talk to your financial planner or mortgage broker to learn more.
At the Advisory Co, we have an impeccable record of providing sound financial advice to our clients. Call us today at 702-869-1919 and let us get you setup with a retirement expert.
Donald M Fink has been advising and helping high income individuals and business owners with strategies for over 40 years. He continues to consult with private clients in the areas of estate planning, wealth management and asset preservation and to this day maintains Life & Qualifying membership and Honor Roll status in the Million Dollar Round Table (MDRT).